SAN LOTUS HOLDING INC. (OTCMKTS:SLOT) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

SAN LOTUS HOLDING INC. (OTCMKTS:SLOT) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

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Item 4.02 Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report.

On March 31, 2017, the Companys Board of Directors concluded to
restate the previously-issued financial statements included in the
Companys Form 10-K/A filed on March 11, 2016, and concluded to
amend the Companys Form 10-Q respectively filed on May 6; August
12; and November 4, 2016 as promptly as possible, and we expect to
re-file those Form 10-Qs by April 30, 2017. The measurement of
those restatements was concluded on April 17, 2017.

The Companys Form 10-K for the year ended on December 31, 2016
filed on or before April 17, 2017 shall update and correct the
previous-issued financial information included in the Companys Form
10-K/A filed on March 11, 2016. Accordingly, because of these
changes, the financial statements included in the Companys Form
10-K/A filed on March 11, 2016 should no longer be relied upon.
Additionally, the financial statements included in the Companys
10-Q respectively filed on May 6; August 12; and November 4, 2016
should no longer be relied upon. Our restatements will address
followings: (1) Correction of the purchase price equation for the
acquisition of Mao Ren International Inc., which required the
reassessment of the carrying amount at initial recognition due to
the acquisition being a related party transaction; (2) Correction
of revenue recognition that required the Company to book revenues
on a net basis rather than gross in accordance with rules on agent
versus principal; (3)Corrections of accounts that related to the
above two items such as accounts receivable, unearned revenues, and
prepaid expenses; and (4) Reclassification of related party
balances to separately disclose them.

The Company consulted with its independent accountant on the
correction of previously-issued financial statements included in
its Form 10-K/A filed on March 11, 2016 and the amendments to the
Form 10-Q respectively filed on May 6; August 12; and November 4,
2016.


About SAN LOTUS HOLDING INC. (OTCMKTS:SLOT)

San Lotus Holding Inc. is a development-stage company. The Company is focused primarily on the development and marketing of its business model and Website. It plans to market global travel products to the retiring baby boomer generation in the Asian markets. Its travel services entity in Taiwan will provide both outbound travel services for customers based in Taiwan and inbound travel services for customers based abroad and coming to Taiwan. It will market its products and services to the travel population in Taiwan and abroad through its Website, www.sanlotusholding.com. The Company intends to use the cars, with hired drivers, to provide car service for its customers from the airport to their hotels or other desired destinations upon their arrival in California. Its products and services offered include transportation, such as airlines, buses, car rentals, railways and cruises; accommodation, including hotels, resorts and cruises, and packaged holidays and local tours.

SAN LOTUS HOLDING INC. (OTCMKTS:SLOT) Recent Trading Information

SAN LOTUS HOLDING INC. (OTCMKTS:SLOT) closed its last trading session 00.000 at 0.925 with shares trading hands.

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