On April 24, 2015, the Board of Directors of Prime Acquisition Corp. determined that reliance should not be placed on its financial statements for the year ended December 31, 2013 due to Prime correcting certain errors in the recording of Prime's business combination on September 30, 2013. Intangible assets and certain liabilities were incorrectly recognized in the purchase price allocation.

The value of these intangible assets was already included in the valuation of the investment properties. The adjustments will derecognize the net intangible assets of $5,700,127 and net below-market lease liability of $694,908. The related intangible assets amortization of $125,532, and below-market lease liability amortization of $7,841 will be reversed and reclassified into goodwill in connection to this derecognition.

As a result, the total goodwill recognized will be increased from $1,791,548 to $6,914,459. The $5,122,911 increase in goodwill will then be expensed as impairment of goodwill on the consolidated statements of loss and comprehensive loss, bringing the total impairment of goodwill to $6,914,459, and loss for the year to $15,885,478. As a result of this correction, the net loss for the year will increase from $10,880,259 to $15,885,478.

The basic and diluted net loss per ordinary share will increase from $3.58 to $5.23. This correction does not affect the company's underlying business operations.