Financial Statement Adjustments Sample Clauses

Financial Statement Adjustments. The Company is in the process of evaluating its financial statement presentation of its “Revenues” figures, that relate specifically to revenues generated in its Money-On-Mobile business segment, to determine if any adjustment is required to previously reported financial statements and other line items in its historical financial statements. Currently, the Company reports certain Money-On-Mobile transactions as “Revenues” and “Cost of revenues” on a “Gross-basis” to determine “Gross profit.” For example, in the Form 10-Q for the period ended December 31, 2014, the Company reported “Revenues” generated in Money-On-Mobile transactions of $57,732,749 and providing a separate “Cost of revenues” line item of $57,148,906, which was the basis for presenting an aggregate “Gross profit” for all business segments equal to $2,133,536 (which is comprised of the $583,843 “Gross profit” for the Money-On-Mobile business segment) for the three months ended December 31, 2014. The Company is determining whether presenting certain Money-On-Mobile “Revenues” on a “Gross-basis” or “Net-basis.” A change to a “Net-basis” would reduce the aggregate total revenues generated in Money-On-Mobile transactions by a substantial portion of the costs previously reported as a “Cost of revenue” line item. The potential effect of this presentation change of “Revenues” may be a substantial reduction in “Revenues” and a corresponding reduction in “Cost of revenues,” but requiring no adjustments to “Gross profit.” Also, any “Gross” to “Net” Revenue presentation change will have no impact on Operating Income, Net Income, and Balance Sheet or Cash Flow statement. Lender is making the loan with knowledge of the potential adjustments described above.
Sample 1
AutoNDA by SimpleDocs
Financial Statement Adjustments. The Financial Statements have been prepared to include FMMD and Just Brands USA (in addition to the Companies), which will no longer be included in the financial statements of the Companies after Closing nor for any purposes of determining compliance with financial targets of the Companies or any other purpose under this Agreement. Notwithstanding any other provision in this Agreement, the Parties agree to disregard any inter-company accounts reflected in the Financial Statements for all purposes under this Agreement, including determination of 2021 Revenue, 2021 EBITDA, determination of any Adjustment Amount, and compliance with Article V; provided, however, that this provision is not intended, nor shall it operate, to disregard any misstatement, omission, error or incorrect accounting entry that otherwise results in any Loss or Liability to any Company after the reconciliation of any such inter-company accounting entries, and any such Loss or Liability will not be subject to any of the indemnification limitations set forth in Article IX.
Sample 1
Financial Statement Adjustments. 1.1 The SBA acknowledges that the Company has made certain adjustments to the Company's financial statements for the year ended June 30, 1992, a copy of which financial statements have been delivered to the SBA. The SBA further acknowledges that it has no objection to such financial statements. 1.2 The Company agrees that for the fiscal year ended June 30, 1993, it will make adjustments to its reserve loss account to the extent necessary to comply with the accounting policies and practices for small business investment companies as set forth in Appendix II to Part 107 of Title 13 of the Code of Federal Regulations.
Sample 1
Financial Statement Adjustments. 4.1 Ownership and Foreign Jurisdictions 4.2 Capitalization 4.3 Corporate Acts & Proceedings of Company 4.4 Company's Compliance with Laws, Etc.
Sample 1
Financial Statement Adjustments. On the day of Closing Shareholder agrees to assume and pay adjusted to the day of closing, any and all liability associated with the promissory notes then due from ACI to Jim Malone, Scott Malone and Kira Malone totaling an outstanding prxxxxxxx xxx inxxxxxx xxxxnce dxx xx 00 Xxy 31, 2001 of $64,853.52 The assumption of said promissory notes shall be in consideration of AC forgiving an existing promissory note currently payable to ACI from the Shareholder with a principal and interest balance due as of May 31, 2001 of $77,913.64, which note, on the day of Closing, shall be marked "paid in full" The difference of the two amounts shall be adjusted as a reduction in earnings for the yea' ending September 30, 2001 resulting from a loss in the sale of an asset From and after the day of Closing Purchaser agrees to operate ACI in the ordinary course of business and hereby assumes and agrees to pay when due all obligations of ACI as and when same shall be come due and payable
Sample 1
Financial Statement Adjustments. Each adjustment to Bisset's financial statements proposed by Exco-Paris shall be booked, recorded, and made as June 30, 1996 and not thereafter changed, reversed, or modified in any manner. Ultrak shall be furnished by Bisset with a June 30, 1996 balance sheet of Bisset evidencing all such adjustments.
Sample 1
Financial Statement Adjustments. The parties agree that REMEC shall make no contribution of assets or liabilities to RFM except for certain intangible assets valued at no more than $3,000,000 relating to REMEC's acquisition of RFM, which contribution shall be made prior to the Closing Date. The parties agree that such contribution shall occur only with the prior written consent of ACS, which consent shall not be unreasonably withheld or delayed.
Sample 1
AutoNDA by SimpleDocs

