BRIEF-Helius Medical Technologies says necessary to re-evaluate warrants' accounting

Tue Apr 26, 2016 6:02pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

April 26 (Reuters) - Helius Medical Technologies Inc :

* Board says necessary to re-evaluate accounting relating to warrants issued in private placements in april, june, july 2015

* Reclassification of 2015 warrants will not affect company's balance sheet or liquidity

* Reclassification of 2015 warrants has resulted in a reduction of comprehensive loss for period ending june 30, 2015

* Board says need to restate consolidated financial statements for three months ended june 30, 2015, three months and six months ended sept 30, 2015

* Reclassification of 2015 warrants had no impact on loss per share for period ending december 31, 2015

* Reclassification of 2015 warrants has resulted in an increase in diluted gain per share for period ending sept. 30, 2015

* Board says also need to restate consolidated financial statements for three and nine months ended december 31, 2015

* Anticipates that it will file restated financial statements covering restatement periods on or about april 26, 2016.

* Continuing to assess effect of restatement on assessment of internal control over financial reporting,disclosure controls

* Restatement necessary as 2015 warrants, whose exercise prices are denominated in usd although co's functional currency is canadian dollar Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)