XTM Inc. announced a delay in its annual filings due to audit procedures and quality review issues, pushing back the deadline for filing its financial statements for the year ended December 31, 2023. The delay is attributed to the need for supporting third-party service organizations. The company reassures investors that there have been no significant business developments or undisclosed material information. XTM has requested a management cease trade order to allow trading to continue while working to complete the audit and file the necessary statements by May 31, 2024.
XTM Inc. ha annunciato un ritardo nella presentazione dei suoi documenti annuali a causa delle procedure di revisione e problemi di controllo della qualità, posticipando la scadenza per la presentazione dei suoi stati finanziari per l'anno conclusosi il 31 dicembre 2023. Il ritardo è attribuito alla necessità di supporto da parte di organizzazioni di servizio terze. La società rassicura gli investitori che non ci sono stati sviluppi significativi nell'attività o informazioni materiali non divulgate. XTM ha richiesto un ordine di sospensione del commercio da parte della gestione per permettere la continuazione delle negoziazioni mentre lavora per completare l'audit e presentare i documenti necessari entro il 31 maggio 2024.
XTM Inc. anunció un retraso en la presentación de sus informes anuales debido a procedimientos de auditoría y problemas en la revisión de calidad, aplazando la fecha límite para entregar sus estados financieros correspondientes al año finalizado el 31 de diciembre de 2023. El retraso se atribuye a la necesidad de apoyo por parte de organizaciones de servicios de terceros. La compañía asegura a los inversores que no ha habido desarrollos comerciales significativos ni información material no revelada. XTM ha solicitado una orden de cese de comercio de gestión para permitir que continúe la negociación mientras se trabaja en completar la auditoría y entregar los estados necesarios antes del 31 de mayo de 2024.
XTM Inc.는 감사 절차와 품질 검토 문제로 인해 연차 보고서 제출이 지연되었으며, 이로 인해 2023년 12월 31일에 종료된 회계 연도의 재무 제표 제출 기한이 연기되었습니다. 지연은 제3자 서비스 조직의 지원이 필요하기 때문입니다. 회사는 투자자들에게 중대한 비즈니스 개발이나 공개되지 않은 중요 정보가 없었다고 재확인합니다. XTM은 감사를 완료하고 필요한 서류를 2024년 5월 31일까지 제출하는 동안 거래가 계속될 수 있도록 관리 거래 중지 명령을 요청했습니다.
XTM Inc. a annoncé un retard dans le dépôt de ses dossiers annuels en raison de procédures d'audit et de problèmes de révision de la qualité, repoussant ainsi la date limite pour le dépôt de ses états financiers pour l'année se terminant le 31 décembre 2023. Le retard est attribué à la nécessité de soutien d'organisations de services tiers. L'entreprise rassure les investisseurs qu'il n'y a eu aucun développement commercial significatif ou information matérielle non divulguée. XTM a demandé une ordonnance de cessation d'échange de gestion pour permettre la continuation des échanges tout en travaillant à compléter l'audit et à déposer les déclarations nécessaires d'ici le 31 mai 2024.
XTM Inc. hat eine Verzögerung bei der Einreichung seiner Jahresberichte aufgrund von Prüfverfahren und Qualitätsprüfungsproblemen angekündigt, wodurch die Frist für die Einreichung seiner Finanzberichte für das am 31. Dezember 2023 beendete Geschäftsjahr verschoben wurde. Die Verzögerung wird auf die Notwendigkeit der Unterstützung durch Dienstleistungsorganisationen Dritter zurückgeführt. Das Unternehmen versichert den Investoren, dass es keine bedeutenden geschäftlichen Entwicklungen oder nicht offengelegte materielle Informationen gegeben hat. XTM hat eine Management-Handelsaussetzungsanordnung beantragt, um den Handel fortzusetzen, während die Prüfung abgeschlossen und die notwendigen Unterlagen bis zum 31. Mai 2024 eingereicht werden.
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TORONTO--(BUSINESS WIRE)--
XTM Inc. (“XTM” or the “Corporation”) (QB: XTMIF / CSE:PAID / FSE:7XT) announced today that due to a delay related to audit procedures and quality review to support reliance on third party service organizations XTM may not be in a position to file its audited annual financial statements (the “IssuerStatements”), management’s discussion and analysis and related certifications for the financial year ended December 31, 2023 on or before May 1, 2024, as required.
The delay in the Annual Filings is outside of XTM’s control and due solely to the quality review to support reliance on third party service organizations. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed, and is not subject to any insolvency proceedings.
Accordingly, the Corporation has requested the issuance of a management cease trade order under the provisions of National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) so as to permit the continued trading in the Corporation’s common shares by persons other than insiders and employees of the Corporation. The Corporation’s finance and accounting teams are working diligently with its auditors, and the Corporation expects to have the audit of the Issuer Statements completed, and the Issuer Statements filed, no later than May 31, 2024.
The Corporation confirms that it intends to satisfy the provisions of NP 12-203 and issue bi‑weekly default status reports for so long as the Corporation remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Corporation to remedy the default; particulars of any failure by the Corporation to fulfill these provisions, any subsequent defaults of the Corporation requiring a default announcement and any other material information concerning the affairs of the Corporation not previously disclosed. The Corporation is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Corporation that has not been generally disclosed.
About XTM
XTM with offices in Miami, Toronto, Denver and London is a Fintech creator of payment innovations including fully certified Earned Wage Access through its AnyDay™ product. Founded in the cloud-banking space to further support businesses to inspire their workforce in the hospitality, personal care and services staffing industries, XTM provides on-demand pay for many large brands including Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels and Live Nation. QRails is a fully owned subsidiary of XTM. A cloud-based, API-driven issuer-processor, QRails enables payroll providers, financial institutions and other global fintech companies to keep up with the on-demand economy by delivering innovative digital payment solutions to their employees. QRails helps companies modernize and leverage payroll as a differentiator in attracting and retaining talent all at low to no cost for the employee and employer. QRails’ flagship solution, AnyDay™, is the first provider to own their full tech stack that powers their Earned Wage Access solution. Founded in 2016, QRails, Inc., together with its U.K. subsidiary, QRails Limited is SAP-certified, QRails also has earned several industry certifications under PCI DSS, and SOC. For more information, please visit www.QRails.com.
The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.
Why did XTM announce a delay in its annual filings?
XTM announced a delay in its annual filings due to audit procedures and quality review issues to support reliance on third party service organizations.
When is XTM expected to file its audited annual financial statements?
XTM expects to have the audit of the Issuer Statements completed and filed no later than May 31, 2024.
Has XTM experienced any material business developments or other undisclosed information?
XTM confirms that there have been no material business developments or undisclosed material information as of the date of the news release.
What action has XTM taken to address the delay in its filings?
XTM has requested the issuance of a management cease trade order under National Policy 12-203 to allow trading to continue by persons other than insiders and employees while working on completing the audit and filing the necessary statements.
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