Centaurus Energy Provides Update on 2024 Annual Financial Statement Filings
Rhea-AI Summary
Centaurus Energy has announced a delay in filing its annual financial statements for the year ended December 31, 2024. The company, trading under symbols TSXV: CTA and OTC Pink: CTARF, is working with its new auditor Davidson & Company to address accounting issues.
The delay stems from the need to restate 2023 financial statements to correct errors in the accounting treatment of an overriding royalty interest transaction with Pan American Energy Argentine branch. The restatement requires retroactive adjustments to properly reflect the fair value of the ORRI transfer in 2023.
After notification from Davidson on April 29, 2025, Centaurus confirmed it would miss the April 30 filing deadline. The company expects to complete and file all required documents by May 5, 2025.
Positive
- None.
Negative
- Company will miss deadline for 2024 annual financial statements filing
- Required restatement of 2023 financial statements due to accounting errors
- Audit delays and accounting issues with Pan American Energy royalty transaction
- Financial reporting complications requiring retroactive adjustments
News Market Reaction
On the day this news was published, CTARF declined 29.32%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Calgary, Alberta--(Newsfile Corp. - April 30, 2025) - Centaurus Energy Inc. (TSXV: CTA) (OTC Pink: CTARF) ("Centaurus" or the "Company") provides this default announcement indicating Centaurus's anticipated failure to file its annual financial statements for the year ended December 31, 2024 and related management discussion and analysis and certifications (collectively, the "Financial Statements") before the prescribed filing deadlines.
The Company's failure to file its Financial Statements on time is due to the following circumstances:
- As previously publicized, Centaurus has changed its auditor to Davidson & Company LLP ("Davidson").
- At Davidson's request, the Company is in the process of completing the restatement of its financial statements for the fiscal year ended December 31, 2023, to correct an error in the accounting treatment of an overriding royalty interest transaction with Pan American Energy, S.R.L., Argentine branch. The correction requires retroactive adjustments to properly reflect the fair value of the ORRI upon its transfer to Centaurus in 2023.
- Davidson notified the Company on April 29, 2025, that the Company will not be in position to file its Financial Statements on April 30.
As a result, additional time is required to finalize the audit and prepare the amended financial statements and related disclosures.
The Company is working diligently with Davidson to complete the restated financial statements and expects to file the required documents no later than May 5, 2025.
About Centaurus Energy
Centaurus is a company focused on investing in Ether, Solana and other digital commodities. The Company's shares trade on the TSX-V under the symbol "CTA" and on the OTC Pink Market under the symbol "CTARF".
FOR FURTHER INFORMATION, PLEASE CONTACT:
David Tawil, Chief Executive Officer
email: davidtawil@ctaurus.com
phone: (646) 479-9387
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking statements which with respect to the possible approval of the Proposed Change of Business by the Exchange and the shareholders of the Company, and the implementation of the Proposed Change of Business, if implemented. These forward-looking statements may relate to, among other things, forecasts or expectations regarding business outlook for Centaurus or Ether, the requirements of the Exchange, and may also include other statements that are predictive in nature, or that depend upon or refer to future events or conditions, and can generally be identified by words such as "may", "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", "guidance", or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Centaurus. The reader is cautioned not to place undue reliance on any forward-looking information. Although such information is considered reasonable by management at the time of preparation, it may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and Centaurus do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250322
FAQ
Why is Centaurus (CTARF) delaying its 2024 financial statements filing?
When will CTARF file its delayed 2024 annual financial statements?
What accounting error is Centaurus (CTARF) correcting in its 2023 statements?
What caused CTARF to miss its April 30, 2025 filing deadline?
How will the restatement of CTARF's 2023 financials affect investors?
