Cleanfield Alternative Energy Inc.
TSX VENTURE : AIR

Cleanfield Alternative Energy Inc.

December 21, 2007 14:59 ET

Cleanfield Announces Amendment and Restatement to Its MD&A and Restatement of Its Consolidated Interim Financial Statements for the Period Ended February 28, 2007

There was no impact on the Balance Sheet or reported results for the nine month period ended February 28, 2007

ANCASTER, ONTARIO--(Marketwire - Dec. 21, 2007) - Cleanfield Alternative Energy Inc. (TSX VENTURE:AIR) -

The amendment relates to the inclusion of the disclosure relating to the Company's operating results for each of its eight last quarters. In addition, upon updating this disclosure, management discovered that it incorrectly stated the three month comparative reported earnings, cash flow and ending deficit for the period ended February 28, 2006. Management attributed the error to a spreadsheet used prior to the implementation of the Company's current accounting system which was implemented during the second quarter of 2007. Management and the Audit Committee concluded they must correct its previously issued MD&A and Consolidated Interim Financial Statements. The restatement is isolated to the three month comparative reported income statement, retained earnings and cash flow items summarized below for the three month period ending February 28, 2006, and the related party note disclosure for the three and nine month periods ended February 28, 2007.



Earnings for the three months ended
February 28, 2006:
----------------------------------------------------
Previously
reported Restated
----------------------------------------------------
Professional fees $1,145 $10,992
----------------------------------------------------
Research and development 3,597 241,839
----------------------------------------------------
Marketing 11,624 31,625
----------------------------------------------------
Travel 350 2,450
----------------------------------------------------
Office 1,373 1,492
----------------------------------------------------
Occupancy costs - 2,800
----------------------------------------------------
Amortization 228 227
----------------------------------------------------
Bank charges 101 3,100
----------------------------------------------------
Loss from operations $18,418 $294,525
----------------------------------------------------
Loss for the period $(18,417) $(294,524)
----------------------------------------------------
Basic and diluted loss per
common share outstanding - (0.03)
----------------------------------------------------


Deficit as at February 28, 2006:
-----------------------------------------------------
Previously
reported Restated
-----------------------------------------------------
Deficit, beginning of the
period $(376,308) $(100,201)
-----------------------------------------------------


Cash Flow for the three month ended February 28, 2006:
---------------------------------------------------------
Previously
reported Restated
---------------------------------------------------------
Loss for the period $(18,417) $(294,524)
---------------------------------------------------------
Amortization 228 227
---------------------------------------------------------
Increase in accounts receivable (1,091) (1,327)
---------------------------------------------------------
Decrease in prepaid assets - 10,000
---------------------------------------------------------
Increase in accounts payable and
accruals 49,870 246,823
---------------------------------------------------------
Net cash provided by (used in)
operating activities 30,590 (38,801)
---------------------------------------------------------
Issuance of common shares 25,000 127,098
---------------------------------------------------------
Repayment of related party (8,203) (40,910)
---------------------------------------------------------
Net cash provided from financing
activities 16,797 86,188
---------------------------------------------------------


Contact Information

  • Cleanfield Alternative Energy Inc.
    Tony Verrelli
    President and Chief Executive Officer
    (905) 304-5223
    Website: www.cleanfieldenergy.com