Welcome!

News Feed Item

AlarmForce Re-Files Q3 2016 Interim and Fiscal Year 2016 Financial Results to Correct Clerical Errors; No Impact on Revenue, Earnings or Financial Position

TORONTO, ONTARIO -- (Marketwired) -- 02/16/17 -- AlarmForce Industries Inc. (TSX:AF) (AlarmForce or the Company) announced today that it has re-filed its unaudited interim financial statements and related management discussion and analysis (MD&A) for the period ended July 31, 2016 and its audited financial statements for the fiscal year ended October 31, 2016 and related MD&A in order to correct minor clerical, classification and conforming errors. These errors have no impact on revenue, earnings or the presentation of the operating performance or cash profile of AlarmForce. This filing is being made at the request of the Ontario Securities Commission pursuant to a review by OSC staff.

Details of certain of the amendments are set out below.

Q3 2016 Interim Financial Statements and MD&A:

Financial Statements


1.  Condensed Interim Consolidated Statements of Financial Position 
    --  The November 1, 2014 presentation of Deferred costs - current
        portion and Deferred costs (within non-current assets) contained
        clerical errors in the breakdown between current and non-current
        assets. 
    --  The October 31, 2015 cash and cash equivalents of $8,225,521
        included $2,092,479 of Short-term investments. The balance has been
        corrected to split out the Short-term investments balance and the
        corresponding adjustments have been made to the Condensed Interim
        Consolidated Statements of Cash Flows. 
    --  The July 31, 2016 balance for intangible assets of $834,816 was
        understated by $196,308 of website development costs. 

2.  Condensed Interim Consolidated Statements of Cash Flows 
    --  Cash flows from investing activities included $196,308 for web
        development costs within Purchase of property, plant and equipment
        for the three months ended July 31, 2016 which should have been
        captured as Additions to intangible assets. 
    --  Cash flows from investing activities has been adjusted for the nine
        months ended July 31, 2016 to reflect the maturation of short-term
        investments totalling $2,092,479, with the corresponding amount
        adjusted within the cash and cash equivalents, beginning of period. 
    --  Cash flows from operating activities have been amended for the three
        and nine months ended July 31, 2015 and the three months ended July
        31, 2016 to reflect a number of reclassification and conforming
        changes. 

3.  Note 2: Restatement of Previously Issued Interim Consolidated Financial
    Statements  
    --  Summary table of balance sheet impacts as at October 31, 2015 (on
        page 6) included an "Adjustment" of $4,999,670 related to
        Provisions, which represented the July 31, 2016 Provision liability,
        whereas it should have been $1,940,253. The summary table has been
        corrected to reflect the appropriate balance at October 31, 2015.   
    --  Summary table at the top of page 7 outlining the "As reported
        November 1, 2014" included Total liabilities of $9,147,689. This
        balance represented the total current liabilities. The balance has
        been corrected to $10,476,892 to reflect the Total liabilities. 

4.  Note 8: Intangible Assets 
    --  Intangible Assets table has been corrected to include Web
        Development additions of $196,308 in the table presentation. 

MD&A


1.  The Summary of Quarterly Results table on page 17 has been amended to
    adjust a number of clerical errors within the Total revenue, Net
    income/(loss), Total assets and Shareholders equity quarterly figures. 

Annual Audited Consolidated Financial Statements and MD&A:

Financial Statements


1.  Note 2: Restatement of Previously Issued Consolidated Financial
    Statements 
    --  Summary table at the top of page 13 has been corrected for the
        following: 
        --  "As reported November 1, 2014" included Total liabilities of
            $9,147,689. This balance represented the total current
            liabilities. The balance has been updated to $10,476,892 to
            reflect the Total liabilities.

MD&A


--  The Summary of Quarterly Results table on page 18 has been amended to
    correct a number of clerical errors within Total Assets quarterly
    figures. 

The unaudited interim financial statements and related MD&A for the period ended July 31, 2016 and the audited financial statements for the fiscal year ended October 31, 2016 and related MD&A originally filed on January 30, 2017 should not be relied upon.

About AlarmForce

AlarmForce provides security alarm monitoring, personal emergency response monitoring, video surveillance and related services to residential and commercial subscribers throughout Canada and the United States. More information about AlarmForce's products and services can be found at alarmforce.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which i...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developer...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
SYS-CON Events announced today that Interoute has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...