Simlatus Corp. (OTCMKTS:SIML) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim ReviewITEM 4.02 Non-Reliance of Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Simlatus Corp. (OTCMKTS:SIML) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
to an order entered by the Public Company Accounting Oversight Board (“PCAOB”), entered on December 20, 2016, and correspondence received by the Company, from the Securities and Exchange Commission, on December 29, 2016, the Company was informed that the registration of the Company’s auditor, John Scrudato, CPA, as well as the registration of Mr. Scrudato’s firm, Scrudato & Company, PA was revoked.
The Company entered into an engagement agreement with Debra L Lindaman of DLL CPAS, LLC to act as the Company’s Auditor, on January 5, 2017, and shortly thereafter, the Company was informed by Ms. Lindaman that she would have to terminate the engagement due to staff shortage in her office.
Both the revocation of Mr. Scrudato’s registration and the engagement of Debra L Lindaman were disclosed in a Form 8-K, which the Company filed on January 5, 2017.
On January 23, 2017, the Company engaged Jayme L. McWidener, CPA of MAC ACCOUNTING GROUP, LLC as its independent public account firm.
The engagement of MAC ACCOUNTING GROUP, LLC was disclosed in a Form 8-K, which the Company filed on January 23, 2017.
Scrudato audited our Form 10-K Financial Statements for the year-end March 31, 2016, and he reviewed the Form 10-Q’s for the periods ending June 30, 2016, and September 30, 2016.
The Company’s Form10-Q for the period ending December 31, 2016, was filed on February 21, 2017, and was reviewed by MAC ACCOUNTING GROUP, LLC, but was unaudited.
During the auditing of the year-end for March 31, 2017, and for a re-audit of the year-end March 31, 2016 (due to the revocation of the registration of John Scrudato and his firm, Scrudato & Company), MAC ACCOUNTING GROUP, LLC found several discrepancies in the 2016 year-end financial statements, as well as the subsequent following three quarters.
The Company’s Form 10-K Financial Statement for the fiscal year end March 31, 2016, and the Form 10-Q’s for the subsequent three quarters, ending on June 30, 2016, September 30, 2016, and December 31, 2016, contained incorrect information. Following the presentation of an accounting and valuation memo on June 26, 2017, the Company puts forth this Form 8-K stating that the financial statements filed for the year end 2016 and the three subsequent quarters contain incorrect information and should not be relied upon.
The Company has been working diligently to reconcile the financial statements and we will be filing our Form 10-K Financial Statements for the year-end March 31, 2017, with restated financial statements for the year ending March 31, 2016, as soon as is practicably possible.
About Simlatus Corp. (OTCMKTS:SIML)
Simlatus Corporation, formerly Grid Petroleum Corp., designs, manufactures and sells audio and video broadcast equipment. The Company builds and thoroughly tests these items in-house prior to shipping to its customers. It has a revenue base in the broadcast industry with long-term national and international distribution. Its customers include smaller broadcast customers, which include religious facilities, international broadcast facilities and colleges, as well as radio stations, among others. It sells over 55 different products, which include a range of protection switches, high definition (HD) routers, analog routers, control panels, audio distribution, SyncPal and the SoundPal. The new products include SocialCast AR, Augmented Reality, and Virtual Reality Content Server. The target technologies include Virtual Reality, Augmented Reality, Audio/Video Codecs, Audio Content Recognition, and over-the-top (OTT) application program interface (API) integration into key platforms.
Simlatus Corporation, formerly Grid Petroleum Corp., designs, manufactures and sells audio and video broadcast equipment. The Company builds and thoroughly tests these items in-house prior to shipping to its customers. It has a revenue base in the broadcast industry with long-term national and international distribution. Its customers include smaller broadcast customers, which include religious facilities, international broadcast facilities and colleges, as well as radio stations, among others. It sells over 55 different products, which include a range of protection switches, high definition (HD) routers, analog routers, control panels, audio distribution, SyncPal and the SoundPal. The new products include SocialCast AR, Augmented Reality, and Virtual Reality Content Server. The target technologies include Virtual Reality, Augmented Reality, Audio/Video Codecs, Audio Content Recognition, and over-the-top (OTT) application program interface (API) integration into key platforms.