Shengda Network Technology, Inc.: auditor change — Shengda Network Technology to restate financial statements due to undisclosed related party transactions

Shengda Network Technology, Inc.

On September 29, 2022, during FY 2022 audit, Shengda discovered that loans to Zhejiang Malai E-commerce Co., Ltd. were not disclosed as related party transactions.
Financial statements for FY 2020, FY 2021, and quarters from Sept 2020 through March 2022 will be restated to properly classify loans and revenue with Zhejiang Malai.
The restatement does not change previously reported pre-tax income, net income, earnings per share, or total revenue.
Management discussed the matter with the independent registered public accounting firm and will file amended reports with the SEC.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Shengda Network Technology, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

management determined that the financial statements for the following periods should no longer be relied upon and should be revised and restated

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Source: SEC EDGAR

accession 0001493152-22-029693

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