Loop Industries, Inc. (LOOP) SEC Filing 10-Q/A Quarterly report for the period ending Thursday, August 31, 2017

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Document and Entity Information - shares
6 Months Ended
Aug. 31, 2017
Jan. 09, 2018
Document And Entity Information  
Entity Registrant NameLoop Industries, Inc. 
Entity Central Index Key0001504678 
Document Type10-Q/A 
Document Period End DateAug. 31, 2017 
Amendment Flagtrue 
Amendment Description

LoopIndustries, Inc. (the “Company,” “Loop,” “we” or “us”) is filing this amended Form 10-Q/A(“Form 10-Q/A”) to amend its Quarterly Report on Form 10-Q for the period ended August 31, 2017, originally filed withthe Securities and Exchange Commission (the “SEC”) on October 11, 2017 (“Original Filing”), to restate ourunaudited condensed consolidated balance sheet as of August 31, 2017 and our consolidated statement of shareholders’ equityand related footnote disclosures for the three and six months ended August 31, 2017 for an error with regard to the accountingfor stock based compensation. The previously filed unaudited condensed consolidated financial statements for those periods shouldno longer be relied upon. This Form 10-Q/A also amends certain other items in the Original Filing, as listed in “Items Amendedin this Form 10-Q/A” below.


Effectsof the restatement


Weidentified and corrected an error related to the measurement of stock-based compensation associated with the grant of common sharesto our President and Chief Executive Officer in June 2015. The share-based award vests based on the achievement of specified performanceconditions, which pursuant to ASC 718 impacts the timing of recognition of stock-based compensation expense, but which does notaffect the determination of the fair value of the award. The fair value of the “equity-classified” award should be determinedon the grant date.


Previously,we had determined the fair value of the award on the date at which it became probable that the first of four performance conditionshad been met, resulting in the recognition of $5,500,000 of non-cash stock based compensation expense in the fourth quarterand fiscal year ended February 28, 2017. We have recognized an adjustment to record stock-based compensation of $800,000, whichis the amount of the award expected to vest in fiscal 2017, and is based on the grant date fair value of the award as at June29, 2015.  

Current Fiscal Year End Date--02-28 
Is Entity a Well-known Seasoned Issuer?No 
Is Entity a Voluntary Filer?No 
Is Entity's Reporting Status Current?Yes 
Entity Filer CategorySmaller Reporting Company 
Entity Common Stock, Shares Outstanding 32,807,137
Document Fiscal Period FocusQ2 
Document Fiscal Year Focus2018 

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No exhibits were included with this SEC filing.

  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0001477932-18-000206
  • Submitted to the SEC: Friday, January 12, 2018 5:30:11 PM EST
  • Accepted by the SEC: Friday, January 12, 2018
  • Period ending: August 2017
  • Industry: Telephone Communications No Radiotelephone