Greenbriar Files Amended MD&A to Clarify Disclosure
Greenbriar Sustainable Living (TSXV: GRB) (OTC Pink: GEBRF) has filed amended MD&As following a review by the British Columbia Securities Commission. The amendments include enhanced disclosure about projects, corporate transactions, and the Sage Ranch Pro Forma Review by Altus Group The company has also reassessed the accounting treatment of its option and joint venture agreement with Captiva Verde Wellness Corp. This reassessment revealed that Captiva's option should have been classified as a financial liability at fair value through profit and loss. The fair value of the Option liability was $3.8 million as of January 1, 2023, with related accretion expenses of approximately $185k. This will result in a reduction of Sage Ranch assets by approximately $4 million as of December 31, 2023, and will be reflected in the 2024 Annual Financial Statements.
Greenbriar Sustainable Living (TSXV: GRB) (OTC Pink: GEBRF) ha presentato delle MD&A emendate a seguito di una revisione da parte della British Columbia Securities Commission. Le modifiche comprendono una divulgazione migliorata riguardo ai progetti, alle transazioni aziendali e alla Revisione Pro Forma di Sage Ranch da parte di Altus Group. L'azienda ha anche rivalutato il trattamento contabile del suo contratto di opzione e joint venture con Captiva Verde Wellness Corp. Questa rivalutazione ha rivelato che l'opzione di Captiva avrebbe dovuto essere classificata come un passivo finanziario al valore equo attraverso il profitto e la perdita. Il valore equo del passivo per l'Opzione era di 3,8 milioni di dollari al 1 gennaio 2023, con spese di accrescimento correlate di circa 185k. Questo comporterà una riduzione delle attività del Sage Ranch di circa 4 milioni di dollari al 31 dicembre 2023 e sarà riflesso nei Bilanci Finanziari Annuali 2024.
Greenbriar Sustainable Living (TSXV: GRB) (OTC Pink: GEBRF) ha presentado MD&A enmendadas tras una revisión de la Comisión de Valores de Columbia Británica. Las enmiendas incluyen una mayor divulgación sobre proyectos, transacciones corporativas y la Revisión Pro Forma de Sage Ranch por Altus Group. La empresa también ha reevaluado el tratamiento contable de su acuerdo de opción y joint venture con Captiva Verde Wellness Corp. Esta reevaluación reveló que la opción de Captiva debería haberse clasificado como un pasivo financiero a valor razonable a través de pérdidas y ganancias. El valor razonable del pasivo por la Opción era de 3.8 millones de dólares al 1 de enero de 2023, con gastos de capitalización relacionados de aproximadamente 185k. Esto resultará en una reducción de los activos de Sage Ranch de aproximadamente 4 millones de dólares al 31 de diciembre de 2023, y se reflejará en los Estados Financieros Anuales de 2024.
Greenbriar Sustainable Living (TSXV: GRB) (OTC Pink: GEBRF)는 브리티시컬럼비아증권위원회의 검토에 따라 수정된 MD&A를 제출했습니다. 수정 사항에는 프로젝트, 기업 거래 및 Altus Group의 Sage Ranch Pro Forma 리뷰에 대한 공시가 강화되었습니다. 이 회사는 또한 Captiva Verde Wellness Corp.와의 옵션 및 합작 투자 계약에 대한 회계 처리를 재평가했습니다. 이 재평가는 Captiva의 옵션이 공정가치에 따라 손익으로 분류되어야 했음을 나타냈습니다. 옵션 부채의 공정 가치는 2023년 1월 1일 기준으로 380만 달러였습니다, 관련된 증가 비용은 약 185k입니다. 이는 2023년 12월 31일 기준으로 Sage Ranch 자산을 약 400만 달러 줄이게 되며, 2024년 연간 재무제표에 반영될 것입니다.
Greenbriar Sustainable Living (TSXV: GRB) (OTC Pink: GEBRF) a déposé des MD&A modifiés suite à un examen de la British Columbia Securities Commission. Les modifications incluent une divulgation améliorée concernant les projets, les transactions d'entreprise et la Revue Pro Forma de Sage Ranch par le Groupe Altus. L'entreprise a également réévalué le traitement comptable de son accord d'option et de coentreprise avec Captiva Verde Wellness Corp. Cette réévaluation a révélé que l'option de Captiva aurait dû être classée comme un passif financier à sa juste valeur dans le compte de résultat. La juste valeur de la dette d'option était de 3,8 millions de dollars au 1er janvier 2023, avec des frais d'amortissement connexes d'environ 185k. Cela entraînera une réduction des actifs de Sage Ranch d'environ 4 millions de dollars au 31 décembre 2023 et sera reflété dans les états financiers annuels de 2024.
