Bravatek Solutions, Inc. (OTCMKTS:BVTK) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On January 25, 2019, the independent certifying accounting firm for Bravatek Solutions, Inc. (the “Company”), D. Brooks and Associates CPA’s, P.A. (the “Accountant”), notified the Company that the Company’s financial statements in each of the Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2018, June 30, 2018, and September 30, 2018 (collectively the “Quarterly Reports”), should not be relied upon due to the exclusion of 8760, LLC (“”), an entity determined to be a variable interest entity for which HelpComm, Inc. (“HelpComm”) has now been determined to be the primary beneficiary. Accounting Principles Generally Accepted in the United States require the consolidation of a variable interest entity with the financial statements of its primary beneficiary.
HelpComm is the Company’s subsidiary, and HelpComm leases its real property from 8760. The real property held by 8760 was purchased with a mortgage guaranteed by HelpComm. After the Company’s discussions with the Accountant and the Company’s other accountants, the Company determined that the financial results of 8760 during the periods covered by the Quarterly Reports should be consolidated with HelpComm’s financial results for those periods. The Company will file amended Quarterly Reports with restated financial statements for the periods covered by the Quarterly Reports as soon as possible.
The Company’s officers discussed with the Accountant the matters described in this report, provided the Accountant with a copy of the foregoing disclosure in advance of filing this Current Report and requested that the Accountant furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made in this Current Report. A copy of that letter is attached hereto as Exhibit 16.1.
ITEM 9.01. Financial Statements and Exhibits.
The exhibits listed in the following exhibit index are filed as part of this Current Report on Form 8-K:
| 16.1 | Letter from the Accountant dated January 30, 2019 (filed herewith). |
Bravatek Solutions, Inc. Exhibit
EX-16.1 2 bvtk_ex161.htm LETTER bvtk_ex161.htmEXHIBIT 16.1 January 30,…
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About Bravatek Solutions, Inc. (OTCMKTS:BVTK)
Bravatek Solutions, Inc., formerly Ecrypt Technologies, Inc., provides security, defense and information security solutions, which assist corporate entities, governments and individuals in protecting their organizations and/or critical infrastructures against error, and physical and cyber-attack. The Company is engaged in marketing and distribution of allied security, defense and information security software, hardware and services, and telecom services. The Company’s products include software, hardware and services, and span a range of industries, including e-mail security, user authentication, robotics, telecommunications and cyber breach protection. The Company’s primary business operations are focused on expanding its marketing program of allied products and services. Additionally, the Company has developed and plans to sell an enterprise-level secure e-mail software appliance named Ecrypt One. Ecrypt One is an e-mail server with integrated security technology.
