D-BOX Technologies to Refile its Second Quarter Fiscal 2021 Financial Statements and MD&A
LONGUEUIL, Quebec, Jan. 25, 2021 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (TSX: DBO, the “Corporation”), a world leader in haptic and immersive entertainment experiences, announces it will refile its unaudited interim condensed consolidated financial statements for the three and six-month periods ended September 30, 2020 (the “Q2 2021 Financial Statements”), as they are being amended to reflect certain adjustments resulting from the reversal of a $414,000 restructuring provision previously taken which is no longer required. The Q2 2021 Financial Statements were reviewed by the Corporation’s auditors. The impact of the aforementioned amendment to the Q2 2021 Financial Statements is as follows:
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS
| As Amended | As Previously Reported | As Amended | As Previously Reported | |
| Quarters and six-month periods ended September 30 [in thousands of Canadian dollars, except share and per-share amounts] | Second Quarter 2020 $ | Second Quarter 2020 $ | Six Months 2020 $ | Six Months 2020 $ |
| Other expenses | ||||
| Selling and marketing | 489 | 903 | 1,075 | 1,489 |
| Total other expenses | 1,314 | 1,728 | 3,094 | 3,508 |
| Loss before financial expenses (income) and income taxes | (443) | (857) | (1,316) | (1,730) |
| Loss before income taxes | (541) | (955) | (1,507) | (1,921) |
| Net loss | (540) | (954) | (1,506) | (1,920) |
| Comprehensive loss | (494) | (908) | (1,291) | (1,705) |
| Basic and diluted net loss per share | (0.003) | (0.005) | (0.009) | (0.010) |
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Six-month periods ended September 30, 2020 [in thousands of Canadian dollars] | As Amended Deficit $ | As Previously Reported Deficit $ | As Amended Total $ | As Previously Reported Total $ |
| Net loss | (1,506) | (1,920) | (1,506) | (1,920) |
| Comprehensive loss | (1,506) | (1,920) | (1,291) | (1,705) |
| Balance as at September 30, 2020 | (51,477) | (51,891) | 13,136 | 12,722 |
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS
| As Amended | As Previously Reported | |
| As at [in thousands of Canadian dollars] | September 30, 2020 $ | September 30, 2020 $ |
| Current liabilities | ||
| Account payable and accrued liabilities | 2,984 | 3,398 |
| Total current liabilities | 7,527 | 7,941 |
| Total liabilities | 10,213 | 10,627 |
| Equity | ||
| Deficit | (51,477) | (51,891) |
| Total equity | 13,136 | 12,722 |
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
| As Amended | As Previously Reported | |
| Six-month period ended September 30 [in thousands of Canadian dollars] | 2020 $ | 2020 $ |
| Operating activities | ||
| Net losses | (1,506) | (1,920) |
| Cash flows (used in) provided by operations before changes in working capital items | (1,893) | (2,307) |
| Changes in working capital items: | ||
| Account payable and accrued liabilities | (1,488) | (1,074) |
| Total changes in working capital items | 2,137 | 2,551 |
The Corporation will also refile its amended management’s discussion and analysis (“MD&A”) for the period ended September 30, 2020.
Please refer to the Q2 2021 Financial Statements and MD&A that will be refiled on the Corporation's profile on SEDAR at and available for review.
All amounts in this press release are in Canadian dollars.
ABOUT D-BOX
D-BOX redefines and creates realistic, haptic and immersive entertainment experiences by providing feedback to the whole body and sparking the imagination through motion. Haptic essentially allows to feel sensations that would be felt if the body was interacting directly with physical objects. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, virtual reality applications, themed entertainment or professional simulation, D-BOX creates a feeling of presence that makes life resonate like never before. D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, USA and Beijing, China. Visit d-box.com.
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
This news release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, activities, objectives, operations, strategy, financial performance and condition of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to changes to the Q2 2021 Financial Statements and MD&A figures and refiling of the Q2 2021 Financial Statements and MD&A on SEDAR. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur and the readers should not place undue reliance on forward-looking information. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control.
The Corporation considers the assumptions on which these forward-looking statements are based to be reasonable, but cautions the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Corporation. For additional information with respect to these risks and other factors, see the Corporation’s Annual Information Form for the fiscal year ended March 31, 2020, filed with on the Corporations’ profile on SEDAR at . The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by securities laws.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| David Montpetit Chief Financial Officer D-BOX Technologies Inc. 450 442-3003, ext. 296 | Steve Li Vice President Investor Relations and Corporate Strategy D-BOX Technologies Inc. 450 442-3003, ext. 403 |
