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InvestorNewsBreaks – PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) Announces Plans to Restate Financial Statements
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July 1, 2022
InvestorNewsBreaks – PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) Announces Plans to Restate Financial Statements
PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) plans to restate audited consolidated comparative financial statements the company has previously issued for the fiscal year ended March 31, 2021. The company opted to do this after reviewing the revenue recognition policy adhered to in fiscal 2021. After consulting with company’s audit committee as well as management and former and current auditors, PlantX Life’s board of directors approved the decision. According to the announcement, upon review the company stated that certain revenues and cost of sales recognized during fiscal 2021 and related to the company’s wholesale operations should not have been recorded on a gross basis during that period. Since Q1 2022, the company has ceased transactions relating to its wholesale division. PlantX Life stated that the restatements should not impact historical cash or cash equivalents that were generated during the period mentioned above based upon the current review, although it is it is expected that the restatements will impact current revenue and cost-of-sales line items. Although the review is not yet complete, PlantX will continue to diligently pursue completion of the restatement and intends to make its upcoming 2022 annual filings as soon as reasonably practical.
To view the full press release, visit https://ibn.fm/4lwpn
About PlantX Life Inc.
PlantX is committed to becoming the digital face of the plant-based community as well as the one-stop shop for everything plant-based. With its fast-growing category verticals, the company offers customers across North America more than 5,000 plant-based products. In addition to offering meal and indoor-plant deliveries, the company currently has plans underway to expand its product lines to include cosmetics, clothing and its own water brand — but the business is not limited to an e-commerce platform. PLTXF uses its digital platform to build a community of like-minded consumers and, most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle, and thriving in a longer, healthier and happier life. For more information about this company, please visit http://www.PlantX.com and http://www.PlantX.ca.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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