Menlo Park, California and Vancouver, British Columbia--(Newsfile Corp. - April 29, 2022) - Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) (the "Company" or "Intellabridge"), announces the filing of restated financial statements and MD&A for the years ended December 31, 2018 and December 31, 2019, change of auditor, and change to year end.
Restatement of Financial Statements
The consolidated financial statements for the year ended December 31, 2018, have been restated. From August 2018 through November 2018, Cryptanite purchased telecom minutes from an entity called Travel Data Solutions LLC. Those purchases totaled $1,084,360 and were recorded as part of Cryptanite's cost of sales. From August 2018 through November 2018, Cryptanite sold telecom minutes to an entity called Success Zone Technology Limited. Those sales totaled $1,100,649 and were recorded as part of Cryptanite's sales of products and services. The difference between those sales and cost of sales was a recorded profit of $16,289.
It was recently determined from all available information that Travel Data Solutions LLC and Success Zone Technology Limited were both owned and controlled by the same individual. At that time, the individual in question did not disclose this information during the due diligence process. As a result of the restatement, the net profit of $16,289 was applied against the impairment of the security deposit previously recognized for the amount Cryptanite...
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