EquityLine Mortgage Investment Corporation (ELMIC) Unaudited Financial Statements for the Second Quarter Ended June 30, 2020 (Revised)

Posted: August 26, 2020 at 1:39 pm

ELMIC 2020 Q2 Report

Revisions: There were no adjustments made to the financial statements as at June 30, 2020, however the comparative figures for June 30, 2019 as filed
on July 31, 2019 were adjusted to conform with the current presentation and disclosure of accounting policies adopted for the audited December 31, 2019 annual financial statements.

The following changes were made to the comparative June 30, 2019 financial statements:
 Reclassification of the Series A Preferred shares, fees associated with the issuance of the Class of shares is now being amortized as disclosed in the December 31, 2019 audited financial statements.
 The adoption of new accounting policies has decreased the operating income from $61,299 for the second quarter 2019 as was previously presented on July 31, 2019 to a net loss of $153,400 as at June 30, 2019. The difference is attributable to accretion expenses and interest expenses relating to the Series A Preference shares.
 The ending June 30, 2019 cash balance was also adjusted to agree with the year end treatment of unpaid dividends. Dividends cheques paid but returned were reversed and recorded as a liability thereby increasing the period ending cash balance by $31,125 over the amount of previously reported as at June
30, 2019.

Details of the changes are fully described in Note 17 to the Q2 2020 FS (hereto) as refilled on 28th day of September, 2020. The previously filed Q2 2020 FS and Q2 2020 MDA as a single document were originally filed
within allowed time period. The Q2 2020 FS as filed, respectively, replace and supersede each of the previously filed Q2 2020 FS.

 

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