VANCOUVER, BC / ACCESSWIRE / March 18, 2024 / NextGen Food Robotics Corp. (the "Company" or "NextGen") (CBOE:NGRB);(OTC PINK:NGRBF);(Frankfurt:O83), announces that it has filed amended and restated interim financial statements and corresponding amended and restated management's discussion and analysis for the three and six month periods ended July 31, 2023, and October 31, 2023 (the "Amended Financial Statements"). The following adjustments have been identified and corrected:
For the three months ended July 31, 2023
- AJE 1 - Marketing expense was reduced by $643,319 and captured as a prepaid balance.
- AJE 2 - $74,902 was reclassified from prepaids to accounts receivable as a GST rebate that the Company expects to claim back.
As a result of these adjustments, the Company's current assets increased from $2,938,176 to $3,581,495 resulting in a working capital increase of $643,319. In addition, the Company's net loss for the three months ended July 31, 2023, decreased from $2,309,218 to $1,665,899 resulting in a loss per share of $0.04 as opposed to the originally stated $0.06.
For the six months ended October 31, 2023
- AJE 1 - Marketing expense was reduced by a total of $876,269 of which $801,367 was removed from accounts payable and $74,902 was reclassified to accounts receivable as a GST rebate.
As a result of these adjustments, the Company's current assets increased from $2,388,328 to $2,463,230 and current liabilities decreased from $1,006,814 to $205,447. The Company's working capital increased from $1,381,514 to $2,257,783 indicating a stronger financial position of the Company. Net loss for the six months ended October 31, 2023 decreased from $3,864,122 to $2,987,853 resulting in a reduced loss per share from $0.08 to $0.06.
The Amended Financial Statements are available on SEDAR+ at www.sedarplus.ca. The Amended Financial Statements replace and supersede, in entirety, the respective previous interim financial statements and accompanying management discussion and analysis for the three and six month periods ended July 31, 2023 and October 31, 2023 (collectively, the "Previous Documents"). The Previous Documents should no longer be relied upon.
About NextGen Food Robotics
Nextgen Food Robotics is an automated robotic food co-packer and manufacturer that uses technology to modernize its food manufacturing processes. Additionally, Nextgen is developing the "Lily app", which is an AI-powered food application.
For investor inquiries or further information, please contact:
Paul Rivas, Chief Executive Officer
1 (236) 471-1357
info@nextgenai.ca
Cautionary Note on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
Neither Cboe Canada nor its Market Regulator (as that term is defined in the Listing Manual of Cboe Canada) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: NextGen Food Robotics Corp.
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