OPENMEDIA ENGAGEMENT NETWORK

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the accompanying financial statements present fairly, in all material respects, the financial position of the Organization as at March 31, 2023, and its results of operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-pro. [...] The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. [...] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates These financial statements have been prepared by management in accordance with ASNFPO and accordingly, require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amou. [...] The significant estimates in the financial statements include the estimated useful lives of capital assets, the allowance for doubtful accounts and the amount of certain accrued liabilities. [...] The Organization repaid the loan in full during the 2022 fiscal year and the forgivable portion was recognized as other revenue in the statement of revenue and expenditures in the 2021 fiscal year.