Greenbriar Sustainable Living (TSXV: GRB) (OTC Pink: GEBRF) hat nach einer Überprüfung durch die British Columbia Securities Commission geänderte MD&A eingereicht. Die Änderungen umfassen eine verbesserte Offenlegung zu Projekten, Unternehmensgeschäften und der Pro Forma-Überprüfung von Sage Ranch durch die Altus Group. Das Unternehmen hat auch die bilanzielle Behandlung des Options- und Joint-Venture-Vertrags mit Captiva Verde Wellness Corp. neu bewertet. Diese Neubewertung ergab, dass die Option von Captiva als finanzieller Verbindlichkeit zum beizulegenden Zeitwert in der Gewinn- und Verlustrechnung klassifiziert werden sollte. Der beizulegende Zeitwert der Optionsverbindlichkeit betrug 3,8 Millionen Dollar zum 1. Januar 2023, mit damit verbundenen Zinsaufwendungen von rund 185.000 Dollar. Dies wird zu einer Verringerung der Sage Ranch Vermögenswerte um etwa 4 Millionen Dollar zum 31. Dezember 2023 führen und in den Jahresabschlüssen 2024 widergespiegelt werden.
- None.
- Reduction in Sage Ranch assets by $4 million
- Additional accretion expenses of $185k
- Increase in comprehensive loss for 2023 by $185k
- Accounting treatment errors requiring amendments to financial statements
Scottsdale, Arizona--(Newsfile Corp. - December 17, 2024) - Greenbriar Sustainable Living Inc. (TSXV: GRB) (OTC Pink: GEBRF) ("Greenbriar" or the "Company") announces that, as a result of a review by the British Columbia Securities Commission (the "BCSC") and pursuant to Section 11.5 of National Instrument 51-102 – Continuous Disclosure Obligations, it has amended and refiled its management's discussion and analysis ("MD&A") for the financial year ended December 31, 2023, as well as the three months ended March 31, 2024 and the three and six months ended June 30, 2024 (collectively, as amended, the "Amended MD&As") to clarify its disclosure.
The Amended MD&As include: (i) additional disclosure with respect to the Company's projects and corporate transactions; (ii) additional details with respect to the Prof Forma Review of Sage Ranch completed by Altus Group Limited; (iii) updates to certain financial information as a result of adjustments to the accounting treatment of the Option Transaction (as defined and described below); and (iv) certain ancillary changes. The changes noted above are intended to enhance and update the disclosure that was included in the originally filed MD&A for such periods and provide readers with a more detailed discussion of the Company's operations. For further details of the revisions, please refer to the Amended MD&As which have been filed on the Company's SEDAR+ profile at www.sedarplus.ca.
In addition, in connection with the BCSC's review, the Company has reassessed the accounting treatment of the Company's option and joint venture agreement with Captiva Verde Wellness Corp. ("Captiva"), including the settlement agreement related thereto (collectively, the "Option Transaction"). Due to the complex nature of the accounting treatment of the transaction, the Company did not account for Captiva's option (the "Option") under the Option Transaction and the settlement thereof. The Company has determined that the Option was a financial instrument and should have been classified as a financial liability at fair value through profit or loss and would be recorded at fair value at inception and at fair value at each reporting period with the changes in value going through profit or loss. Accordingly, the Company intends to make certain adjustments, which will be reflected in the 2023 comparative financial information to be presented in the Company's audited annual financial statements for the year ended December 31, 2024 (the "2024 Annual Financial Statements"), which are required to be filed no later than April 30, 2025.
In particular, the Company has determined that the fair value of the Option liability as at January 1, 2023 was
About Greenbriar Sustainable Living:
Greenbriar is a developer of sustainable real estate and renewable energy. With long-term, high impact projects and led by a successful industry-recognized operating and development team, Greenbriar targets deep valued sustainable assets directed at accretive shareholder value.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jeff Ciachurski"
Jeffrey J. Ciachurski
Chief Executive Officer and Director
Ph.: +1 (949) 903-5906
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking statements"). All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements relating to the Amended MD&As and the 2024 Annual Financial Statements, including the anticipated adjustments to be reflected in the 2024 Annual Financial Statements and the expected filing thereof. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget", "propose" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: market prices, continued availability of capital financing and general economic, market or business conditions. Market conditions could alter the projects of Greenbriar and such potential events like bad credit markets, worldwide economic depression, unforeseen regulatory hurdles or acts of God, could inhibit or prevent some or all of the Greenbriar projects from materializing or completing. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. For more information on the Company and important factors that could cause actual results to differ materially from the Company's expectations, investors should review the Company's continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date hereof. No obligation is undertaken to update publicly or otherwise revise any forward-looking statements or the foregoing lists of factors and assumptions, whether as a result of new information, future events or results or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234209
FAQ
How will the $4 million reduction in Sage Ranch assets affect GEBRF's balance sheet?
What accounting changes is GEBRF implementing for the Captiva Option Transaction?
When will GEBRF's amended financial statements be filed?
What periods are covered by GEBRF's amended MD&As?
