Trading Symbol: FFP
VANCOUVER, April 30, 2018 /CNW/ - The financial results of
Consolidated Firstfund Capital Corp. for the three months ended
December 31, 2017 show a net income
of $250,460 or $0.04 per share (2016 - net income of
$73,286 or $0.01 per share) on revenues of $323,781 (2016 - $152,042). The Company recorded an unrealized
gain of $245,302 (2016 - $70,087) on the revaluation of the investment in
Vitality Products Inc. common shares measured at fair value through
profit or loss. The Company's fee income decreased to $77,790 for the three months ended December 31, 2017 (2016 - $81,536).
The financial results of the Company for the year ended
December 31, 2017 show a net income
of $207,936 or $0.03 per share (2016 - $204,801 or $0.03
per share). The Company recorded an unrealized gain of $175,216 (2016 - $175,217) on the revaluation of the investment in
Vitality Products Inc. common shares. The Company's fee income
decreased to $317,520 for the year
ended December 31, 2017 (2016 -
$324,146).
The Company has retrospectively revised the account for the
following two items causing the restatement of the 2016
comparatives. The first item is prior to 2017 the Company disclosed
the aggregate amount of the cumulative dividends on its redeemable
preference shares. In the current fiscal year, management
determined the accounting treatment for these dividends should be
to accrue the cumulative dividends on an annual basis because these
shares are redeemable and are presented as a financial liability.
The second item is management has determined the Company had
significant influence over Vitality Products Inc. which should be
restated retrospectively. As a venture capital company and pursuant
to the exemptions in IAS 28 "Investments in Associates and Joint
Ventures", management determined the accounting treatment for
the Company's investment in Vitality Products Inc. common shares to
be measured at fair value through profit or loss. This investment
was previously classified as available-for-sale and measured at
fair value through other comprehensive income. The summary of the
effect of these changes is in Note 4 to the consolidated financial
statements for the years ended December 31,
2017 and 2016.
The Company's audited consolidated financial statements and
management's discussion and analysis for the years ended
December 31, 2017 and 2016 are
available on SEDAR at www.sedar.com.
On behalf of the Board of
CONSOLIDATED FIRSTFUND CAPITAL CORP.
"W. Douglas Grant"
(signed)
______________________________
W. Douglas Grant, President &
CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Consolidated Firstfund Capital Corp.