Loop Industries Announces Restatement of Previously Issued Financial Statements Related to Non-Cash Stock-Based Compensation
Loop Industries, Inc. (LOOP)
US:NASDAQ Investor Relations:
loopindustries.com/en/investors/home
Company Research
Source: GlobeNewswire
Stock-Based Compensation Expense for Fiscal Year Ended February 28, 2017 Reduced From $5.5 million to $800,000 Adjustment Has No Impact to Cash Flows MONTREAL, Jan. 10, 2018 (GLOBE NEWSWIRE) -- Loop™ Industries, Inc. (NASDAQ:LOOP) (the “Company” or “Loop”), an innovative technology company leading the sustainable plastic revolution, today announced that it is restating its previously issued consolidated financial statements for the fiscal year ended February 28, 2017 to correct an error in the accounting for stock-based compensation and consequently adjusting its consolidated balance sheet and statement of shareholders’ equity in the quarterly periods ended May 31, 2017 and August 31, 2017. The Company recognized a reduction in non-cash stock-based compensation expense of $4.7 million for the fourth quarter and fiscal year ended February 28, 2017, resulting in stock-based compensation expense of $800,000, compared to previously reported stock-based compensation expense of $5.5 mi
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