Amended Current Report Filing (8-k/a)
March 14 2018 - 8:02AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act 1934
Date of Report (date of earliest event reported):
March 12, 2018
Hui
Ying Financial Holdings Corporation
(Exact name of registrant as specified in
charter)
Nevada
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333-219451
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35-2507568
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(State of Incorporation)
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(Commission File No.)
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(IRS Employer
Identification No.)
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Room 2403, Shanghai Mart Tower
2299 West Yan’an Road, Changning
District
Shanghai, China 200336
(Address Of Principal Executive Offices)
(Zip Code)
+
86
21-23570077
(Registrant’s Telephone Number, Including
Area Code)
(Former Name or Former Address, is Changed
Since Last Report)
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 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
x
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 March 12, 2018, the Board of Directors of Hui
Ying Financial Holdings Corporation (the “Company”), after consultation with the Company’s management,
concluded that the Company’s previously issued audited financial statements for the year ended December 31, 2016,
included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 13 , 2017 (the
“2016 Form 10-K”) should no longer be relied upon and that disclosure should be made and action should be taken
to prevent future reliance. The Company, including the Board of Directors, has discussed the following matters with Friedman
LLP (“Friedman”), who was engaged as the Company’s independent registered public accounting firm on June
1, 2017. Friedman did not audit the Company’s financial statements in the 2016 Form 10-K.
During the preparation of the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (the “2017 Form 10-K”), the Company discovered
errors in expense cutoff procedures and the reclassification of a related party balances,
which resulted in misstatements in the Company’s previously issued consolidated financial statements included in the 2016
Form 10-K. The consolidated financial statements for the year ended December 31, 2016 will be restated to reflect the correction
of the misstatements in the Company’s 2017 Form 10-K. The errors resulted in a decrease in net income of $134,734 and total
stockholders’ equity of $128,902. There were no changes to net income per share as a result of the restatement.
The Company will also correct certain disclosures
related to the consolidated financial statements. In connection with the accounting review, the Company identified additional
material weaknesses in its internal control over financial reporting, which will be described in further detail in Item 9A, “Controls
and Procedures,” in the 2017 Form 10-K. As a result of these misstatements, the Company will restate its consolidated financial
statements in accordance with ASC 250,
Accounting Changes and Error Corrections
(the “restated consolidated
financial statements”). The impact of these restatements on the consolidated financial statements is summarized below:
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As of December 31, 2016
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As previously reported
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Restated
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Other receivables
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$
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792,849
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$
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755,792
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Total current assets
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19,988,814
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19,951,757
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Total assets
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20,285,967
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20,248,910
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Accounts payable and accrued liabilities
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227,895
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327,071
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Due to related party
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-
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194,313
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Other payables
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219,911
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18,267
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Total current liabilities
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9,046,762
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9,138,607
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Total liabilities
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9,046,762
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9,138,607
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Retained earnings
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2,310,480
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2,175,746
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Accumulated other comprehensive income
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(670,965
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)
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(665,133
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)
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Total stockholder’s equity
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$
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11,239,205
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$
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11,110,303
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For the year ended December 31, 2016
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As previously reported
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Restated
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Selling, general and administrative expenses
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$
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19,221,019
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$
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19,355,753
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Total operating expenses
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20,075,864
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20,210,598
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Income from Operations
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4,603,385
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4,468,651
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Net income
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3,573,939
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3,439,205
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Foreign currency translation adjustment
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(691,779
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)
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(685,947
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)
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Total other comprehensive income (loss)
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(641,761
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)
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(635,929
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)
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Total comprehensive income
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$
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2,932,178
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$
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2,803,276
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Net income per common share
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Basic
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$
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0.05
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$
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0.05
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Diluted
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$
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0.05
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$
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0.05
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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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HUI YING FINANCIAL HOLDINGS CORPORATION
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By:
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/s/
Bodang Liu
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Name:
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Bodang Liu
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Title:
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Chief Executive Officer
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Dated: March 14, 2018
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