Change to Pacific Green's Accounting Policy
Pacific Green Technologies (OTCQB: PGTK) has announced significant changes to its accounting policies, which will be applied retrospectively from December 2023. The key changes involve the recognition of the $76 million consideration from the sale of Sheaf Energy to Sosteneo Energy Transition Fund as a gain on disposal rather than revenue. Additionally, the company has modified its policy for capitalized project development assets, reclassifying them from current inventory to non-current assets.
These accounting adjustments, made following consultation with the SEC's Office of Chief Accountant and Grant Thornton UK LLP, will not impact Pacific Green's reported net income, cash balance, or net assets. The changes reflect a more appropriate alignment with US GAAP standards and will be implemented in future 10-K and 10-Q filings.
Pacific Green Technologies (OTCQB: PGTK) ha annunciato significativi cambiamenti alle sue politiche contabili, che saranno applicati retroattivamente a partire da dicembre 2023. Le principali modifiche riguardano il riconoscimento dei 76 milioni di dollari derivanti dalla vendita di Sheaf Energy al Sosteneo Energy Transition Fund come guadagno da dismissione anziché come ricavo. Inoltre, l'azienda ha modificato la propria politica per gli attivi di sviluppo dei progetti, riclassificandoli da inventario corrente ad attivi non correnti.
Questi aggiustamenti contabili, effettuati a seguito di consultazioni con l'Ufficio del Chief Accountant della SEC e Grant Thornton UK LLP, non impatteranno sul reddito netto riportato da Pacific Green, sul saldo di cassa o sugli attivi netti. Le modifiche riflettono un allineamento più appropriato agli standard US GAAP e saranno implementate nelle future dichiarazioni 10-K e 10-Q.
Pacific Green Technologies (OTCQB: PGTK) ha anunciado cambios significativos en sus políticas contables, que se aplicarán de forma retroactiva a partir de diciembre de 2023. Los cambios clave implican el reconocimiento de los 76 millones de dólares provenientes de la venta de Sheaf Energy al Sosteneo Energy Transition Fund como una ganancia por disposición en lugar de ingreso. Además, la compañía ha modificado su política sobre los activos de desarrollo de proyectos capitalizados, reclasificándolos de inventario corriente a activos no corrientes.
Estos ajustes contables, realizados tras consultar con la Oficina del Contador Jefe de la SEC y Grant Thornton UK LLP, no afectarán el ingreso neto reportado de Pacific Green, el saldo de efectivo ni los activos netos. Los cambios reflejan una alineación más adecuada con los estándares GAAP de EE. UU. y se implementarán en futuras presentaciones 10-K y 10-Q.
Pacific Green Technologies (OTCQB: PGTK)는 2023년 12월부터 소급 적용될 회계 정책의 중대한 변경을 발표했습니다. 주요 변경 사항은 Sheaf Energy의 Sosteneo Energy Transition Fund 판매로부터 발생한 7천6백만 달러를 수익이 아닌 처분의 이익으로 인식하는 것입니다. 또한, 회사는 자본화된 프로젝트 개발 자산에 대한 정책을 수정하여 현재 재고에서 비유동 자산으로 재분류했습니다.
SEC의 최고 회계 담당 부서 및 Grant Thornton UK LLP와의 상담 후 이루어진 이러한 회계 조정은 Pacific Green의 보고된 순이익, 현금 잔액 또는 순자산에 영향을 미치지 않습니다. 이러한 변경은 미국 GAAP 기준과의 보다 적절한 정렬을 반영하며 향후 10-K 및 10-Q 제출서류에 반영될 것입니다.
Pacific Green Technologies (OTCQB: PGTK) a annoncé des changements significatifs dans ses politiques comptables, qui seront appliqués de manière rétrospective à partir de décembre 2023. Les principaux changements concernent la reconnaissance des 76 millions de dollars provenant de la vente de Sheaf Energy au Sosteneo Energy Transition Fund comme un gain sur cession plutôt que comme un revenu. De plus, l’entreprise a modifié sa politique concernant les actifs de développement de projets capitalisés, les reclassifiant d’inventaire courant en actifs non courants.
