Accounting Changes



Financial Statements

Introduction

The restatement of financial statements is a very common practice in Latin American countries to update the accounting information wrong due to inflation. In all there are balance sheets monetary items are expressed in monetary units so natural in an inflationary environment amending its purchasing and there are other non-monetary items that its value varies more or less like inflation. The restatement aims to help states to understand the real values ??in the decision making process.

Overview of the company

Poynt Corporation is a leading provider of mobile local search services, announced today that its flagship local search application for mobile, Poynt ("Poynt" or "App") extends its availability to include QT platform of Nokia (www.poynt.com). Transforming the consolidated financial statements was carried out by suitably trained for this purpose, the parent company's employees, but required the cooperation and commitment of the accounting services subsidiaries. Appropriate training of staff is a prerequisite for the proper and efficient preparation of reports.

Reason to restate the Financial Statements

Accordingly, in agreement with the Company, the Audit Committee and external auditors the Board of Directors, Poynt reiterated its audited 2010 financial statements, to reflect the higher value assigned to the two patents and pending tent, in acquisition purchase assets (hereinafter referred as the “Transaction"). These patents of 1999 priority projects and related to the commercial GPS-equipped handheld devices, to provide some data files to provide users with the thrust. Accounting rules, the stock price from the date of closing of the transaction, will be used to determine the purchase price adjustment is necessary. This requires the adjustment of stock from the date of closing of the transaction (February 16, 2010) to determine the purchase price. 

The Company's common stock for $ 0.27 on February 16, 2010, the closing price on the basis of share-based test has been upgraded to a total of $ 2.56 billion. Prior to that, within a reasonable period the company recorded a $ 0.065 per share on the basis of the average closing price of the purchase consideration of the terms agreed to and announced the dates for the consideration of the total share-based transactions before and after the $ 6.2 million. The increase led to an upgrade of the purchase price allocation, tax, patent portfolio in the future acquisition of $ 9.5 million from $ 790 million, $ 2.74 billion. Update the value of intangible assets, amortization of intangible assets, future income tax effects related to depreciation (www.poynt.com/).

As a result of this change, the company is currently in ...