Pacific Green Technologies Inc.: auditor change — Pacific Green restates Q2-Q4 FY2023 financials; cites material internal control weaknesses

Pacific Green Technologies Inc.

Q4 Dec 2023 restatement: Revenue down $75.7M; cost of sales down $59.3M; gain on derecognition up $16.4M.
Q2 Jun 2023: Gain on derecognition of BESS subsidiaries increased $11.25M within operating income.
Q3 Sep 2023: Gain on derecognition increased $5.5M; expense classification errors corrected.
Two material weaknesses: lack of US GAAP resources for complex transactions; inadequate monitoring controls.
Disclosure controls and procedures for all affected quarters deemed ineffective.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Pacific Green Technologies Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

ns with management, determined that the unaudited condensed financial statements for the quarter ended December 31, 2023, included in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on February 20, 2024, should no longer be relied upon, due to the identification of a material error. Whilst the errors had no impact on reported net income, cash balance or net assets, certain line items within the income statement were materially impacted. The Company did not recognize a change in the fair value of interest rate swaps and foreign currency forward contracts that a subsidiary of the Company entered into during the quarter ended December 31, 2023. The Company sold the subsidiary during the quarter and the purchaser assumed the interest rate swap and foreign currency forward contracts, so the restatement of the financial statements for the quarter will not affect reported net in

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Source: SEC EDGAR

accession 0001213900-25-056289

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