Tego Cyber, Inc 8-K, filed Mar 17, 2023
Tego Cyber, Inc. (TGCB)
About this 8-K
Tego Cyber, Inc filed this 8-K on March 17, 2023.
Items reported
- Item 4.02: Earlier financial statements no longer reliable
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
Amended and Restated Form 10-Q for the Three Months Ended September 30, 2022
Tego Cyber Inc. (the “Company”) previously issued unaudited financial statements for the three months ended September 30, 2022, filed on November 21, 2022 (“Original Filing”), should be restated and no longer be relied upon. The Company filed the Original Filing without the consent of BF Borgers CPA PC (“Borgers”), the Company’s independent registered public accounting firm, and subsequently discovered an error relating to the accounting treatment of the Company’s promissory notes and corresponding disclosures in the financial statement for the three months ended September 30, 2022. Consequently, the consolidated financial statements for the period ended September 30, 2022 filed with the Original Filing should no longer be relied upon.
Amended and Restated Form 10-Q/A (Amendment No. 1) for the Three Months Ended September 30, 2022
The Company, in consultation with Borgers, have concluded that the Company’s previously issued Form 10-Q/A (Amendment No. 1) for the three months ended September 30, 2022, filed on February 24, 2023, should no longer be relied upon. Borgers approved Amendment No. 1 as Form 10-Q/A (Amendment No. 1). Consequently, the consolidated financial statements for the period ended September 30, 2022 filed with Amendment No. 1 should no longer be relied upon.
The Company is amending its quarterly report for the three months ended September 30, 2022 on Form 10-Q/A (Amendment No. 2) to be filed as soon as reasonably practicable. The impact of the restatement on the Company’s unaudited financial statements for the three months ended September 30, 2022 are detailed below:
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| As Originally Reported |
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| As Restated |
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Condensed Consolidated Balance Sheet |
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Notes payable |
| $ | - |
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| $ | 342,702 |
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| $ | 342,702 |
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Convertible debt |
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| 336,767 |
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| (336,767 | ) |
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| - |
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Additional paid in capital |
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| 5,687,572 |
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| 10,369 |
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| 5,697,941 |
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Accumulated deficit |
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| (5,466,414 | ) |
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| (4,434 | ) |
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| (5,470,848 | ) |
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Condensed Consolidated Statement of Operations |
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General & administration |
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| 255,145 |
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| 625,367 |
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| 880,512 |
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Share based compensation |
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| 625,367 |
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| (625,367 | ) |
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| - |
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Interest on issuance of debts |
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| 196,767 |
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| (196,767 | ) |
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| - |
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Accretion expense |
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| - |
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| 192,332 |
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| 192,332 |
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The abovementioned amendments shall be reflected in Form 10-Q/A Amendment No. 2 in Part I - Item 1. Financial Statements (Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations), Notes 4 and 10 of the Notes to the Condensed Consolidated Financial Statements for the period ended September 30, 2022, and Part I - Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operation. The Company’s management has discussed the matters disclosed in this Current Report on Form 8-K with Borgers, its registered independent accountant.
No other changes have been made to the Original Filing and Amendment No. 1. Amendment No. 2 does not reflect events that have occurred after the filing of Amendment No. 1 (or modify or update the disclosures presented therein, except to reflect the amendments described above).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TEGO CYBER INC. | |||
| Date: March 17, 2023 | By: | /s/ Earl Johnson | |
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| Earl Johnson | |
| Chief Financial Officer | |||
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