Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related (a). Audit Report or Completed Interim Review.
On
The Chief Financial Officer promptly notified the Board of Directors of the
existence of the error. The Chief Financial Officer has also discussed the
matter with the Company's auditors,
The Company is restating its financial statements for the Relevant Periods to reflect the phase in of ASU 2016-01 which will impact how it records other comprehensive income. Under the new guidance in ASU 2016-01 the Company should record unrealized gains and losses in the value of the equity securities it owns in the income statement, whereas, under previous guidance those gains and losses were recorded as other comprehensive income. The Company expects to file these amendments for the Relevant Periods as soon as possible which will contain restated financial statements. The restatements are expected to have an impact on the financial statements for the Relevant Periods as previously filed, with changes reflected in the relevant income statements on other comprehensive income (loss), unrealized gains (losses), and earnings per share, an impact on the relevant balance sheets equity sections, adjustments to the statements of cash flow and related disclosures and Management's Discussion and Analysis of Financial Condition and Results of Operations.
No changes for the restatement are expected to have any impact on our cash position, cash flow, liquidity, or operations.
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