Green Planet Group Files Amendment
Green Planet Group, Inc. (OTCBB:GNPG) announced today that on February 22, 2009 , Green Planet Group, Inc. filed an amended annual report on Form 10-K/A and amended quarterly reports on Forms 10-Q/A for the periods ended June 30, 2009 and September 30, 2009 as a result of its reevaluation of the application of generally accepted accounting principles to derivatives and embedded derivatives for the periods from September 30, 2006 through September 30, 2009. For the periods from September 30, 2007 through March 31, 2009 the restatements are included in the Form 10-K/A, and the restatements for the periods ended June 30, 2009 and September 30, 2009 are included in the respective filings for those periods.
The cumulative effect of these restatements was to reduce the cumulative loss for the three years ended September 30, 2009 by $9,306,489, reduce the accumulated deficit by the same amount and reduce additional paid in capital by $13,587,584. As a result, the effect of the restatements at September 30, 2009 was that the additional paid-in capital was $15,486,383 and the accumulated deficit was $26,246,315 and total stockholders’ equity/(deficit) was $(10,628,444).
Liabilities were changed by an increase of $2,527, 050 to the convertible notes representing the embedded derivative value of the conversion feature and a net increase over the periods of $888,667 for fair value of the derivative, comprised of warrants and options to acquire 20,725,000 shares of the Company’s common stock at an average exercise price of $1.95 per share, and ranging from $0.04 to $2.50 per share.
“We are very pleased to have completed this technical restatement and to have filed our amended annual report on Form 10-K/A, and amended quarterly reports on Forms 10-Q/A for the periods ended June 30, 2009 and September 30, 2009,” commented James Marshall, Chief Financial Officer of Green Planet Group. “These changes to our financial statements have no impact on revenues, income/(loss) from operations or cash flow. Green Planet Group is committed to maintaining the highest possible standards in financial reporting and is taking the necessary steps to ensure that all accounting policies and procedures are applied properly in the future.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV