Trillion Energy Restates 2023 Year Financial Statements
Trillion Energy International has restated its 2023 financial statements due to an accounting correction related to foreign exchange losses on intercompany accounts. The restatement significantly reduced the company's net loss for 2023 from $1,102,194 to $43,842. The adjustment involved reclassifying foreign exchange losses from net loss to other comprehensive loss, as required by IAS 21 accounting standards.
The restatement affected several financial statement items, including accumulated other comprehensive loss (increased to $14,023,189) and accumulated deficit (decreased to $44,880,846), while total stockholders' equity remained unchanged at $22,212,572. The company's CFO noted that these changes had no impact on cash flows or the company's financial position.
Trillion Energy International ha rettificato i suoi bilanci finanziari del 2023 a causa di una correzione contabile relativa alle perdite da cambio su conti intercompany. La rettifica ha ridotto significativamente la perdita netta dell'azienda per il 2023, passata da $1.102.194 a $43.842. L'aggiustamento ha comportato la riclassificazione delle perdite da cambio da perdita netta a perdita complessiva, come richiesto dagli standard contabili IAS 21.
La rettifica ha influenzato diversi elementi del bilancio, tra cui la perdita complessiva accumulata (aumentata a $14.023.189) e il deficit accumulato (ridotto a $44.880.846), mentre il capitale totale degli azionisti è rimasto invariato a $22.212.572. Il CFO della società ha osservato che queste modifiche non hanno avuto alcun impatto sui flussi di cassa o sulla posizione finanziaria dell'azienda.
Trillion Energy International ha reexpresado sus estados financieros de 2023 debido a una corrección contable relacionada con pérdidas por cambios en cuentas intercompany. La reexpresión redujo significativamente la pérdida neta de la empresa para 2023 de $1,102,194 a $43,842. El ajuste involucró reclasificar las pérdidas por cambio de pérdida neta a otra pérdida integral, tal como lo requieren las normas contables IAS 21.
La reexpresión afectó varios ítems del estado financiero, incluyendo la pérdida integral acumulada (que aumentó a $14,023,189) y el déficit acumulado (que se redujo a $44,880,846), mientras que el capital total de los accionistas se mantuvo sin cambios en $22,212,572. El CFO de la empresa indicó que estos cambios no tuvieron impacto en los flujos de efectivo ni en la posición financiera de la compañía.
Trillion Energy International는 외환 손실과 관련된 회계 수정으로 인해 2023년 재무제를 재작성했습니다. 이 수정으로 회사의 2023년 순손실이 $1,102,194에서 $43,842로 크게 감소했습니다. 이 조정은 IAS 21 회계 기준에 따라 외환 손실을 순손실에서 기타 포괄손실로 재분류하는 것을 포함했습니다.
이 재작성은 누적 기타 포괄손실(상승하여 $14,023,189) 및 누적 적자(하락하여 $44,880,846)를 포함한 여러 재무제 항목에 영향을 미쳤으며, 총 주주 자본은 $22,212,572로 변동이 없었습니다. 회사 CFO는 이러한 변경 사항이 현금 흐름이나 회사의 재무 위치에 영향을 미치지 않았다고 언급했습니다.
Trillion Energy International a révisé ses états financiers pour 2023 en raison d'une correction comptable liée aux pertes de change sur les comptes interentreprises. La révision a considérablement réduit la perte nette de l'entreprise pour 2023, passant de 1 102 194 $ à 43 842 $. L'ajustement a impliqué de reclasser les pertes de change de la perte nette à la perte autre globale, comme l'exigent les normes comptables IAS 21.
La révision a affecté plusieurs éléments de l'état financier, y compris la perte autre globale accumulée (augmentée à 14 023 189 $) et le déficit accumulé (réduit à 44 880 846 $), tandis que le capital total des actionnaires est resté inchangé à 22 212 572 $. Le directeur financier de l'entreprise a noté que ces changements n'ont eu aucun impact sur les flux de trésorerie ni sur la position financière de l'entreprise.
