IEH Corp 8-K, filed Jun 9, 2023
IEH Corp (IEHC)
About this 8-K
IEH Corp filed this 8-K on June 9, 2023, reporting on events of January 26, 2023.
Items reported
- Item 4.02: Earlier financial statements no longer reliable
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 4.02 | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On October 6, 2020, IEH Corporation’s (the “Company”) management, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”), and the full Board of Directors (the “Board”), reached a determination that the Company’s previously issued unaudited interim financial statements included in the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended (i) September 27, 2019, filed with the Securities and Exchange Commission (the “SEC”) on November 11, 2019 and (ii) December 31, 2019, filed with the SEC on February 14, 2020, should no longer be relied upon.
Following the filing on October 8, 2020 of the Company’s Form 10-K for the fiscal year ended March 31, 2020, the Company ceased filing its reports with the SEC while it worked on resolving issues related to inventory reporting in its accounting system. On January 26, 2023, the Company’s management, the Audit Committee and the Board determined that the Company’s previously audited financial statements and related disclosures for the fiscal year ended March 31, 2020 and for the period then ended should no longer be relied upon because of material errors contained in those financial statements. These errors occurred in connection with the Company’s migration to a new enterprise accounting and inventory system. The Company’s management, the Audit Committee and the Board discussed the errors and the restatement of the financial statements with Marcum LLP, the Company’s independent registered public accounting firm.
The Company concluded that the impact of these errors on the aforementioned financial statements is material and resulted in an understatement of costs of products sold, an overstatement of income tax expense, and an overstatement of net income, for the fiscal year ended March 31, 2020. The exact quantitative impact of the errors is still being determined and will be disclosed in more detail in the Company’s restated financial statements. The Company plans to file a comprehensive annual report on Form 10-K (the “Super 10-K”) containing the restated financial statements as soon as reasonably practicable.
The categories of errors and their impact on the previously issued financial statements will be described therein and the Super 10-K will include:
| · | Restated unaudited interim financial statements for the quarterly periods ended September 27, 2019 and December 31, 2019; |
| · | Restated audited financial statements for the fiscal year ended March 31, 2020; |
| · | Unaudited interim financial statements for the quarterly periods ended June 30, 2020, September 30, 2020, December 31, 2020, June 30, 2021, September 30, 2021 and December 31, 2021; and |
| · | Audited financial statements for the fiscal years ended March 31, 2021 and March 31, 2022. |
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibit is attached to this Current Report on Form 8-K:
| Exhibit Number | Exhibit Title or Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.
| IEH Corporation |
| By: /s/ Dave Offerman |
| Name: Dave Offerman |
| Title: President and Chief Executive Officer |
Date: June 8, 2023