Current Report Filing (8-k)
May 09 2014 - 3:05PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934.
DATE OF
REPORT: May 9, 2014 (Date of earliest event reported)
ACCREDITED BUSINESS CONSOLIDATORS CORP.
(Exact name of
registrant as specified in its
charter)
PA
0-27182
25-1624305
(State or other
jurisdiction
(Commission File IRS
Employer
of
incorporation)
Number)
Identification Number)
Accredited Business Consolidators Corp.
c/o
Accredited Suppliers Nicaragua S.A.
De La Estatua de Montoya
1 Cuadra al
Sur
Casa Esquinera
Apartado PA-228
Managua 10000
Nicaragua
(Address of principal executive offices)
1-267-864-7737
or +505-8796-8888
(Registrant's telephone number, including area
code)
196 West Ashland
Doylestown,
PA 18901
(Former Name or Former Address, if changed since last
report)
ITEM 1.01 Entry into a Material Definitive
Agreement
ITEM 7.01 Regulation FD Disclosure
ITEM 8.01 Other Events
Previously, the Company announced that it
purchased six, consisting of two double lots and four single
lots, building lots near the Managua International Airport for the
construction of a budget airport hotel via a nominee enterprise X Corp.
The Company, also via X Corp. and its agents, has purchased an additional double
lot and two additional single lots directly across the street from where the
complex will be. The acquisition of the additional lots appeared necessary
so that the Company could fit between forty and fifty rooms in the main
complex. The additional lots will be used for a garage, storage facility,
and the construction of between nine and twelve larger "long term" or "family"
suites for clients staying longer than a few days. X Corp. received a loan
in the amount of $48,000.00 that was used to pay for these additional lots in
full. The loan is a balloon payment due in two years and carries a six
percent (6%) simple interest rate to be calculated when the payment is
due.
X Corp. continues to procedure to file as a branch office in Nicaragua.
Unfortunately, due to the need for several Apostille documents from authorities
in the United States, our registration has been delayed. However, we
have retained legal counsel to assist us and all documents are prepared.
The Company is waiting for a single document from the Pennsylvania Secretary of
State certifying the final document. At that time, the registration will
be filed with the Supreme Court of Nicaragua and subsequently with the tax
authorities. This registration will allow X Corp., as nominee for
Accredited Business, to take advantage of the provisions of the Incentives for
the Tourism Industry Law (Law 306). This will provide an exemption from 80
to 100 percent of income tax for a period of ten years, a 100% exemption from
property tax for ten years, a 100% exemption from sales tax as to construction,
engineering, and design services.
Item 4.01 Changes in Registrant's Certifying Accountant
We received notice that the Public Company Accounting Oversight Board revoked
the registration of our auditor. We understand that the revocation was by
consent. However, to our knowledge, the facts were not stipulated
to. We take issue with the PCAOB's conclusion that the auditor did not
request from us materials to verify our assets and liabilities. For
instance, the auditor requested and received copies of all of our bank
statements, cancelled checks, contracts, and investment accounts during the
audit procedure. We are perplexed as to how this factual conclusion was
made since the PCAOB's representatives spent three days in Managua, Nicaragua,
reviewing the materials. We understand, although have no direct
confirmation from the PCAOB, that their issue was not that the materials were
not provided, but that we did not issue a written certification as to the
authenticity of the bank statements and brokerage accounts. This
technicality, if it is indeed what lead the PCAOB to their conclusion, is also
mistaken since the auditor, during a meeting with our agents, took the
opportunity to verify the authenticity of the photocopies through the logging in
to the secure websites of Bank of America and OptionsXpress.
Unfortunately, and notwithstanding that the opinion contains information that is
misleading as to the information we provided the auditor, we do not have
standing to appeal the decision of the PCAOB and there is no way for us to
challenge the decision of the Board since we are not the firm affected. It
appears unlikely that the auditing firm could appeal since they stipulated to
the deregistration, possibly without realizing that the PCAOB would still make
its findings of facts that appear to be erroneous as to information we
provided.
We will be having meetings to determine a course of action with respect to
this situation and will make a filing with our decision.
Pursuant to the requirements of the Securities
Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
Dated: May 9, 2014
ACCREDITED BUSINESS CONSOLIDATORS
CORP.
By: /s/ Elisa Corea
Elisa Corea, Vice President -- Hospitality
Development
web:
www.accreditedbiz.net
fax:
1-267-371-5168