News Column

RADTEK, INC FILES (8-K) Disclosing Non-Reliance on Previous Financials, Audits or Interim Review

August 29, 2014

Item 4.02 - Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

On August 7, 2014, the company was notified by PLS CPA, our independent accountant, that the financial statements for the Form 10-Q for the quarter ended March 31, 2014, as originally filed May 20, 2014, should no longer be relied upon and should be restated.

The restatement of the Condensed Consolidated Balance Sheet includes the reclassification of a) an uncollected invoice issued to a customer on an unfinished contract increased both accounts receivable net and the liability advance receipts on contract; the uncollected amount of $114,917 is reclassified from each account for a net entry of zero and b) an unpaid invoice received from a vendor on an unfinished contract increased unpaid amount of both trade and other payable and prepaid expenses and other assets; the unpaid amount of $190,958 is reclassified from each account for a net entry of zero.

The board of directors has discussed the matters disclosed with the independent accountant.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Edgar Glimpses

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters