NorthStar Gaming Announces Delay of Annual Filings
NorthStar Gaming has announced a delay in filing its annual financial statements for the year ended December 31, 2024. The company will miss the April 30, 2025 deadline and expects to file by May 15, 2025.
The delay stems from an audit issue involving payment service providers' fees. The company discovered that its payment processor had deducted additional merchant fees from daily remittances without proper documentation, identified during year-end reconciliation. This requires a restatement of certain amounts from the previous fiscal year.
As a result, NorthStar is applying for a Management Cease Trade Order (MCTO) from the Ontario Securities Commission. If granted, this would restrict trading by company officers and directors but not affect general public trading. If denied, a broader cease trade order could halt all trading on the TSX Venture Exchange. The company will provide bi-weekly status updates and has postponed its Q4 and Year-End 2024 Earnings Webinar.
NorthStar Gaming ha annunciato un ritardo nella presentazione del bilancio annuale relativo all'esercizio chiuso al 31 dicembre 2024. L'azienda non rispetterà la scadenza del 30 aprile 2025 e prevede di depositare i documenti entro il 15 maggio 2025.
Il ritardo è dovuto a un problema di revisione contabile riguardante le commissioni dei fornitori di servizi di pagamento. È emerso che il processore di pagamenti ha detratto commissioni aggiuntive dai versamenti giornalieri senza la dovuta documentazione, scoperto durante la riconciliazione di fine anno. Ciò richiede una rettifica di alcune cifre dell'esercizio precedente.
Di conseguenza, NorthStar sta richiedendo un Management Cease Trade Order (MCTO) alla Ontario Securities Commission. Se approvato, limiterà le negoziazioni da parte di dirigenti e amministratori della società, senza influire sul trading del pubblico generale. In caso di rifiuto, un divieto più ampio potrebbe bloccare tutte le negoziazioni sul TSX Venture Exchange. L'azienda fornirà aggiornamenti sullo stato della situazione ogni due settimane e ha posticipato il webinar sugli utili del quarto trimestre e dell'anno fiscale 2024.
NorthStar Gaming ha anunciado un retraso en la presentación de sus estados financieros anuales correspondientes al año terminado el 31 de diciembre de 2024. La compañía no cumplirá con la fecha límite del 30 de abril de 2025 y espera presentar los documentos antes del 15 de mayo de 2025.
El retraso se debe a un problema de auditoría relacionado con las tarifas de los proveedores de servicios de pago. Se descubrió que el procesador de pagos dedujo tarifas adicionales de los pagos diarios sin la documentación adecuada, identificado durante la conciliación de fin de año. Esto requiere una corrección de ciertas cifras del año fiscal anterior.
Como resultado, NorthStar está solicitando una Orden de Suspensión de Comercio para la Administración (MCTO) a la Comisión de Valores de Ontario. Si se concede, restringirá las operaciones por parte de los directivos y administradores de la empresa, pero no afectará el comercio público general. Si se niega, una orden de suspensión más amplia podría detener todas las operaciones en la Bolsa de Valores TSX Venture. La compañía proporcionará actualizaciones quincenales y ha pospuesto su seminario web de resultados del cuarto trimestre y cierre del año 2024.
NorthStar Gaming은 2024년 12월 31일 종료된 연간 재무제표 제출이 지연될 것이라고 발표했습니다. 회사는 2025년 4월 30일 마감일을 맞추지 못하며 2025년 5월 15일까지 제출할 예정입니다.
지연 사유는 결제 서비스 제공업체 수수료와 관련된 감사 문제 때문입니다. 연말 조정 과정에서 결제 처리업체가 일일 송금액에서 적절한 문서 없이 추가 가맹점 수수료를 공제한 사실이 발견되었으며, 이로 인해 이전 회계연도의 일부 금액에 대한 재작성 필요가 발생했습니다.
이에 따라 NorthStar는 온타리오 증권위원회에 경영진 거래 중지 명령(MCTO)을 신청할 예정입니다. 승인될 경우 회사 임원 및 이사의 거래가 제한되지만 일반 대중의 거래에는 영향이 없습니다. 거부될 경우 TSX 벤처 거래소에서 모든 거래가 중단될 수 있는 더 광범위한 거래 중지 명령이 내려질 수 있습니다. 회사는 2주마다 상태 업데이트를 제공하며 2024년 4분기 및 연말 실적 웨비나를 연기했습니다.
NorthStar Gaming a annoncé un retard dans le dépôt de ses états financiers annuels pour l'exercice clos au 31 décembre 2024. La société ne respectera pas la date limite du 30 avril 2025 et prévoit de déposer les documents d'ici le 15 mai 2025.
Ce retard est dû à un problème d'audit concernant les frais des prestataires de services de paiement. Il a été découvert que le processeur de paiements avait prélevé des frais marchands supplémentaires sur les remises quotidiennes sans documentation appropriée, identifié lors du rapprochement de fin d'année. Cela nécessite une rectification de certains montants de l'exercice précédent.
En conséquence, NorthStar demande une Ordonnance de Suspension de Négociation pour la Direction (MCTO) auprès de la Commission des valeurs mobilières de l'Ontario. Si elle est accordée, elle limiterait les transactions des dirigeants et administrateurs de la société, sans affecter le commerce public général. En cas de refus, une ordonnance de suspension plus large pourrait arrêter toutes les transactions sur la TSX Venture Exchange. La société fournira des mises à jour bihebdomadaires et a reporté son webinaire sur les résultats du quatrième trimestre et de l'année 2024.
NorthStar Gaming hat eine Verzögerung bei der Einreichung des Jahresabschlusses für das zum 31. Dezember 2024 endende Geschäftsjahr angekündigt. Das Unternehmen wird die Frist zum 30. April 2025 nicht einhalten und erwartet die Einreichung bis zum 15. Mai 2025.
Die Verzögerung resultiert aus einem Prüfungsproblem im Zusammenhang mit den Gebühren der Zahlungsdienstleister. Es wurde festgestellt, dass der Zahlungsabwickler zusätzliche Händlergebühren von den täglichen Überweisungen ohne ordnungsgemäße Dokumentation abgezogen hat, was bei der Jahresendabstimmung entdeckt wurde. Dies erfordert eine Berichtigung bestimmter Beträge aus dem Vorjahr.
Infolgedessen beantragt NorthStar eine Management Cease Trade Order (MCTO) bei der Ontario Securities Commission. Wenn genehmigt, würde dies den Handel durch Unternehmensleiter und Direktoren einschränken, jedoch nicht den allgemeinen öffentlichen Handel beeinflussen. Wird der Antrag abgelehnt, könnte eine umfassendere Handelsaussetzung alle Handelsaktivitäten an der TSX Venture Exchange stoppen. Das Unternehmen wird alle zwei Wochen Statusupdates bereitstellen und hat sein Webinar zu den Ergebnissen des vierten Quartals und des Jahresendes 2024 verschoben.
- None.
- Delayed filing of 2024 annual financial statements beyond regulatory deadline
- Restatement required for 2023 financial statements due to payment processor fee discrepancies
- Potential management cease trade order (MCTO) restricting executives from trading
- Risk of complete trading halt if CTO is issued instead of MCTO
- Q4 and Year-End 2024 Earnings Webinar postponed indefinitely
Toronto, Ontario--(Newsfile Corp. - April 29, 2025) - NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces an anticipated delay in the filing of its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (collectively, the "Annual Filings"). The Company does not expect to file its Annual Filings by the regular filing deadline of April 30, 2025, as required, due to an unanticipated delay relating to the audit of the Annual Filings. The Company is working diligently with its auditor to finalize the Annual Filings and expects to file the Annual Filings no later than May 15, 2025.
Primarily, certain amounts owed by the Company's payment service providers for the prior fiscal year are being restated. The payment processor deducted additional merchant fees from the daily remittances to the Company without adequate backup information. These additional fees were identified as part of the year-end reconciliation of the amount due from the payment processor.
The Company intends to file its Annual Filings along with the restated 2023 comparative information.
As a result of the delay, the Company is in the process of making an application to the Ontario Securities Commission, as its principal regulator, under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") requesting the issuance of a management cease trade order ("MCTO"). The issuance of a MCTO would not generally affect the ability of persons who are not officers or directors of the Company to trade in the Company's securities. There is no guarantee that a MCTO will be granted. If the MCTO is granted, the MCTO will prohibit the chief executive officer, the chief financial officer, and possibly the directors or other officers of the Company from trading in securities of the Company for so long as the Annual Filings are not filed. However, if the MCTO is not granted, it is expected that the Ontario Securities Commission will issue a "failure-to-file" cease trade order ("CTO"), resulting in a halt in trading of the Company's shares on the TSX Venture Exchange ("TSXV"). If the CTO is made, it will remain in place until such time as the Annual Filings are filed by the Company.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12- 203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of filing the Annual Filings.
NorthStar also confirms there have been no undisclosed material business developments, since its most recent news release on April 24, 2025, that have not been otherwise disclosed by the Company by way of news release. Further to the April 24, 2025 announcement, the Company is postponing its Q4 and Year-End 2024 Earnings Webinar, and will announce revised details when the Annual Filings have been filed.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
NorthStar is listed in Canada on the TSXV under the symbol BET and in the United States on the OTCQB under the symbol NSBBF. For more information on the company, please visit: www.northstargaming.ca.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the 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 press release.
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, and the timing of the release of the Company's financial results. The foregoing is provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250221
FAQ
Why is NorthStar Gaming (NSBBF) delaying its 2024 annual financial filings?
When will NorthStar Gaming file its delayed 2024 annual report?
What happens to NSBBF stock trading during the financial filing delay?
How will NorthStar Gaming update investors during the filing delay period?
What financial issues caused NorthStar Gaming's 2024 filing delay?
