Hodgins restates 2012 financials and files 2013 financials

MELFORT, SK, July 11, 2014 /CNW/ - The Corporation is pleased to announce it has filed today its 2013 audited financial statements and corresponding MD&A with the Securities Commissions.  The Corporation expects to file its First Quarter Interim Report by the end of next week following which it will apply to the Securities Commissions for a revocation of the cease trader order.

The Corporation has restated its December 31, 2012 financial statements as a result of discovering real estate sales transactions which closed 2012, but were incorrectly recorded in 2013.  The impact of this restatement is as follows:

Income Statement:

  December 31, 2012 December 31, 2012
Restated
Difference
Revenue 4,322,406 4,416,839 94,433
Direct Costs 2,951,153 2,951,159 -
Gross Margin 1,371,253 1,371,253  
Expenses 2,139,814 2,139,814 -
Other Income and Impairments 115,952 115,952 -
Net Loss and Comprehensive Loss (884,513) (790,080) 94,333

Balance Sheet:

  December 31, 2012 December 31, 2012
Restated
Difference
Accounts Receivable 484,356 582,562 98,206
Other Current Assets      
Total Current Assets 1,149,082 1,247,288 98,206
Total Assets 1,747,395 1,845,601 98,206
Account Payables 590,932 594,705 3,773
Other Current Liabilities      
Total Liabilities 2,259,360 2,263,133 3,773
Share Capital 724,566 724,566  
Contributed Surplus 321,049 321,049  
Deficit (1,557,580) (1,463,147) 94,433
Total Shareholders' Equity (511,965) (417,532) 94,433

The restated financial statements are available for review under the Corporations profile on SEDAR at www.sedar.com

About Hodgins Auctioneers Inc.

Hodgins Auctioneers is an auction company conducting business in Western Canada.

Neither the 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)

SOURCE Hodgins Auctioneers Inc.

For further information:

Grant Hodgins, CEO, 306.752.2075 or visit www.hodginsauctioneers.com