Toronto, Ontario--(Newsfile Corp. - February 19, 2019) - Digicrypts Blockchain Solutions Inc. (the "Company" or "DigiMax Global") announces that it has amended, restated and re-filed its unaudited interim financial statements and management's discussion and analysis (the "Filings") for the interim period ended October 31, 2018. The Filings have been amended to revise the accounting treatment for the issuance of the convertible debentures of September 29, 2018.
The effect of the amendments to the Filings is to reverse the amount of the Convertible Debenture allocated to equity in the previously filed statements and instead record a Derivative Liability. The conversion feature of the Convertible Debenture meets the definition of a derivative liability instrument because the conversion rate is variable and therefore does not meet the "fixed-for-fixed" criteria outlined under IFRS. As a result, the conversion feature is required to be recorded as a derivative liability recorded at fair value and marked-to-market each period with the changes in fair value each period being charged or credited to income. On October 31, 2018, the value of the derivative liability was $64,600.
The Filings are available under the Company's profile on SEDAR at www.sedar.com.
About DigiCrypts Blockchain Solutions Inc, (dba DigiMax Global Solutions)
DigiMax is a reporting issuer formed in Ontario, Canada which was created for the express purpose of developing immediately profitable businesses in the Blockchain and Initial Coin Offering Space. Founded by 5 partners with decades of experience in both Initial Public Offerings and Initial Coin Offerings, the partners have a common goal to help the world develop ICO's as a respectable, regulatory compliant security offering that is parallel in stature and compliance to common shares. DigiCrypts has a strong belief and commitment to helping ICO's become a highly efficient, legal and secure complement to public shares issued by real and profitable companies from all industries.
President & CEO
Chairman of the Board
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