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Replies to post #61963 on Revolutionary Concepts Inc (fka REVO)
08/16/15 4:24 PM
08/16/15 10:49 PM
Item 8.01
Disclosure of Other Events
On June 11, 2015, the board of directors of Revolutionary Concepts, Inc. (the “Company”) concluded that the Company’s previously issued annual and quarterly financial reports for the following periods:
The year ending December 31, 2012;
?The quarterly periods ending March 31, 2013, June 30, 2013, September 30, 2013;
?The year ending December 31, 2013; and
?The quarterly periods ending March 31, 2014, June 30, 2014 and September 30, 2014
should no longer be relied upon because of the improper and incomplete accounting treatment of several items in such financial statements and reports as addressed in FASB ASC Topic 250. The Company has not filed its required annual financial report for the calendar year ending December 31, 2014 or its required quarterly report for the period ending March 31, 2015. All of these periods together are referred to herein as the ‘Affected Periods’.
The accounting issues that caused the Company to conclude that the existing filings covering the Affected Periods could not be relied upon were identified during the course of an SEC inquiry, which has been pending against the Company since February, 2015. These items largely focus on the accounting treatment of certain unrealized losses upon the sale of securities, certain adjustments made to the Company’s stockholders’ equity, certain related party transactions, certain disclosures of contingent liabilities, the forgiveness of certain debt, the capital treatment of certain items, and other disclosures and potential omissions.
AI
