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TRLI > SEC Filings for TRLI > Form 8-K on 14-Feb-2014All Recent SEC Filings

Show all filings for TRULI MEDIA GROUP, INC.



Non-Reliance on Previous Financials, Audits or Interim Review

Item 4.02 Non-Reliance on Previously Issued Financial Statements

On February 10,, 2014, Truli Media Group, Inc. (the "Company") conclusively determined that the Company's previously issued unaudited financial statements for the six months ended September 30, 2013 included in the Company's Quarterly Report on Form 10-Q (the "Previously Issued Financial Statements") filed with the United States Securities and Exchange Commission (the "SEC") contain certain errors that materially impact the Previously Issued Financial Statements. Accordingly, these Previously Issued Financial Statements and related financial information should no longer be relied upon.

Specifically, on September 10, 2013, the Company issued $501,337 of the Company's 12% Senior Convertible Debentures ("12% Debentures"). In connection with the transaction, the Company made certain statements or omissions, in the transaction documents, that were incorrect as of the date made. Such statements or omissions resulted in an event of default under the terms of the transaction documents and 12% Debentures. Upon such event of default: (i) the principal and accrued interest balance on the 12% Debentures increased to 150%, (ii) the interest rate increased to 18% (commencing 5 days after the event of default), and (iii) the amounts due under the 12% Debentures were accelerated and became immediately due and payable. As of September 30, 2013, the outstanding principal and interest balance of the 12% Debentures was reported as $504,663 but should have been reported as $769,765.

The Company expects to file its restated financial statements for the period ended September 30, 2013 as soon as is practicable.

The Company has discussed this matter with the Company's independent registered public accounting firm

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