Current Report Filing (8-k)
February 03 2016 - 5:01PM
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) January
28, 2016
LITHIUM EXPLORATION GROUP, INC.
(Exact name of registrant as specified in its charter)
Nevada |
333-175883 |
06-1781911 |
(State or other jurisdiction of |
(Commission File Number) |
(IRS Employer |
incorporation) |
|
Identification No.) |
3800 N Central Avenue, Suite 820, Phoenix, AZ 85012
|
85012 |
(Address of principal executive offices) |
(Zip Code) |
Registrants telephone number, including area code (480)
641-4790
N/A
(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 of 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))
2
Item 4.02 |
Non-Reliance on Previously Issued Financial
Statements or a Related Audit Report or Completed Interim Review |
Non-Reliance on financial statements for the Fiscal Years
ended June 30, 2015 and 2014, and for the interim periods ended March 3,1 2015,
December 31, 2014, and September 30, 2014.
On January 28, 2016, Lithium Exploration Group, Inc. (we,
us, our, the Company) determined that , because of a misapplication of
the accounting guidance related to the valuation of common share purchase
warrants, certain warrants issued by our Company in consideration for previously
issued convertible debt were incorrectly valued. The error resulted specifically
from an incorrect accounting of the full-ratchet anti-dilution features
contained in the warrant instruments.
As a result of our correctly accounting for the warrants,
we determined that our consolidated balance sheets for the year ending June 30,
2015, consolidated statements of operations and comprehensive income (loss) and
consolidated statement of cash flows for the three months period ending
September 30, 2014, and our consolidated statements of changes in stockholders
deficit for the period ending June 30, 2014 and June 30, 2015 contain errors. We
determined that the effect of those misstatements was material and, as a result,
we have decided to restate our audited financial statements for the fiscal year ended June 30, 2015 and June 30, 2014 filed on Form 10-K and
the interim financial statements for the quarterly periods ended March 31, 2015,
December 31, 2014 and September 30, 2014 filed on Form 10-Q (collectively, the
Reports). The financial statements included within the Reports noted
above should no longer be relied upon.
Our company plans to file amendments to the Reports in order to
accurately restate our previously filed financial statements as soon as
practicable.
The Companys Chief Executive Officer and Chief Financial
Officer discussed this matter with the Companys independent registered public
accounting firm.
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.
LITHIUM EXPLORATION GROUP, INC.
/s/Alexander
Walsh |
|
Alexander Walsh |
|
President and Director |
|
Date: February 3, 2016