Delay in Filing Annual Financial Statements

Rhea-AI Summary

XTM, Inc. (CSE: PAID, QB: XTMIF) announced a delay in filing its annual audited financial statements for the fiscal year ended December 31, 2020, due to unforeseen administrative and audit delays linked to COVID-19 shutdowns in Ontario. The company plans to submit these financial statements on May 4, 2021, after trading hours on the Canadian Securities Exchange. XTM specializes in fintech solutions for expedited earnings payouts and offers a mobile app and debit card services.

Positive

• The company plans to file the overdue financial statements shortly, indicating proactive financial governance.
• XTM's service offerings in fintech aim to improve earnings payout processes, potentially leading to increased customer satisfaction.

Negative

• Delay in filing annual financial statements could raise concerns about the company's operational efficiency.
• COVID-19 related delays might indicate vulnerabilities in XTM's administrative processes.

TORONTO, May 3, 2021 /PRNewswire/ - XTM, Inc. ("XTM" or the "Company")  (CSE: PAID) (QB: XTMIF), (FSE: 7XT) announces that it did not file its annual audited financial statements, management's discussion and analysis and related certifications for the fiscal year ending December 31, 2020 (collectively, the "Financial Statements") on time as required by securities law due to unforeseen administrative and audit delays including delays caused by the COVID-19 mandatory closure of all non-essential businesses imposed by the Government of Ontario effective April 4, 2021.

The Company expects to file the Financial Statements on May 4, 2021, after the close of trading on the Canadian Securities Exchange.

About XTM – www.xtminc.com 

XTM, www.xtminc.com is a Miami and Toronto-based fintech innovator in the neo-banking space helping business and workers alike expedite earnings payout and eliminate banking fees. We are a global card issuer and real-time payment specialist providing our technology to businesses to automate and expedite worker payouts that can also eliminate cash. XTM integrates businesses to a payment ecosystem that is coupled with a free mobile app and a Visa or Mastercard debit card with free banking features. XTM drives enterprise value and creates a positive user experience.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of the release.

This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations, and objectives for future operations that are subject to several assumptions, risks, and uncertainties, many of which are beyond the control of XTM. This press release contains forward-looking statements pertaining to, among other things, the ability of XTM to file the Financial Statements as expected.  Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by XTM and described in the forward-looking information contained in this press release. Although XTM believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.

View original content:http://www.prnewswire.com/news-releases/delay-in-filing-annual-financial-statements-301282681.html

SOURCE XTM Inc.

FAQ

Why did XTM delay its annual financial statements filing for 2020?

XTM delayed its filing due to unforeseen administrative and audit delays caused by COVID-19 shutdowns in Ontario.

When will XTM file its annual financial statements?

XTM expects to file its annual financial statements on May 4, 2021.

What are the implications of XTM's delayed financial statements on investors?

The delay could raise concerns about operational efficiency and create uncertainty among investors.

What services does XTM offer in the fintech space?

XTM provides solutions for expedited earnings payouts and eliminates banking fees, along with offering a mobile app and debit card services.

What is XTM's stock symbol?

XTM's stock symbols are PAID on CSE and XTMIF on QB.