Intellabridge Announces Filing of Revised Condensed Consolidated Interim Financial Statements in Connection with the Filing of the Preliminary Base Shelf Prospectus
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2021) - Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA) (the "Company" or "Intellabridge") announces that the Company's external auditor has reviewed its Condensed Consolidated Interim Financial Statements (the "Interim Financial Statements") and management discussion and analysis (the "MD&A") for the three months ended March 31, 2021 in connection with the filing of the Preliminary Base Shelf Prospectus.
Accordingly, the Company has amended the Interim Financial Statements and MD&A. The amended filings compared with the original filings include the deletion of the no review by auditor and minor textural changes and corrections. Additionally, the financial results previously reported by the Company have been restated to appropriately reflect the loss recognized on settlement of debt and the gain on revaluation of digital currencies. The net loss for the period ended March 31, 2021 has changed from the previously reported amount of $105,451 to $1,570,445. This loss on settlement of debt is a non-cash transaction and not a cash expenditure. The loss in no way effected the Company's operating budget.
In the previously filed financial statements for the three months ended March 31, 2021, the transaction was recorded as a part of equity. In the reviewed version upon the external auditors' recommendation, the transaction is now reflected in both equity and net loss.
The previously filed Interim Financial Statements and MD&A should be disregarded. Copies of the revised documents may be obtained at www.sedar.com or by contacting the Company.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA) is a fintech blockchain company that offers decentralized banking services. Its Kash DeFi banking product is a decentralized banking solution with accounts featuring high interest savings, stablecoin checking and payment solutions, as well as synthetic stock, ETF and commodity trading, and other decentralized banking services, with plans to offer debit cards featuring Apple Pay and Google Pay in 2021.
The Kash platform is focused on growth in developed markets with low savings rates, and high inflation emerging market countries where there exists the highest potential demand for USD stablecoins and DeFi banking solutions. The current Alpha version of the product is available on web and mobile in testing phase with the objective to pilot and process transactions in advance of a fully audited and security tested private-beta release in Q2 2021. For access to the Kash Alpha version visit www.kash.io and for more information on Intellabridge, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS
INTELLABRIDGE TECHNOLOGY CORPORATION
Chief Executive Officer
To contact Intellabridge:
Via their website: intellabridge.com
Via email: email@example.com
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.