Big day for Hexo as it Files restated Finacials $hexo

Hexo has completed the filing of its restated audited annual consolidated financial statements for the fiscal year ended July 31, 2019 and corresponding amended management's discussion and analysis, and its restated interim condensed consolidated financial statements for the three-month period ended October 31, 2019 and corresponding amended management's discussion and analysis. The Restated Annual Financial Statements were filed to correct identified errors in the company's previously filed financial statements for the fiscal year ended July 31, 2019. The correction of this error resulted in a reduction of the deferred tax liability and deficit by $14.3M as at July 31, 2019. Additionally, net loss for the year ended July 31, 2019 was overstated by $14.3M. The company has also adjusted its audited annual consolidated financial statements for the fiscal year ended July 31, 2019 for the estimated fair market value of its cannabis trim based inventory due to new and available third-party information, resulting in an increased impairment on inventory of $2.4M. The inventory impairment resulted in a $2.4M reduction of the impairment loss on inventory for the interim financial statements for the three months ended October 31, 2019.
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HEXO Corp. engages in the manufacture, production, and distribution of medicinal marijuana. It offers products through the Time of Day, H2, Decarb, and Exlixir No. 1 brands. The company was founded by Sébastien St. Louis and Adam Miron on October 29, 2013 and is headquartered in Gatineau, Canada.