Fintech
1319732 B.C. Ltd. Announces the Filing of Amended and Restated Financial Statements and MD&A for Q2
Vancouver, British Columbia–(Newsfile Corp. – April 24, 2023) – 1319732 B.C. Ltd. (the “Company“) announces that it has filed amended and restated interim financial statements for the period ending January 31, 2023 (the “Amended Statements“) and related amended and restated management’s discussion and analysis (“MD&A“). The Amended Statements were required to correct material omissions identified during a review by the Company’s accountants.
The Amended Statements have been restated to disclose the following:
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A restatement of the Company’s statements of financial position as of January 31, 2023, and its statement of net loss and comprehensive loss, statement of cash flows and statement of changes in equity for the period ending January 31, 2023 (the “Restatement“).
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The restatement reflects the shares for debt settlement completed by the Company during the first half of fiscal 2023.
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The effect of the Restatement is as follows:
| Statements of Financial Position | As previously reported |
Adjustments | As restated | ||||||
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash | $ | 4,561 | – | $ | 4,561 | ||||
| TOTAL ASSETS | $ | 4,561 | $ | – | $ | 4,561 | |||
| LIABILITIES AND EQUITY | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | $ | 34,150 | (16,928 | ) | 17,222 | ||||
| Loans payable | 1,787 | – | 1,787 | ||||||
| TOTAL CURRENT LIABILITIES | 35,937 | (16,928 | ) | 19,009 | |||||
| Share Capital and Deficit | |||||||||
| Share Capital | 35,576 | 136,928 | 172,504 | ||||||
| Accumulated deficit | (66,952 | ) | (120,000 | ) | (186,952 | ) | |||
| (31,376 | ) | 16,928 | (14,448 | ) | |||||
| TOTAL LIABILITIES AND EQUITY | $ | 4,561 | $ | – | $ | 4,561 |
| Statement of Loss and Comprehensive Loss Three months ended January 31, 2023 |
As previously reported |
Adjustments | As restated | ||||||
| Professional fees | $ | 750 | $ | – | $ | 750 | |||
| Corporate management fees | – | 120,000 | 120,000 | ||||||
| Loss before other items | $ | 750 | $ | 120,000 | $ | 120,750 |
| Statement of Loss and Comprehensive Loss Six months ended January 31, 2023 |
As previously reported | Adjustments | As restated | ||||||
| Professional fees | $ | 1,500 | $ | (218 | ) | $ | 1,282 | ||
| Legal expenses | 4,782 | (4,782 | ) | – | |||||
| Filing expenses | 283 | – | 283 | ||||||
| Corporate management fees | – | 125,000 | 125,000 | ||||||
| Loss before other items | $ | 6,565 | $ | 120,000 | $ | 126,565 |
| Statement of cash flows Six months ended January 31, 2023 |
As previously reported |
Adjustments | As restated | ||||||
| Cash provided by (used in): | |||||||||
| Operating Activities | |||||||||
| Net gain / (loss) for period | $ | (6,565 | ) | $ | (120,000 | ) | $ | (126,565 | ) |
| Shares issued to settle debt | – | 136,928 | 136,928 | ||||||
| Changes in non-cash working capital balances: | – | ||||||||
| Accounts payable and accrued liabilities | 1,960 | (16,928 | ) | (14,968 | ) | ||||
| Loans payable | 1,787 | – | 1,787 | ||||||
| Cash Used in Operating Activities | (2,818 | ) | – | (2,818 | ) | ||||
| Financing Activities | – | – | – | ||||||
| Share issuances, net of costs | – | – | – | ||||||
| Cash Provided by Financing Activities | – | – | – | ||||||
| Change in cash | (2,818 | ) | – | (2,818 | ) | ||||
| Cash, Beginning | 7,379 | – | 7,379 | ||||||
| Cash, Ending | $ | 4,561 | $ | – | $ | 4,561 |
| Statement of changes in equity For the six months ended January 31, 2023 |
As previously reported |
Adjustments | As restated | ||||||
| Capital and Deficit | |||||||||
| Share Capital | $ | 35,576 | $ | 136,928 | $ | 172,504 | |||
| Accumulated deficit | (66,952 | ) | (120,000 | ) | (186,952 | ) | |||
| Total | $ | (31,376 | ) | $ | 16,928 | $ | (14,448 | ) |
In connection with the filing of the Amended Statements, the Company is also filing (i) amended and restated MD&A in compliance with the requirements of National Instrument 51-102 Continuous Disclosure Obligations, and (ii) CEO and CFO certifications in compliance with national Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.
On behalf of the Board of Directors
Binyomin Posen
Chief Executive Officer, Chief Financial Officer & Director
T: 416 481-2222
E: [email protected]
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward- looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company’s most recent annual management’s discussion and analysis that is available on the Company’s profile on SEDAR at www.sedar.com.
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 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 securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163592
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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