Gold Reserve to File Restated June 30, 2018 Financial Statements (11/15/18)
SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced that in the course of completing its interim consolidated financial statements for the period ended September 30, 2018, it was determined that there was an estimated $6.6 million overstatement of income tax expense and understatement of net income reported in the Company’s Consolidated Statement of Operations for the six months ended June 30, 2018.
The Company originally reported income tax expense of $19.1 million, net income of $57.5 million and earnings per share of $0.58 for the six months ended June 30, 2018 and a deferred tax liability of $9.3 million as of June 30, 2018. Based on the Company’s analysis, income tax expense, net income, earnings per share and deferred tax liability for the period are expected to be approximately $12.5 million, $64.1 million, $0.64 and $2.8 million, respectively. The overstatement resulted from an oversight in the allocation of revenue to tax jurisdictions with differing tax rates.
Management expects to complete its analysis and file its restated interim consolidated financial statements for the six months ended June 30, 2018 and related management’s discussion and analysis on or before November 29, 2018.
Further information regarding the Company can be located at www.goldreserveinc.com, www.sec.gov, and www.sedar.com. https://www.businesswire.com/news/home/20181115005977/en/Gold-Reserve-File-Restated-June-30-2018