MONTRÉAL, Québec, December 30, 2015 – IOU Financial Inc. (TSX Venture Exchange: IOU) (“IOU Financial” or the “Company”), a leading online lender to small businesses, announces that it has refiled today its unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2015 and 2014 (the “Q3 Financial Statements”), which can be found under the Company’s profile on SEDAR at www.sedar.com.
Refiled Q3 Financial Statements
The Q3 Financial Statements are refiled to reflect amendments made by the Company to its condensed interim consolidated statement of financial position as of September 30, 2015 and its condensed interim consolidated statement of comprehensive loss for the three and nine month periods ended September 30, 2015. Certain transactions were not included in the calculation of financing revenue and consequently had the effect of overstating financing revenue for the period. Financing revenue for the three and nine months ended September 30, 2015 has been restated to $1,713,912 and $4,272,428, respectively, as opposed to the previously reported $2,036,877 and $4,595,393. In addition, currency translation differences have been reduced from $699,569 to $681,485 for the three months ended September 30, 2015, and from $1,398,232 to $1,380,148 for the nine months ended September 30, 2015, and commercial loans receivable – net as at September 30, 2015 has been reduced from $20,252,688 to $19,911,639.
The Company has also refiled today its management’s discussion & analysis for the three and nine months ended September 30, 2015, which can be found under the Company’s profile on SEDAR at www.sedar.com, to reflect the amendments to the Q3 Financial Statements.
Financial Disclosure Update
As a result of the amendments to the Q3 Financial Statements:
– IOU Financial recorded financial revenues for the quarter ended September 30, 2015 of $3.5 million, in comparison to $3.8 million as previously disclosed by the Company. For the nine month period ended September 30, 2015, IOU Financial recorded financial revenues of $9.0 million, in comparison to $9.3 million as previously-disclosed by the Company;
– IOU Financial recorded net financial income before operating expenses for the quarter ended September 30, 2015 of $2.4 million, in comparison to $2.7 million as previously disclosed. For the nine month period ended September 30, 2015, IOU Financial recorded net financial income before operating expenses of $6.2 million, in comparison to $6.5 million as previously disclosed;
– The Company closed its third quarter of 2015 with a net loss attributable to common shareholders of $1.3 million or $0.02 per share, in comparison to $929,100 or $0.02 per share, as previously disclosed. For the nine month period ended September 30, 2015, IOU Financial had a net loss attributable to common shareholders of $2.2 million or $0.06 per share, in comparison to $1.8 million or $0.05 per share as previously disclosed.
– For the quarter ended September 30, 2015, excluding non-recurring expenses that relate to the unsolicited takeover bid for the Company, IOU Financial had net loss attributable to common shareholders of $171,078, in comparison to net income attributable to common shareholders of $151,887 as previously disclosed by the Company. For the nine month period ended September 30, 2015, excluding non-recurring expenses that relate to the unsolicited takeover bid for the Company, IOU Financial had a net loss attributable to common shareholders of $994,763, in comparison to a net loss attributable to common shareholders of $671,798 as previously disclosed.