Voxtur Announces Amendments to Financial Statements and MD&A for Q3 Ended September 30, 2024
Rhea-AI Summary
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) has announced amendments to its Q3 2024 Financial Statements and MD&A. The company disclosed non-compliance with financial covenants regarding its credit facilities as of September 30, 2024. As a result, $29,623 of non-current credit facilities has been reclassified as current liability, as Voxtur lacks the unconditional right to defer settlement for 12 months without obtaining a covenant violation 'cure'.
The amendments include removing an inadvertently included statement about October 2024 credit agreement amendments and correcting typographical errors in the comparative analysis sections of the MD&A, specifically in areas discussing net loss, comprehensive loss, and liquidity from continuing operations.
Positive
- None.
Negative
- Non-compliance with financial covenants on credit facilities
- Reclassification of $29,623 from non-current to current liabilities
- Required amendments to financial statements due to disclosure issues
News Market Reaction – VXTRF
In the trading session that priced this news, VXTRF declined 2.10%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
TORONTO and TAMPA, Fla., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today announced that, subsequent to the Company filing on November 28, 2024, certain disclosures were identified that require amendments to its Unaudited Condensed Interim Consolidated Financial Statements (“Financial Statements”) and the related Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2024. Accordingly, the Company confirms that amended Financial Statements and the related MD&A have been filed on SEDAR+.
The nature of the amendments include:
| (i) | Removal of the last sentence of the paragraph below, which was inadvertently included in Notes 2(a) and 10 of the Financial Statements, as well as in the “Credit Facilities” section of the MD&A. | |
| As at September 30, 2024, the Company was not in compliance with its financial covenants with respect to its credit facilities. The Company does not have an unconditional right to defer its settlement of the term loans payable for at least twelve months from September 30, 2024, without obtaining a “cure” to the covenant violation. Therefore, in accordance with IFRS, the Company classified the non-current portion of credit facilities, in the amount of | ||
| (ii) | Corrections to typographical errors in the narrative descriptions of changes in results for the three months ended September 30, 2024, compared to the same period in the prior year, within the “Net loss – continuing operations”, “Comprehensive loss – continuing operations”, and “Liquidity and Capital Resources” sections of the MD&A. | |
About Voxtur
Voxtur is a transformational proptech company that is redefining industry standards in a dynamic lending environment. The company offers targeted data analytics to simplify the multifaceted aspects of the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value real estate assets, providing critical due diligence that enables market participants to effectively originate, trade, or service defaults on mortgage loans. As an independent and transparent mortgage technology provider, the company offers primary and secondary market solutions in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release may contain forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. Forward-looking information reflects management's current expectations regarding future events, the Company's operations, performance, or financial results, and speaks only as of the date of this news release. Forward-looking information may be identified by words such as "anticipates", "believes", "expects", "intends", "plans", "projects", or similar expressions. While the Company believes that the expectations reflected in forward-looking information are reasonable, such information is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For a description of the risks and uncertainties facing the Company and its business, readers should refer to the Company's management’s discussion and analysis and other continuous disclosure filings available on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Voxtur's common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Contact:
Jordan Ross
Chief Operating Officer
Tel: (416) 708-9764
jordan@voxtur.com
For media inquiries:
Jacob Gaffney
Tel: (817)471-7627
jacob@gaffneyaustin.com
