Current Report Filing (8-k)
June 09 2017 - 4:16PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): June 6, 2017
PETROTERRA
CORP.
(Exact
name of registrant as specified in its charter)
Nevada
|
|
001-34970
|
|
26-3106763
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
980
N Federal Highway, Suite 304
Boca
Raton, Florida 33432
(Address
of Principal Executive Offices)
(561)
672-7068
(Issuer’s
telephone number)
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant
under any of the following provisions:
[ ]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
[ ]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item
4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
(a)
On June 6, 2017, the management of PetroTerra Corp. (the “Company”) concluded that, due to an error, the unaudited
condensed consolidated financial statements filed on May 15, 2017 in the Quarterly Report on Form 10-Q for the quarter ended March
31, 2017, should no longer be relied upon.
The
error, identified by management, is related to the issuance of three convertible notes (the “Notes”) issued during
the quarter ended March 31, 2017, and prior to the execution of the share exchange agreement with Save On Transport Inc. on March
30, 2017. The proper treatment would have been to record the liability associated with the Notes and accrual of any interest payable
associated with said Notes. In addition, the Notes should have been evaluated under the provision of FASB ASC Topic No. 815-40,
“Derivatives and Hedging – Contracts in an Entity’s Own Equity”, to determine proper accounting treatment
and valuation.
The
Company intends to restate the aforementioned financial statements by amending its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2017, as soon as reasonably practicable.
The
Company discussed the matters disclosed in this Item 4.02 (a) with the registrant’s independent registered public accounting
firm, Salberg & Company, P.A.
SIGNATURES
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:
June 9, 2017
|
PETROTERRA
CORP.
|
|
|
|
|
By:
|
/s/
Steven Yariv
|
|
Name:
Title:
|
Steven Yariv
Chief Executive Officer
|
Transportation and Logis... (PK) (USOTC:TLSS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Transportation and Logis... (PK) (USOTC:TLSS)
Historical Stock Chart
From Apr 2023 to Apr 2024