Trading Symbol: FFP
VANCOUVER, April 30, 2018 /CNW/ - The financial results of Consolidated Firstfund Capital Corp. for the three months ended December 31, 2017 show a net income of $250,460 or $0.04 per share (2016 - net income of $73,286 or $0.01 per share) on revenues of $323,781 (2016 - $152,042). The Company recorded an unrealized gain of $245,302 (2016 - $70,087) on the revaluation of the investment in Vitality Products Inc. common shares measured at fair value through profit or loss. The Company's fee income decreased to $77,790 for the three months ended December 31, 2017 (2016 - $81,536).
The financial results of the Company for the year ended December 31, 2017 show a net income of $207,936 or $0.03 per share (2016 - $204,801 or $0.03 per share). The Company recorded an unrealized gain of $175,216 (2016 - $175,217) on the revaluation of the investment in Vitality Products Inc. common shares. The Company's fee income decreased to $317,520 for the year ended December 31, 2017 (2016 - $324,146).
The Company has retrospectively revised the account for the following two items causing the restatement of the 2016 comparatives. The first item is prior to 2017 the Company disclosed the aggregate amount of the cumulative dividends on its redeemable preference shares. In the current fiscal year, management determined the accounting treatment for these dividends should be to accrue the cumulative dividends on an annual basis because these shares are redeemable and are presented as a financial liability. The second item is management has determined the Company had significant influence over Vitality Products Inc. which should be restated retrospectively. As a venture capital company and pursuant to the exemptions in IAS 28 "Investments in Associates and Joint Ventures", management determined the accounting treatment for the Company's investment in Vitality Products Inc. common shares to be measured at fair value through profit or loss. This investment was previously classified as available-for-sale and measured at fair value through other comprehensive income. The summary of the effect of these changes is in Note 4 to the consolidated financial statements for the years ended December 31, 2017 and 2016.
The Company's audited consolidated financial statements and management's discussion and analysis for the years ended December 31, 2017 and 2016 are available on SEDAR at www.sedar.com.
On behalf of the Board of
CONSOLIDATED FIRSTFUND CAPITAL CORP.
"W. Douglas Grant" (signed)
W. Douglas Grant, President & CEO
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.
SOURCE Consolidated Firstfund Capital Corp.
For further information: please contact: W. Douglas Grant, President & CEO at (604) 683-6611 or [email protected]