Current Report Filing (8-k)
October 08 2020 - 4:34PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest
event reported): October 6, 2020
IEH
Corporation
(Exact Name of Registrant as Specified in
Charter)
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New York
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0-5278
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13-5549348
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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140 58th Street, Suite 8E
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Brooklyn, New York 11220
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(Address of Principal Executive Offices,
and Zip Code)
(718) 492-4440
Registrant’s Telephone Number, Including
Area Code
Not Applicable
(Former Name or Former Address, if Changed
Since Last Report)
Securities registered pursuant to Section
12(b) of the Act: None
Securities registered pursuant to Section
12(g) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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IEHC
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OTC QX Market
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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 (see General
Instruction A.2. below):
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☐
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Written communication 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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Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communication 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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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 October 6, 2020, management of IEH Corporation
(the “Company”) concluded, and the Audit Committee of the Board of Directors (the “Audit Committee”) of
the Company concurred, that the Company’s previously issued unaudited interim financial statements included in the Company’s
Quarterly Reports on Form 10-Q for the fiscal quarters ended (i) September 27, 2019, filed with the Securities and Exchange Commission
on November 11, 2019 and (ii) December 31, 2019, filed with the Securities and Exchange Commission on February 14, 2020, should
no longer be relied upon.
The Company has completed its audit for the
year ended March 31, 2020. The referenced quarterly reports are for the second and third quarters of the fiscal year ended March
31, 2020.
On October 7, 2020, the Company filed its report
on Form 10-K with the Securities and Exchange Commission for the fiscal year ended March 31, 2020.
The Company migrated to a new enterprise accounting
and inventory system at the end of the second quarter of the fiscal year (September 2019) upon unexpectedly losing support for
its legacy inventory system. In connection with the Company’s migration to the new accounting system, including the reconciliation
of the old and new systems and preparation of its year end accounting, management discovered that inventory balances previously
reported as of September 30, 2019 and December 31, 2019 were misstated.
The Company’s management
and the Audit Committee have discussed these matters with Marcum LLP, the Company’s independent registered public accounting
firm.
The Company will, as soon
as is practicable, make the appropriate adjustments to the above referenced Reports by filing with the SEC amendments to the Reports
which, in each case, will include restated financial statements and notes thereto and any other appropriate revisions.
This Current Report on Form 8-K contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current
beliefs and expectations of IEH Corporation’s management and are subject to significant risks and uncertainties. Actual results
may differ from those set forth in the forward-looking statements. Factors that could cause the Company’s actual results
to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on
Form 10-K for the fiscal year ended March 31, 2020 and reports subsequently filed. Such reports are available on the Securities
and Exchange Commission’s website (www.sec.gov). IEH Corporation does not undertake to update the forward-looking statements
to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed
on its behalf by the undersigned, hereunto duly authorized.
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IEH Corporation
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By: /s/ David Offerman
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Date: October 8, 2020
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Name: David Offerman
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Title: Chairman of the Board, President and Chief Executive Officer
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