Toronto, Ontario--(Newsfile Corp. - February 28, 2025) - AnalytixInsight Inc. (TSXV: ALY) (OTCQB: ATIXF) ("AnalytixInsight", or the "Company") today announced that it has filed a restatement of its previously issued financial statements for the period ending September 30, 2024. The restatement is necessary due to several adjustments relating to equity incentive awards. The restatements were required due to an accounting error.
After a thorough review, the Company determined that the previously filed financial statements contained a material misstatement that requires correction to ensure compliance with International Financial Reporting Standards (IFRS).
Summary of the Restatement Impact:
Affected Periods: Three and nine months ended September 30 2024
Nature & Financial Impact of the Correction:
Expiration of Options- previously recorded against share based compensation for the period in error which is inconsistent with the Company's accounting policy in which expired options are reallocated from reserves into deficit. The Company had miscalculated the total value of the expired options as at September 30, 2024 and reclassified $918,388 from reserves in error. The total value of expired options as at September 30, 2024 is $631,977 and was reclassified from reserves to deficit.
Expiration of Warrants- an amount of $1,547,083 was reallocated from reserves into deficit in accordance with the Company's accounting policy.
Exercise of RSUs- an amount of $30,000 was reclassified from share capital to reserves to correct an accounting error.
Audit Committee and Management Review: The Company's Audit Committee and management have reviewed the restatement and determined that the changes are necessary to ensure accurate financial reporting.
The Company has filed the restated financial statements on SEDAR+. Investors and stakeholders are encouraged to refer to the updated financial reports and Management Discussion & Analysis (MD&A) for full details.
The restatement does not impact the Company's business operations, cash flow, or overall financial health. The changes are related strictly to accounting adjustments and have no bearing on the Company's underlying business performance.
ABOUT ANALYTIXINSIGHT
AnalytixInsight is a data analytics and enterprise software solutions provider. AnalytixInsight develops and markets cloud-based platforms providing financial content, company analysis and stock research solutions to the financial services industry. AnalytixInsight holds a 49% interest in MarketWall S.R.L., a developer of fintech solutions for financial institutions in Italy.
Neither The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" within the meaning of applicable securities laws and the respective policies, regulations and rules under such laws ("forward-looking statements"). These forward-looking statements generally are identified by words such as "anticipate", "expect", "intend", "will" and similar expressions, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, the restated financial statements. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements 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 news release including, without limitation, general business, economic, competitive, geopolitical and social uncertainties; the Company's technology and revenue generation; risks associated with operation in the technology sector; the Company's ability to successfully develop a go-forward strategy, raise capital, and extract value from MarketWall; foreign operations risks; the risk that funding options are not available to the Company, on reasonable terms or at all, to address its funding needs; the receipt of necessary regulatory, court, and corporate approvals to pursue funding options; the risk that the previously disclosed court-ordered inspector may uncover unexpected issues and/or the investigation may not be completed in a timely manner or at all, the risk that the issues to be addressed by the previously disclosed interim orders and the court-ordered inspector are not resolved in a timely manner or at all, and other risks inherent in the technology industry. Additionally, there are uncertainties inherent in forward-looking information, including factors beyond the Company's control. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary note. The forward-looking statements 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, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
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