LAS VEGAS, May 4, 2021 /PRNewswire/ --Premier Development & Investment, Inc. (OTC: PDIV) (The Company or Premier) confirms that it has just filed its First Quarter Report to March 31, 2021. These were filed inclusive of the voluminous OTC Markets Disclosure Statements.
Your Company recorded a profit of $17,923,807 equating to Earning per Share (EPS) of $0.072 for this Quarter. Our Stockholder Equity increased to $17,228,234. However we wish to point out that our EBITDA for this Quarter was ($76,193).
On January 1, 2018, we adopted Accounting Standards Update (ASU) 2016-01 Financial Instruments Recognition and Measurement of Financial Assets and Financial Liabilities, Prior year financial statements were not restated.
In adopting ASU 2016-01, as of January 1, 2018, we reclassified the net after-tax unrealized gains on equity securities from accumulated other comprehensive income to retained earnings. Thereafter, the unrealized gains and losses from the changes during the period in the fair values of our equity securities are included within investment gains/losses in the Consolidated Statements of Earnings.
The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.