Change to Pacific Green's Accounting Policy
PACIFIC GREEN TECHS (PGTK)
NASDAQ:AMEX Investor Relations:
ir.pacificgreentechnologies.com
Company Research
Source: GlobeNewswire
DOVER, DE, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Pacific Green Technologies, Inc. ("Pacific Green"), (OTCQB: PGTK) announces that it has amended some material accounting policies following extensive engagement with its auditors. These updates will be reflected retrospectively in the filings from December 2023. These adjustments have no impact on Pacific Green’s reported net income, cash balance or net assets. The updates reflect a change in recognition of the consideration for the sale of Sheaf Energy Limited in December 2023, a grid-scale battery energy storage systems of total project value of $258 million, to Sosteneo Energy Transition Fund, managed by Generali, with the conclusion that the $76 million consideration received from the sale, less costs of sale, is recognized as a gain on disposal, rather than revenue. Consistent with a change in revenue recognition policy, Pacific Green has also changed its accounting policy for capitalized project under development assets, from be
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Sec Filings
- 12/12/24 - Form 8-K/A
- 12/3/24 - Form 8-K
- PGTK's page on the SEC website