Emphasis of Matter. I draw attention to Note 2.3 to the interim financial statements. Due to the impact of COVID-19 pandemic, in preparing the interim financial information for the three-month period ended March 31 2020, the Group has adopted the Accounting Guidance on “Temporary relief measures on accounting alternatives in response to the impact of the COVID-19 situation” announced by the Federation of Accounting Professions. My conclusion is not modified in respect of this matter. *****/2
Emphasis of Matter. Basis of Preparation of the Combined Financial Statements and Restriction on Distribution and Use We draw attention to the Basis of Preparation of the Combined Financial Statements of the Siemens Mobility Business as of September 30, 2017, which describes the basis of preparation. The Combined Financial Statements are prepared for purposes of the approval of the contemplated transaction, referred to above, for which Alstom S.A. has to prepare a document (so-called “Document E”), which will be registered with the French financial markets authority (the Autorité des marchés financiers or “AMF”). As a result, the Combined Financial Statements may not be suitable for another purpose. Our report is intended solely for Siemens AG and should not be distributed to parties other than Siemens AG. However, we understand that our opinion together with the Combined Financial Statements is to be included in the Document E, filed by Alstom S.A., as general information to the public. Our opinion is not modified in respect of this matter. Responsibilities of Management of the Mobility Division of Siemens AG and the member of the Siemens Managing Board with business responsibility for the Mobility Division for the Combined Financial Statements Management of the Mobility Division of Siemens AG, comprised of the Mobility Division’s CEOs and CFO, is responsible for the preparation of the Combined Financial Statements in accordance with the Basis of Preparation and for such internal control as management determines is necessary to enable the preparation of the Combined Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Combined Financial Statements, management is responsible for assessing the Siemens Mobility Business' ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to liquidate the Siemens Mobility Business or to cease operations, or has no realistic alternative but to do so. The member of the Siemens Managing Board with business responsibility for the Mobility Division is responsible for overseeing the financial reporting process for the preparation of the Combined Financial Statements. Auditor’s Responsibilities for the Audit of the Combined Financial Statements Our objectives are to obtain reasonable assurance about whether the Combined Financial Statements are free from material mis...
Emphasis of Matter. Without qualifying the audit opinion expressed above, attention is drawn to the following matters:
Emphasis of Matter. 1) I draw attention to Note 1.3 to the financial statements. Two subsidiary companies had incurred continuous operation losses. As at December 31, 2014 and 2013, current liabilities were higher than current assets and deficits were significant amounts. These factors indicate the existence of material uncertainties which cast significant doubt over these subsidiaries’ ability to operate and continue as a going concern.
Emphasis of Matter. Without qualifying our opinion, we draw attention to Note 1 in the consolidated financial statements which describes conditions and matters that indicate the existence of a material uncertainty that may cast significant doubt about the ability of Battle Mountain Gold Inc. to continue as a going concern. Vancouver, Canada Chartered Accountants DATE Battle Mountain Gold Inc. Consolidated Statements of Financial Position (Expressed in Canadian Dollars) October 31, October 31, 2013 2012 Assets Current Cash $ 306,285 $ 39,136 306,285 39,136 Non-current Exploration and evaluation assets (Note 3) 356,464 54,945 Total assets $ 662,749 $ 94,081 Liabilities Current Accounts payable and accrued liabilities $ 158,892 $ 43,011 Loans from related party (Note 5) 125,347 - 284,239 43,011 Equity Share capital (Note 4) 621,252 - Share subscription advances 35,000 100,000 Accumulated other comprehensive income 4,869 37 Deficit (282,611 ) (48,967 ) 378,510 51,070 Total liabilities and equity $ 662,749 $ 94,081 Nature of business and continuance of operations (Note 1) Subsequent events (Note 10) Approved and authorized for issue by the Board on XXXX: “Xxxxx Xxxxxxx” Director “Xxxxxxx Xxxxxxx” Director The attached notes form an integral part of these consolidated financial statements. Battle Mountain Gold Inc. Consolidated Statements of Comprehensive Loss (Expressed in Canadian Dollars) Period from incorporation on April 2, Year ended 2012 to October 31, October 31, 2013 2012 Expenses Bank charges $ - $ 10 Foreign exchange loss (gain) (1,818 ) 937 Interest 2,744 - Legal 77,773 28,254 Property investigation - 19,766 Share-based payments (Notes 4 and 5) 100,000 - Loss before other item 178,699 48,967 Write-off of exploration and evaluation assets (Note 3) 54,945 - Loss for the period 233,644 48,967 Other comprehensive loss (income) Exchange difference on translation of foreign operations (4,832 ) (37 ) Total comprehensive loss $ 228,812 $ 48,930 Basic and diluted loss per share $ 0.09 $ 48,967 Weighted average number of shares outstanding - basic and diluted 2,557,809 1 6 The attached notes form an integral part of these consolidated financial statements. Battle Mountain Gold Inc. Consolidated Statements of Cash Flows (Expressed in Canadian Dollars) Period from incorporation on April 2, Year ended 2012 to October 31, October 31, 2013 2012 Operating activities Loss for the period $ (233,644 ) $ (48,967 ) Adjustments: Foreign exchange loss (gain) (1,818 ) 937 Interest expense 2,74...
