Montréal – TheNewswire - July 7, 2021 – ZeU Technologies, Inc. (ZEU: CSE) (ZEUCF: OTC) (CNSX:ZEU.CN) is pleased to disclose that it has filed itsfirst quarter 2021 Interim Financial Statements on SEDAR.
In the quarter ended March 31, 2021, the company has net income of $537,152 compared to a net loss of $1,046,008 in the comparative period in 2020.
With the acquisition of Prego International Group AS in the quarter, the total assets of the Company increased to $14,516,214 compared to the December 31, 2020 total assets of $16,944.
Significant amounts of digital assets have been received and will remained valued at $NIL until monetized.
On March 31, 2021, the Company repaid $500,000 in principle and $661,834 of interest of its convertible debenture utilizing 3,336,564 Kamari coins and has recognized a gain of $1,099,818 on the debt settlement .
The Company continues to hold 20,633,436 Kamari coins which are currently recorded with $Nil value as well as a small amount of other digital tokens like BTC, ETH, EOS and 250,000 Hodlc tokens, all recorded at $Nil value.
Future accounting treatment of digital assets not trading on a market recognized by Canadian Regulators, like a future Digital Exchange, will all be treated as such and will be valued at liquidation when a fiat Canadian cash counterpart is received and secured in the Company bank accounts.
Management is expecting to implement major changes to its accounting and auditing processes to avoid a repeat of similar delays in filing in the future. The Company will communicate these proposed changes in an upcoming release.
ON BEHALF OF THE BOARD OF DIRECTORS
“ Frank Dumas”
President & CEO
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain protocol, providing the foundation for the next generation of encrypted and distributed networks. Thanks to its high level of sophistication, ZeU’s technology maximizes transparency, security and scalability as well as big data management. ZeU’s strategy is to monetize blockchain transactions in diverse sectors such as payment, gaming, data, and healthcare.
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