Ces ajustements comptables, réalisés après consultation avec le Bureau du Comptable en Chef de la SEC et Grant Thornton UK LLP, n’affecteront pas le revenu net déclaré de Pacific Green, le solde de trésorerie ou les actifs nets. Les modifications reflètent un alignement plus approprié avec les normes GAAP américaines et seront mises en œuvre dans les futures soumissions 10-K et 10-Q.
Pacific Green Technologies (OTCQB: PGTK) hat wesentliche Änderungen seiner Rechnungslegungsrichtlinien angekündigt, die rückwirkend ab Dezember 2023 angewendet werden. Die wichtigsten Änderungen betreffen die Anerkennung von 76 Millionen Dollar aus dem Verkauf von Sheaf Energy an den Sosteneo Energy Transition Fund als Gewinn aus der Veräußerung anstelle von Einnahmen. Darüber hinaus hat das Unternehmen seine Richtlinien für aktivierte Projektentwicklungskosten geändert und diese von kurzfristigem Inventar in langfristige Vermögenswerte umgegliedert.
Diese Rechnungslegungsanpassungen, die nach Konsultationen mit dem Chief Accountant der SEC und Grant Thornton UK LLP vorgenommen wurden, haben keinen Einfluss auf das berichtete Nettoeinkommen, den Bargeldbestand oder die Nettowerte von Pacific Green. Die Änderungen spiegeln eine angemessenere Angleichung an die US-GAAP-Standards wider und werden in zukünftigen 10-K- und 10-Q-Einreichungen umgesetzt.
- No impact on reported net income, cash balance, or net assets
- $76 million consideration received from Sheaf Energy sale
- Total project value of $258 million for the battery energy storage systems
- Requirement to revise accounting policies retrospectively
- Change in revenue recognition policy affecting financial statement presentation
DOVER, DE, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Pacific Green Technologies, Inc. ("Pacific Green"), (OTCQB: PGTK) announces that it has amended some material accounting policies following extensive engagement with its auditors. These updates will be reflected retrospectively in the filings from December 2023. These adjustments have no impact on Pacific Green’s reported net income, cash balance or net assets.
The updates reflect a change in recognition of the consideration for the sale of Sheaf Energy Limited in December 2023, a grid-scale battery energy storage systems of total project value of
Consistent with a change in revenue recognition policy, Pacific Green has also changed its accounting policy for capitalized project under development assets, from being recorded as inventory in current assets, to being classified as long-life assets in non-current assets, and only recognized as current assets when it is anticipated that the project sale will occur within 12 months.
These corrections underscore Pacific Green’s commitment to financial transparency. The revisions follow consultations with the Securities and Exchange Commission Office of the Chief Accountant (“OCA”) over the previous accounting policy, given the unprecedented nature of the transaction and considering the complex nature of Pacific Green’s battery energy storage system developments.
Following the determination by the OCA about the previous policy, Pacific Green has determined that the revised policy is more appropriate under US GAAP. This policy change has been discussed and agreed with the Company’s independent auditors, Grant Thornton UK LLP, and will be reflected in future 10-K and 10-Q filings.
About Pacific Green Technologies, Inc.:
Pacific Green is focused on addressing the world’s need for cleaner and more sustainable energy. It offers grid-scale battery energy storage systems, renewable and environmental technologies.
For more information, visit Pacific Green’s website:
www.pacificgreen.com
Notice Regarding Forward-Looking Statements:
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, any potential business developments and future interest in Pacific Green’s battery, solar and environmental technologies.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the continuation of the development of Sheaf Energy Park, and general economic and political conditions. These forward-looking statements are made as of the date of this news release, and Pacific Green assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although Pacific Green believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in Pacific Green’s annual report on Form 10-K for the most recent fiscal year, Pacific Green’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
FAQ
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