AGRO CAPITAL MANAGEMENT CORP. (OTCMKTS:ACMB) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim ReviewItem 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
On August 18, 2017, the independent registered public accounting firm of Agro Capital Management Corp., a Nevada corporation (the “Company”), in conjunction with the review of our June 30, 2017 financial statements, advised our management that our previously filed consolidated financial statements as of and for the quarterly period ended March 31, 2017 needed to be restated. The restatement results from errors in accounting for shares issued as compensation by us during 2017 (the “Shares”).
We failed to record as compensation expense the issuance of the Shares. We therefore will restate our financial statements for the quarterly period ended March 31, 2017 to correct the accounting for the issuance of the Shares.
As a result of the error and pending restatement, the consolidated financial statements for the quarter ended March 31, 2017 contained in our 2017 Quarterly Reports on Form 10-Q should no longer be relied upon.
We will amend our Form 10-Q for the period ended March 31, 2017 to include the restated financial statements. The amended Form 10-Q will be filed as soon as possible.
Our management discussed the matters disclosed in Item 4.02 of this filing with, and provided a copy of this Form 8-K to, Michael Gillespie & Associates, PLLC, the Company’s independent registered certified public accounting firm.
Item 9.01 Financial Statements and Exhibits.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, the Company’s expectations regarding future financial performance and liquidity, its long-term strategy, restructuring and other initiatives, and future operations or operating results. These statements often can be identified by the use of terms such as “may,” “should,” “could,” will,” “expect,” “believe,” “planned, “anticipate,” “estimate,” “project,” “intend,” “forecast,” “approximate” or “continue,” or similar expressions. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, the Company cannot assure that actual results will not differ materially from its expectations. The Company assumes no responsibility to update forward-looking statements made herein or otherwise.
AGRO CAPITAL MANAGEMENT CORP. ExhibitEX-7.1 2 acmb_ex71.htm LETTER FROM INDEPENDENT ACCOUNTANT acmb_ex71.htmEXHIBIT 7.1 August 23,…To view the full exhibit click
About AGRO CAPITAL MANAGEMENT CORP. (OTCMKTS:ACMB)
Agro Capital Management Corp., formerly Guate Tourism Inc., is a shell company. The business of the Company is to manage, expand, develop and own Agro Capital Management Berhad (Agro Malay). Agro Malay is the subsidiary of the Company. Agro Malay is principally engaged in aquaculture development in Malaysia. Agro Malay is in the business of trading, exporting and production of aquaculture related products. The Company anticipates to commercially farm marine shrimp for export and distribution to local retailers. The Company intends to expand Agro Malay into a fully-integrated aquaculture company in the future by developing its research and development, hatcheries, aquaculture feeds, grow-out operations, processing plant operations, seafood sales and marketing. The Company operated an online tourist guide company in Guatemala. The Company has no revenues generated.