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BRIEF-Peeks Social To Restate Interim Financial Statements For Three Months Ended May 31

Published 2019-08-27, 09:15 a/m
Updated 2019-08-27, 09:20 a/m
BRIEF-Peeks Social To Restate Interim Financial Statements For Three Months Ended May 31

Aug 27 (Reuters) - Peeks Social Ltd PEEK.V :

* PEEKS SOCIAL LTD - INTENDS TO AMEND AND RESTATE ITS INTERIM FINANCIAL STATEMENTS (Q1) FOR THREE MONTHS ENDED MAY 31, 2019

* PEEKS SOCIAL LTD - FOR Q1, COMPANY ACCOUNTED FOR PRIOR ACQUISITION OF PERSONAS.COM (COMPLETED MAY 2018) USING IFRS 10 (MERGER)

* PEEKS SOCIAL LTD - DURING COURSE OF AUDIT FOR YEAR ENDED FEBRUARY 28, CONCLUSION WAS MADE THAT IFRS 3 WAS APPROPRIATE TREATMENT

* PEEKS SOCIAL LTD - COMPANY WILL NEED TO ACCOUNT FOR PURCHASE OF PERSONAS.COM AT FAIR VALUE AT DATE OF ACQUISITION

* PEEKS SOCIAL LTD - MAY NEED TO RECOGNIZE GOODWILL

* PEEKS SOCIAL LTD - A FINAL DETERMINATION WILL BE MADE ONCE AUDIT HAS BEEN COMPLETED.

* PEEKS SOCIAL LTD - RESTATEMENT WILL NOT AFFECT INCOME STATEMENT FOR Q1, FOR FISCAL YEAR ENDED FEBRUARY 29, 2020

* PEEKS SOCIAL - EXPECTS WILL BE IN POSITION TO REFILE Q1 FINANCIAL STATEMENTS IN DUE COURSE FOLLOWING COMPLETION OF AUDIT FOR FISCAL YEAR ENDED FEB 28

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