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

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Non-Reliance on Previous Financials, Audits or Interim Review, Other Events

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

As previously reported by GBS Enterprises Incorporated(the "Company") on a Form 8-K filed with the Commission on September 20, 2012, on September 19, 2012, the Board of Directors of the Company changed the Company's fiscal year end from March 31st to December 31st, beginning December 31, 2012. Due to such change, on April 16, 2013, the Board of Directors of the Company has concluded that the previously issued financial statements of the Company for the former fiscal years ended March 31, 2011 and 2012 should no longer be relied upon.

The Company currently anticipates filing the following restated financial statements and amended reports as indicated in the table below:

     SEC Report:                                   Anticipated Filing Date:
     Form 10-Q for period ended March 31, 2011     June 30, 2013
     Form 10-Q for period ended June 30, 2011      July 15, 2013

Form 10-Q for period ended September 30, 2011 July 15, 2013 Form 10-K for period ended December 31, 2011 July 15, 2013 Form 10-Q for period ended June 30, 2012 April 30, 2013

The Audit Committee of the Company's Board of Directors has discussed the matters disclosed above with the Company's independent accountant.

Item 8.01. Other Events.

As previously reported, the Company owns 50.1% of Group Business Software AG, a German public company trading on the Frankfurt Stock Exchange under the symbol "INW" ("GROUP"). For the Company's fiscal year ended December 31, 2012, GROUP represented more than 50% of the Company's consolidated revenues thereby rendering GROUP a major asset of the Company. Stock market regulations for European and U.S. publicly traded companies require different courses of action relating to the formal approval of their respective annual financial statements. GROUP's supervisory board is scheduled to approve of GROUP's annual financial statements for the purpose of presentation during the annual shareholder meeting in early May 2013.

On March 29, 2013, the Company had filed a Form 12b-25 with the Commission therein stating that the Company was unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (the "2012 Form 10-K") by the April 1, 2013 deadline but that Company intended to file the 2012 Form 10-K by the extended deadline (April 16, 2013). However, due to the approval procedures described above regarding GROUP's annual financial statements, the Company now currently anticipates filing its 2012 Form 10-K no later than May 16, 2013.

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