Harborside Inc (CSE: HBOR) this morning was granted a cease trade order as a result of its financial statements not being in order. Further, the company revealed last night that the firm is at risk of a permanent cease trade order if they fail to file restated financing statements for certain periods by June 22, 2020.
The cease trade order is a result of Harborside previously announcing that it needs to file restated financial statements for the years ended December 31, 2017 and 2018, along with interim financial results for the periods ending March 31, 2019, June 30 2019, and September 30, 2019 in addition to any management discussion and analysis. The firm has failed to restate the documents in a timely manner and as a result has been issued a cease trade order. If corrective action does not occur within 15 days, the company will see trading in the equity permanently halted.
The need to restate financials is a result of the accounting treatment of the firms reverse takeover transaction.
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Further, a management cease trade order has been granted for a period of thirty days as a result of the company not having filed its annual financial statements for the period ended December 31, 2019. The company announced this morning that it intends to file these documents no later than July 10, 2020, despite the deadline being June 15.
Harborside last traded at $0.60 on the CSE, and is currently halted from further trading.
Information for this briefing was found via Sedar and Harborside Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
