Voxtur Announces Amendments to Financial Statements and MD&A for Q3 Ended September 30, 2024
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) has announced amendments to its Q3 2024 Financial Statements and MD&A. The company disclosed non-compliance with financial covenants regarding its credit facilities as of September 30, 2024. As a result, $29,623 of non-current credit facilities has been reclassified as current liability, as Voxtur lacks the unconditional right to defer settlement for 12 months without obtaining a covenant violation 'cure'.
The amendments include removing an inadvertently included statement about October 2024 credit agreement amendments and correcting typographical errors in the comparative analysis sections of the MD&A, specifically in areas discussing net loss, comprehensive loss, and liquidity from continuing operations.
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ha annunciato modifiche ai suoi Bilanci Finanziari e alla Relazione di Gestione e Analisi (MD&A) del terzo trimestre del 2024. L'azienda ha rivelato una non conformità con i vincoli finanziari riguardanti le sue linee di credito al 30 settembre 2024. Di conseguenza, $29,623 di linee di credito non correnti è stato riclassificato come passività corrente, poiché Voxtur non ha il diritto incondizionato di posticipare il pagamento per 12 mesi senza ottenere una 'cura' per la violazione del vincolo.
Le modifiche includono la rimozione di una dichiarazione inclusa per errore riguardante le modifiche all'accordo di credito di ottobre 2024 e la correzione di errori tipografici nelle sezioni di analisi comparativa del MD&A, specificamente nelle aree che discutono la perdita netta, la perdita complessiva e la liquidità dalle operazioni in corso.
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ha anunciado enmiendas a sus Estados Financieros y MD&A del tercer trimestre de 2024. La empresa reveló un incumplimiento de convenios financieros en relación con sus facilidades de crédito al 30 de septiembre de 2024. Como resultado, $29,623 de facilidades de crédito a largo plazo ha sido reclasificado como un pasivo corriente, ya que Voxtur carece del derecho incondicional para diferir el pago por 12 meses sin obtener una 'cura' por la violación del convenio.
Las enmiendas incluyen la eliminación de una declaración incluida por error sobre las enmiendas al acuerdo de crédito de octubre de 2024 y la corrección de errores tipográficos en las secciones de análisis comparativo del MD&A, específicamente en las áreas que discuten la pérdida neta, la pérdida integral y la liquidez de las operaciones en curso.
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF)는 2024년 3분기 재무제표 및 관리논평(MD&A)에 대한 수정 사항을 발표했습니다. 회사는 2024년 9월 30일 기준으로 신용 시설과 관련된 재정 협약 위반 사실을 공개했습니다. 결과적으로 $29,623의 비유동 신용 시설이 유동 부채로 재분류되었으며, Voxtur는 12개월 간 상환을 연기할 무조건적인 권리가 없기 때문에 협약 위반 '치료'를 받지 못했습니다.
수정 사항에는 2024년 10월 신용 협정 수정안에 관해 우연히 포함된 진술을 제거하고, MD&A의 비교 분석 섹션에서 순손실, 종합손실 및 계속 운영에서의 유동성에 대해 논의하는 영역에서의 오타를 수정하는 것이 포함됩니다.
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) a annoncé des modifications à ses états financiers et à son MD&A pour le troisième trimestre 2024. L'entreprise a révélé une non-conformité aux engagements financiers concernant ses facilités de crédit au 30 septembre 2024. En conséquence, $29,623 de facilités de crédit non courantes a été reclassé en tant que dette courante, Voxtur n'ayant pas le droit inconditionnel de différer le règlement pendant 12 mois sans obtenir une 'réparation' pour la violation de l'engagement.
Les modifications comprennent la suppression d'une déclaration incluse par inadvertance concernant les modifications de l'accord de crédit d'octobre 2024 et la correction d'erreurs typographiques dans les sections d'analyse comparative du MD&A, en particulier dans les domaines discutant de la perte nette, de la perte globale et de la liquidité des opérations en cours.
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) hat Änderungen an seinen Finanzberichten und dem Management Discussion and Analysis (MD&A) für das dritte Quartal 2024 bekannt gegeben. Das Unternehmen hat eine Nichteinhaltung der finanziellen Verpflichtungen in Bezug auf seine Kreditfazilitäten zum 30. September 2024 offengelegt. Infolgedessen wurde $29,623 an langfristigen Kreditfazilitäten als kurzfristige Verbindlichkeit umklassifiziert, da Voxtur nicht das bedingungslose Recht hat, die Begleichung um 12 Monate zu verschieben, ohne eine 'Heilung' der Vertragsverletzung zu erhalten.
Die Änderungen beinhalten die Streichung einer unbeabsichtigt aufgenommenen Erklärung zu den Änderungen des Kreditvertrags für Oktober 2024 sowie die Korrektur von Tippfehlern in den vergleichenden Analyseabschnitten des MD&A, insbesondere in den Bereichen, die sich mit Nettoverlust, umfassendem Verlust und Liquidität aus fortlaufenden Betrieben befassen.
- None.
- Non-compliance with financial covenants on credit facilities
- Reclassification of $29,623 from non-current to current liabilities
- Required amendments to financial statements due to disclosure issues
TORONTO and TAMPA, Fla., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today announced that, subsequent to the Company filing on November 28, 2024, certain disclosures were identified that require amendments to its Unaudited Condensed Interim Consolidated Financial Statements (“Financial Statements”) and the related Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2024. Accordingly, the Company confirms that amended Financial Statements and the related MD&A have been filed on SEDAR+.
The nature of the amendments include:
| (i) | Removal of the last sentence of the paragraph below, which was inadvertently included in Notes 2(a) and 10 of the Financial Statements, as well as in the “Credit Facilities” section of the MD&A. | |
| As at September 30, 2024, the Company was not in compliance with its financial covenants with respect to its credit facilities. The Company does not have an unconditional right to defer its settlement of the term loans payable for at least twelve months from September 30, 2024, without obtaining a “cure” to the covenant violation. Therefore, in accordance with IFRS, the Company classified the non-current portion of credit facilities, in the amount of | ||
| (ii) | Corrections to typographical errors in the narrative descriptions of changes in results for the three months ended September 30, 2024, compared to the same period in the prior year, within the “Net loss – continuing operations”, “Comprehensive loss – continuing operations”, and “Liquidity and Capital Resources” sections of the MD&A. | |
About Voxtur
Voxtur is a transformational proptech company that is redefining industry standards in a dynamic lending environment. The company offers targeted data analytics to simplify the multifaceted aspects of the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value real estate assets, providing critical due diligence that enables market participants to effectively originate, trade, or service defaults on mortgage loans. As an independent and transparent mortgage technology provider, the company offers primary and secondary market solutions in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release may contain forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. Forward-looking information reflects management's current expectations regarding future events, the Company's operations, performance, or financial results, and speaks only as of the date of this news release. Forward-looking information may be identified by words such as "anticipates", "believes", "expects", "intends", "plans", "projects", or similar expressions. While the Company believes that the expectations reflected in forward-looking information are reasonable, such information is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For a description of the risks and uncertainties facing the Company and its business, readers should refer to the Company's management’s discussion and analysis and other continuous disclosure filings available on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Neither 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 release.
Voxtur's common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Contact:
Jordan Ross
Chief Operating Officer
Tel: (416) 708-9764
jordan@voxtur.com
For media inquiries:
Jacob Gaffney
Tel: (817)471-7627
jacob@gaffneyaustin.com
FAQ
Why did Voxtur Analytics (VXTRF) amend its Q3 2024 financial statements?
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