| THERMAL ENERGY FILES RESTATED 2010 ANNUAL FINANCIAL STATEMENTS AND MD&A | | | | | | Published : April 16, 2011 | |
|
Article
|
Comments
|
Comment this article
|
Rating
|
♥
Follow Company
|
|
|
OTTAWA, April 15 /CNW/ - Thermal Energy International Inc. (TSXV: TMG) (www.thermalenergy.com) ("Thermal Energy" or the "Company") today announced that it has filed on www.SEDAR.com its restated financial statements and management's discussion and analysis ("MD&A") for the year ended May 31, 2010, which includes the comparable results for the fiscal year ended May 31, 2009.
As announced by Thermal Energy on April 7, 2011, the restatement was initiated as a result of an error in the calculation of the value of goodwill and intangible assets acquired on the acquisition of Gardner Energy Management Limited ("GEM") at the balance sheet date. Thermal Energy's financial statements filed since the GEM acquisition have calculated the value of GEM's goodwill and intangible assets based on the historical exchange rate as at the purchase date. However, since GEM is a self-sustained foreign operation for accounting purposes, its goodwill and intangible assets should be revalued at the current exchange rate as of each balance sheet date.
As a result of the detailed analysis completed by the Company and its auditors in connection with the foregoing matter it was determined that a provision for future tax liability arising from the intangible assets acquired on the acquisition of GEM was also necessary. The future tax liability is the result of a difference in the accounting basis and tax basis of the intangible assets. To account for the excess of the accounting basis over the tax basis, a future tax liability should be recognized at the rate of corporate tax in the country of the foreign operation. The impacts of all required adjustments to the financial statements for the year ended May 31, 2010 and the comparable period ended May 31, 2009 are as follows:
|
|
|
May 31, 2010 |
|
|
May 31, 2009 |
|
|
|
As previously reported |
|
|
Restated |
|
|
As previously reported |
|
|
Restated |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
|
|
1,321,542 |
|
|
995,448 |
|
|
1,508,042 |
|
|
1,336,172 |
Goodwill |
|
|
3,630,824 |
|
|
3,143,979 |
|
|
3,449,799 |
|
|
3,510,126 |
Total Assets |
|
|
9,488,831 |
|
|
8,675,892 |
|
|
12,550,430 |
|
|
12,438,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Taxes |
|
|
- |
|
|
354,100 |
|
|
- |
|
|
416,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
(197,650) |
|
|
(1,364,689) |
|
|
(77,443) |
|
|
(605,486) |
Total liabilities and shareholders' equity |
|
|
9,488,831 |
|
|
8,675,892 |
|
|
12,550,430 |
|
|
12,438,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the year |
|
|
(3,071,851) |
|
|
(3,071,851) |
|
|
(3,205,377) |
|
|
(3,205,377) |
Unrealized losses on translating financial statements of self-sustaining foreign operations for the year |
|
|
(120,207) |
|
|
(759,203) |
|
|
(77,443) |
|
|
(605,486) |
Comprehensive loss for the year |
|
|
(3,192,058) |
|
|
(3,831,054) |
|
|
(3,282,820) |
|
|
(3,810,863) |
As shown above the adjustments are all non-cash in nature and do not have any impact on net loss.
The foregoing is summary only and readers should refer to the restated audited financial statements and MD&A for the year ended May 31, 2010 which are filed on www.SEDAR.com.
About Thermal Energy International Inc.
With offices in Ottawa, Canada and Bristol UK, Thermal Energy International Inc. is an innovative clean technology company providing a variety of proprietary and proven energy efficiency, emission reduction, water efficiency and bioenergy products and solutions to the industrial, commercial and institutional markets worldwide. Thermal Energy's products include: GEM® - Steam traps and condensate return systems, FLU-ACE® - Direct contact condensing heat recovery, and Dry Rex™ - Low temperature biomass drying systems. Thermal Energy International Inc. is also a fully accredited professional engineering firm, and offers advanced process and applications engineering services. FLU-ACE®, GEM®, DRY-REX®, THERMALONOx®, and THERMAL AUD® are trademarks of Thermal Energy International Inc.
To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
| |
Data and Statistics for these countries : Canada | All Gold and Silver Prices for these countries : Canada | All
|
VanEck Vectors Global Alternative Energy ETF
|
|
EXPLORATION STAGE |
CODE : TM.V |
ISIN : CA8996942022 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Tumi Resources is a silver exploration company based in Canada. Tumi Resources holds various exploration projects in Mexico and in Sweden. Its main exploration properties are JUGANSBO BERGSLADEN, KOBERGS BERGSLADEN, HÄLLEFORS BERGSLADEN, SALA 4 BERGSLADEN, VITTURN 1 BERGSLAGEN, VITTURN 2 BERGSLAGEN and GRASALA in Sweden and LA TRINI AND MOLOLOA PROPERTIES in Mexico. Tumi Resources is listed in Canada, in Germany and in United States of America. Its market capitalisation is 34.2 millions as of today (US$ 25.2 millions, € 22.7 millions). Its stock quote reached its highest recent level on December 31, 2004 at 2.29, and its lowest recent point on December 21, 2018 at 0.05. Tumi Resources has 47 442 200 shares outstanding. |
Annual reports of VanEck Vectors Global Alternative Energy ETF |
Nominations of VanEck Vectors Global Alternative Energy ETF |
Financials of VanEck Vectors Global Alternative Energy ETF |
Project news of VanEck Vectors Global Alternative Energy ETF |
Corporate news of VanEck Vectors Global Alternative Energy ETF |
2/22/2013 | - Tumi Resources announces approval of the consolidation of ... |
1/9/2013 | - Tumi announces private placement, consolidation and appoin... |
6/27/2011 | TEMEX SET TO DRILL LATCHFORD HIGH GRADE GOLD PROJECT |
6/8/2011 | TEMEX ANNOUNCES NI 43-101 RESOURCE ESTIMATE
GOWGANDA SIL... |
5/11/2011 | Thermal Energy announces issuance of stock options |
5/6/2011 | TSX VENTURE EXCHANGE REVIEW OF THERMAL ENERGY COMPLETED |
4/28/2011 | TEMEX LAUNCHES SILVER EXPLORATION PROGRAM - NEW DRILL TARGET... |
11/21/2007 | Signs Drill Contract for Sala Silver-Zinc Project, Sweden |
10/25/2007 | Raises $1.5 Million and Conducts Three Airborne Surveys in S... |
10/11/2007 | Starts Drilling at La Trini, Mexico and Starts Survey at Tom... |
9/5/2007 | Stakes Blixbo Base-Metal Project Near Falun, Sweden |
8/8/2007 | Company and Exploration Update, 2007 Drill Programs Planned ... |
6/5/2007 | Enters Agreement on Betamote Gold Project, Mexico |
4/3/2007 | Commences Drilling at Phoenix Gold-Silver Project, Mexico |
3/14/2007 | Commences Geochemical Survey, Mazatan Gold Project, Sonora, ... |
|
|