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SLNR > SEC Filings for SLNR > Form 8-K/A on 21-Jan-2014All Recent SEC Filings




Non-Reliance on Previous Financials, Audits or Interim Review, Fi

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

On January 6, 2104, Steve Matteson, the Company's Chief Financial Officer, concluded that certain previously filed financial statements of the Company did not properly account for previously unrecognized receivables collected, general operating expenses incurred, and additional sales in the Company's Denmark account. Upon reconciliation of outstanding accounts receivables, it was observed that pending receivables outside the U.S. had been deposited into the Company's bank account with Sydbank in Denmark instead of our U.S. Bank account. Payments to various service vendors were withdrawn from that account, as well. As a result of the restatement, revenue increased from $12,753 to $42,067, cash increased from $104,481to $131,310, earning per share loss increased from $(0.09) to $(0.12) and cash flows from operating activities net income (loss) increased to $(247,692).

On January 6, 2014, based on the recommendation of Mr. Matteson and after discussions with the Company's current independent accountant, Thomas J. Harris CPA , the Company's Board of Directors determined that the financial statements included in its Quarterly Report on Form 10-Q for the period ended August 31, 2013 should no longer be relied upon. The period ended August 31, 2013 is the only reporting period impacted by the restatement. In addition, any press releases containing financial information for such periods should not be relied upon.

The Company expects to restate its financial statements for the period ended August 31, 2013. The Company is working diligently to prepare and file restated unaudited interim financial statements for the period ended August 31, 2013, in a Quarterly Report on Form 10-Q/A as soon as possible. The Company believes that these restated filings will contain disclosures that are adequate and appropriate to restate the relevant financial information for the accounting errors noted with respect to previous reporting period.

As stated above, the Company has informed Thomas J. Harris, CPA, the Company's independent registered public accounting firm, of the matters disclosed in this filing, and has included as an exhibit to this Form 8-K filing the acknowledgement of Thomas J. Harris, CPA.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number Description

7.1 Letter, dated January 21, 2014, from Thomas J. Harris, CPA to the Securities and Exchange Commission.

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