Emphasis of Matter. As described in Note 15 to the combined financial statements, members’ deficit at December 31, 2012 was restated to appropriately reflect the portion attributable to the noncontrolling interest. Our opinion is not modified with respect to this matter. /s/ Xxxxx & Xxxxxxx, PC Xxxxx & Xxxxxxx, PC Certified Public Accountants Burlington, Massachusetts February 24, 2015 Table of Contents GRASSHOPPER GROUP, LLC AND AFFILIATES COMBINED BALANCE SHEETS DECEMBER 31, 2014 AND 2013 2014 2013 Assets Current assets: Cash and cash equivalents $ 4,212,121 $ 4,102,881 Accounts receivable 52,877 28,381 Employee advances — 25,929 Prepaid expenses 491,909 512,562 Total current assets 4,756,907 4,669,753 Property, plant and equipment: Computer equipment and software 6,158,998 5,937,447 Buildings and improvements 1,066,565 1,066,565 Furniture and fixtures 191,972 168,833 Leasehold improvements 124,864 75,417 Total property, plant and equipment 7,542,399 7,248,262 Less accumulated depreciation 6,154,998 5,448,697 Net property, plant and equipment 1,387,401 1,799,565 Other assets: Due from members 1,301,246 1,207,326 Due from related party 165,826 453,655 Restricted cash 45,000 45,000 Intangible assets, net 71,159 70,503 Notes receivable 107,779 72,583 Deposits 56,567 19,968 Total other assets 1,747,577 1,869,035 Total Assets $ 7,891,885 $ 8,338,353 Liabilities and Members’ Equity Current liabilities: Accounts payable $ 622,706 $ 1,441,347 Accrued expenses 2,185,609 1,926,696 Current maturities of long-term debt 959,402 1,016,632 Current maturities of obligations under capital lease 234,755 222,288 Deferred revenue 894,278 736,806 Total current liabilities 4,896,750 5,343,769 Noncurrent liabilities: Long-term debt, less current maturities 793,118 1,815,692 Obligations under capital lease, less current maturities 231,781 439,866 Total liabilities 5,921,649 7,599,327 Members’ equity: Members’ equity 1,970,236 745,292 Noncontrolling interest — (6,266 ) Total members’ equity 1,970,236 739,026 Total Liabilities and Members’ Equity $ 7,891,885 $ 8,338,353 The accompanying notes are an integral part of these combined financial statements. Table of Contents GRASSHOPPER GROUP, LLC AND AFFILIATES COMBINED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 2014 2013 Revenues: Sales, net $ 26,746,469 $ 21,916,272 Rental income — 17,573 Total revenues 26,746,469 21,933,845 Cost of services 5,407,214 5,436,563 Gross profit 21,339,255 16,497,282 Operating expenses 17,425,072 1...
Emphasis of Matter. Without qualifying our opinion, we draw attention to the following:
Emphasis of Matter. As discussed in Note 1, the financial statements present only the BeltLine Tax Allocation District Fund and do not purport to, and do not, present fairly the financial position of the City of Atlanta, Georgia, as of June 30, 2016 and the changes in its financial position, or, where applicable, its cash flows for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinions are not modified with respect to this matter.
Emphasis of Matter. As discussed in Note 1, the financial statements present only the Measure M General Obligation Bond Fund specific to General Obligation Bonds, Election 2006, and are not intended to present fairly the financial position and changes in financial position of the District in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.
Emphasis of Matter. As discussed in Note 1, the financial statements present only the Measure M General Obligation Bond Fund specific to General Obligation Bonds, Election 2006, and are not intended to present fairly the financial position and changes in financial position of the District in accordance with accounting principles generally accepted in the United States of America. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the District's Measure M General Obligation Bond Fund (Measure M) internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District's Measure M General Obligation Bond Fund (Measure M) internal control. Accordingly, we do not express an opinion on the effectiveness of the District's Measure M General Obligation Bond Fund (Measure M) internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the Measure M General Obligation Bond Fund (Measure M) financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
