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COYR > SEC Filings for COYR > Form 8-K on 16-Apr-2013All Recent SEC Filings

Show all filings for COYOTE RESOURCES, INC. | Request a Trial to NEW EDGAR Online Pro



Non-Reliance on Previous Financials, Audits or Interim Review

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

On April 10, 2013, the Principal Executive, Financial and Accounting Officer ("PEO") of Coyote Resources, Inc. (the "Registrant"), as authorized by the Registrant's Board of Directors to take such action, concluded that the Registrant's previously issued financial statements as of and for the fiscal years ended December 31, 2010 and 2011 and as presented in Forms 10-Q for the quarterly periods ended March 31, 2011, June 30, 2011, September 30, 2011, March 31, 2012, June 30, 2012, and September 30, 2012 should no longer be relied upon because of errors in such financial statements as addressed in applicable standards of the Financial Accounting Standards Board (the "FASB").

The Registrant's PEO had previously been informed on April 10, 2013 by their independent accountant that the financial statements for fiscal 2011 and 2010 and applicable quarterly financial statements may not have correctly reported the effects of derivative accounting required for certain of the Registrant's convertible debt instruments. The Registrant's independent accountant further advised the registrant that if adjustments required to correctly present the effects of derivative accounting related to such instruments were material to the applicable annual financial statements and unaudited quarterly financial information, the Registrant should take action, including appropriate disclosure, to prevent future reliance on the Registrant's former independent accountant's previously issued audit reports related to the previously issued 2011 and 2010 annual financial statements and on previously issued unaudited quarterly financial information. The Registrant's PEO believes such adjustments are material to the financial statements for the fiscal years and periods referred above and accordingly the Registrant's PEO determined to restate the 2010 and 2011 financial statements and the unaudited quarterly financial information presented in the Forms 10-Q for the periods referred above and to present such restated 2010 and 2011 financial statements and unaudited quarterly financial information in amendments to their Annual Report on Form 10-K for the year ended December 31, 2011 and amendments to their Quarterly Reports on Forms 10-Q for the periods ending March 31, 2012, June 30, 2012, and September 30, 2012.

The Registrant has made the contents of this Form 8-K available to the independent auditor and requested it to furnish a letter to the Registrant as to whether the independent accountant agrees with the statements made by the Registrant in response to this Item 4.02 and, if not, stating the respects in which it does not agree. A copy of such letter is attached hereto as Exhibit 7.1.

Item 9.01 Exhibits.

The following exhibit is filed with this Current Report on Form 8-K.

Exhibit Number Description of Exhibit

7.1 Letter from Malone Bailey

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