PowerTap Hydrogen Capital Corp., announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following press release to clarify our disclosure.
The management discussion & analysis for the interim period ended March 31, 2023 (the "MD&A") has been amended and re-filed on SEDAR. The amended MD&A includes:
(i) a discussion on how the impairment of intangibles and investment in Progressus Clean Technologies effects the Company's continuing operations;
(ii) a discussion on the Company's plan for its Gen3 hydrogen dispensing unit design and the status of the development;
(iii) a discussion on research and development expenses, a breakdown of material components of expensed research and development, and the current status of the development of the 3rd generation blue hydrogen dispensing unit;
(iv) a discussion on factors that have caused variations over the prior quarters;
(v) a discussion on how the Company will continue as a going concern;
(vi) identification of specific related parties with whom the Company has entered into contracts with; and
(vii) a discussion on the expenses and the business activities related to consulting costs, marketing and sponsorship costs, professional fees, sales expense, and share-based compensation for the year ended June 30, 2022 and the nine-months ended March 31, 2023.
In addition to the foregoing, the Company notes that for the year ended June 30, 2022, the Company recorded an impairment of $101,497,740 as a result of management’s assessment of the recoverable amount of the intellectual property as at year end, as well as impairment of $23,616,714 for the Progressus Clean Technology investment.
This enhanced disclosure in the amended and restated MD&A is aimed to provide the reader with a broader understanding of the Company’s business and commitments.