Current Report Filing (8-k)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
Date of Report (Date of earliest event reported): November 16, 2020
(November 13, 2020)
(Exact name of Registrant as specified in charter)
or other jurisdiction
1044 Northern Boulevard, Suite 305
Roslyn, New York 11576-1514
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (718)
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:
||Written communications pursuant to
Rule 425 under the Securities Act (17CFR230.425)
||Soliciting material pursuant to
Rule14a-12 under the Exchange Act (17CFR240.14a-12)
pursuant to Rule 14d-2(b) under the Exchange Act
pursuant to Rule 13e-4(c) under the Exchange Act
Securities registered pursuant to Section 12(b) of the Act:
of each class
of each exchange on which registered
Stock, no par value
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.
4.02 Non-Reliance on Previously Issued Financial Statements or a
Related Audit Report or Completed Interim Review.
On November 13, 2020, the Company management, after discussion with
the Audit Committee of the Board of Directors of the Company, and
in consultation with the Company’s independent registered public
accounting firm, concluded that the Company’s previously issued
unaudited condensed consolidated financial statements for the
period ended September 30, 2020 included in the Company’s quarterly
report on Form 10-Q filed with the Securities and Exchange
Commission on November 13, 2020 should no longer be relied upon as
a result of an inaccurate assumption relating to the collectability
of approximately $5.2 million of Other Receivables.
The impact of this change on the Company’s financial statements for
the period ended September 30, 2020 is expected to include the
following: total assets decreased by $5.2 million from $11.6
million to $6.4 million; total equity decreased by approximately
$5.2 million from $5.2 million to a deficiency of $2,860; and net
income decreased by approximately $5.1 million from $4.4 million to
a net loss of $0.7 million.
The Company will file Amendment No. 1 on Form 10-Q/A for the
quarterly period ended September 30, 2020 with the SEC.
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.
SINO-GLOBAL SHIPPING AMERICA, LTD.
November 16, 2020