Related to Financial Statement Adjustments

  • Monthly Financial Statements As soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial Statements”);

  • Subsequent Financial Statements The Company shall consult with Parent prior to making publicly available its financial results for any period after the date of this Agreement and prior to filing any Company SEC Documents after the date of this Agreement, it being understood that Parent shall have no liability by reason of such consultation.

  • Additional Financial Statements Seller shall promptly furnish to Buyer a copy of all Financial Statements for each additional month-end period beyond the Balance Sheet Date as soon as same is regularly prepared by Seller in the Ordinary Course of Business. All such additional Financial Statements shall be subject to the same representations and warranties as contained in Section 3.23

  • Audited Financial Statements The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholder’s equity for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

  • Quarterly Financial Statements As soon as available and in any event within 5 days after the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) with respect to each of the first three quarterly accounting periods in each fiscal year of the Borrower (or, if such financial statements are not required to be filed with the SEC, on or before the date that is 45 days after the end of each such quarterly accounting period), the consolidated balance sheets of the Borrower and the Subsidiaries and, if different, the Borrower and the Restricted Subsidiaries, in each case as at the end of such quarterly period and the related consolidated statements of operations for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and setting forth comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the prior fiscal year (or, in lieu of such unaudited financial statements of the Borrower and the Restricted Subsidiaries, a detailed reconciliation reflecting such financial information for the Borrower and the Restricted Subsidiaries, on the one hand, and the Borrower and the Subsidiaries, on the other hand), all of which shall be certified by an Authorized Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject to changes resulting from audit and normal year end audit adjustments.

  • Annual Financial Statements Within 90 days after the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2011, (i) the consolidated balance sheets of Borrower and its Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of Borrower and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year commencing with the first Fiscal Year for which such corresponding figures are available, all in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto; and (ii) with respect to such consolidated financial statements a report thereon by an independent certified public accountant (or accountants) of recognized national standing selected by Borrower, and reasonably satisfactory to Administrative Agent (which report and/or the accompanying financial statements shall be unqualified as to going concern and scope of audit, and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of Borrower and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards) together with a written statement by such independent certified public accountants stating (1) that their audit examination has included a review of the terms of Section 6.7 of this Agreement and the related definitions, (2) whether, in connection therewith, any condition or event that constitutes a Default or an Event of Default under Section 6.7 has come to their attention and, if such a condition or event has come to their attention, specifying the nature and period of existence thereof, and (3) that nothing has come to their attention that causes them to believe that the information contained in any Compliance Certificate is not correct or that the matters set forth in such Compliance Certificate are not stated in accordance with the terms hereof (which statement may be limited to the extent required by accounting rules or guidelines);

  • Annual Audited Financial Statements As soon as available, but no later than one hundred eighty (180) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank;

  • Review of Financial Statements For a period of three (3) years after the date of this Agreement, the Company, at its expense, shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company’s financial statements for each of the three fiscal quarters immediately preceding the announcement of any quarterly financial information.

  • Unaudited Financial Statements The School shall prepare and submit its unaudited annual financial statements to the Commission by September 15 of the subsequent fiscal year; provided that the Commission, with reasonable notice to the School, may change the deadline depending on circumstances.

  • Interim Financial Statements Within 45 days after the close of each fiscal quarter of Customer, a copy of the interim financial statements of Customer for such fiscal quarter (including in reasonable detail both a balance sheet as of the close of such fiscal period, and statement of profit and loss for the applicable fiscal period);

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!