Mithoon – The Securities and Exchange Commission (SEC) has notified Eternal Energy Public Company Limited (EE) to rectify the financial statements for the year 2023 and the third quarter of 2024, have them audited and reviewed by the company’s auditor, and subsequently submit them to the SEC. EE is also required to make simultaneous public disclosure through the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink) by 10 February 2025.
The SEC had an observation on the reasonableness and appropriateness of the assumptions used in calculating the recoverable amount for considering the impairment loss of assets as related to Cannabiz way Co., Ltd and CBD Bioscience Co., Ltd that would impact on the consolidated financial statements and the separate financial statements.
Therefore, the SEC has notified EE (1) to review and adjust the assumptions for cash flows projections of those subsidiaries to calculate the recoverable amount appropriately, and to consider the adequacy and appropriateness of the impairment loss for goodwill and for those investments in subsidiaries, (2) to assess the impairment loss for other assets, apart from goodwill in the consolidated financial statements, such as property, plant and equipment used in the operation of the business, (3) to assess the adequacy and appropriateness of the allowance for inventory, and (4) to review and adjust the data used to measure the fair value of biological assets to ensure its appropriateness.
EE is also required to rectify the financial statements for the year 2023 and the third quarter of 2024 and then submit the rectified financial statements that have been audited and reviewed by the auditor to the SEC and simultaneously report the disclosure of related information under Section 56 of the SEA. Additionally, the rectified financial statements and the report of the rectification must be disclosed publicly via the SETLink Electronic System by 10 February 2025.
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