Current Report Filing (8-k)
November 06 2017 - 5:16PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 6, 2017
ICTV
BRANDS INC.
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(Exact
name of registrant as specified in its charter)
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Nevada
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000-49638
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76-0621102
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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489
Devon Park Drive, Suite 306
Wayne,
PA 19087
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(Address
of principal executive offices)
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484-598-2300
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(Registrant’s
telephone number, including area code)
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Not
Applicable
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(Former
name or former address, if changed since last report.)
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Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
[ ]
Item
4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On
November 6, 2017 the Board of Directors of ICTV Brands Inc. (the “Company”), upon recommendation of management, determined
the following previously issued financial statements should no longer be relied upon:
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●
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The
Company’s condensed consolidated financial statements for the quarter ended June 30, 2017, which were included in the
Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.
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The
conclusion was based on the discovery that one category of inventory was counted twice, resulting in an overstatement of the inventory
balance. The financial impact is a decrease in inventory of $1,065,555 and an increase in the cost of sales and net loss of $1,065,555
for the three and six months ended June 30, 2017. Management discussed the matter with the Company’s independent auditors,
EisnerAmper LLP, and determined that the effect of such errors were material. As a result, the Company has decided to restate
the consolidated financial statements for the quarter ended June 30, 2017. The financial statements included within the Quarterly
Report noted above should no longer be relied upon.
The
Company will file amendments to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 in which the financial statements
for the quarter ended June 30, 2017 will be restated.
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.
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ICTV BRANDS INC.
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Date:
November 6, 2017
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/s/
Richard Ransom
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Name:
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Richard Ransom
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Title:
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President
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