Trillion Energy International hat seine Finanzberichte für 2023 aufgrund einer buchhalterischen Korrektur, die mit Devisenverlusten auf internen Konten zusammenhängt, neu bilanziert. Die Neubewertung reduzierte den Nettoverlust des Unternehmens für 2023 erheblich von $1.102.194 auf $43.842. Die Anpassung beinhaltete die Umklassifizierung von Devisenverlusten von Nettverlusten auf andere Gesamterlöse, wie von den IAS 21 Rechnungslegungsstandards gefordert.
Die Neubewertung hatte Auswirkungen auf mehrere Elemente der Finanzberichte, einschließlich des kumulierten sonstigen Gesamtergebnisses (erhöht auf $14.023.189) und des kumulierten Defizits (gesenkt auf $44.880.846), während das gesamte Eigenkapital der Aktionäre unverändert bei $22.212.572 blieb. Der CFO des Unternehmens stellte fest, dass diese Änderungen keine Auswirkungen auf die Zahlungsströme oder die finanzielle Lage des Unternehmens hatten.
- Net loss for 2023 significantly reduced from $1.1M to $44K after restatement
- No impact on total stockholders' equity ($22.2M)
- No changes to cash flows from operating, investing, and financing activities
- Accounting error required financial restatement
- Accumulated other comprehensive loss increased to $14M
The restatement resulted in reduction of the Net Loss for the year
Vancouver, B.C., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62), has reissued its consolidated financial statements for the year ended December 31, 2023 to correct an identified error. As a result, the Company’s Net Loss is reduced to
The error is the result of a foreign exchange loss on intercompany accounts that was recorded in net loss and which should have been recorded in other comprehensive loss. IAS 21, The effects of changes in foreign exchange rates, requires that foreign exchange gains and losses on items that form part of an entity’s net investment in a foreign operation, should be recognized in other comprehensive income or loss in the Company’s consolidated financial statements.
The following table summarizes the line items impacted in the consolidated statements of financial position:
| As at December 31, 2023 | As previously reported $ | Restatement Adjustment $ | Restated Amount $ |
| Accumulated other comprehensive loss | (12,964,837) | (1,058,352) | (14,023,189) |
| Accumulated deficit | (45,939,198) | 1,058,352 | (44,880,846) |
| Total stockholders’ equity | 22,212,572 | - | 22,212,572 |
The following table summarizes the line items impacted in the consolidated statements of income (loss) and comprehensive income (loss):
| For the year ended December 31, 2023 | As previously reported $ | Restatement Adjustment $ | Restated Amount $ |
| Foreign exchange gain (loss) | (10,990,604) | 1,058,352 | (9,932,252) |
| Total other income (expense) | 4,239,593 | 1,058,352 | 5,297,945 |
| Net income (loss) before taxes | 758,132 | 1,058,352 | 1,816,484 |
| Net loss | (1,102,194) | 1,058,352 | (43,842) |
| Other comprehensive loss Foreign currency translation | (8,954,840) | (1,058,352) | (10,013,192) |
| Comprehensive loss | (10,057,034) | - | (10,057,034) |
| Net income (loss) per share – Basic and diluted | (0.01) | 0.01 | (0.00) |
The above changes were adjusted through to the consolidated statements of stockholder’ equity, cash flows, and notes to the consolidated financial statements for the year ended December 31, 2023. However, there were no changes to the reported totals of cash flows from (used in) operating, investing and financing activities.
“The Company considers these changes to have a negligible impact on the Company’s financial position as there are no cash items impacted” said David Thompson, CFO.
The Company has recently filed its quarterly consolidated financial statements for 30th September 2024 which are not impacted by the adjustments to the prior year.
About the Company
Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is
Contact
David Thompson, CFO
1-778-819-1585
E-mail: info@trillionenergy.com
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.
These statements are no guarantee of future performance and are subject to certain risks, uncertainties, delay, change of strategy, and assumptions that are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2022 and updated January 31 2023.
FAQ
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