We were waiting until we had all of the information in order and have a clear track through and out of this process. Now that we have all of this, we are able to share more information with you. We would have loved to have done this from the outset, but we wanted to make sure that we had full answers for you and didn’t do anything that would lengthen this process.
Our stock was halted due to the continuous disclosure requirements with the BCSC. There were a few issues that needed clarification. The majority of the inquiries have to do with NCCO and the establishment of the foundation.
In reality, nothing has changed here. We are working with the best minds in Canada on how to set up and structure the independent trust and are moving this process along. We are taking our time in doing this to ensure that we do our due diligence and it is set up correctly. While this process is happening, all of the funds from the presale are being held in trust with legal counsel.
Just to reiterate this point, NetCents has not, was not, and will not profit from the coin. The coin was designed to be transactional.
Another point that needed clarification was the processing volume of Aliant Payments. In a press release, we stated that they processed $560 billion annually. This is information that we pulled directly from their website. Since then, this information has been updated to reflect that they process $600 million annually.
Finally, we need to amend our year-end 2017 MD&A and Q1 2018 financial statements and MD&A. Our MD&A needs more detail. For our Q1 financials, we need to reflect foreign currency gains and losses and proceeds from NCCO need to be disclosed separately.
We have been working diligently with the BCSC to provide all of the information that is required to resume trading. This process is taking longer than anyone would have liked, but it is an important process. One that protects you. And one that should not be rushed.
We have used this time as a checkpoint on our process and systems and feel that we are a better company for it.