$LFER 8K
The errors identified by management included an error made in the accounting for the extinguishment of certain debt of the Company on January 26, 2018. The Company believes the correction of this error will require the Company to record a discount on the issuance of debt in the amount of $538,333, and additional finance costs of $663,798, for the period ended May 31, 2018. In addition, management discovered that an error was made in the accounting for goodwill related to the Company’s acquisition of The Giant Beverage Company, Inc. on April 26, 2018, which did not include a component for a related deferred tax liability. The Company believes correction of this error will require the Company to record a tax benefit in the amount of $136,890 for the period ended May 31, 2018. The total impact of these corrections will be a decrease in the Company’s Stockholders’ Deficiency by $11,427 for the year ended May 31, 2018.
This would explain the late filing.. Should be good to go now.
