secwatch.observer — SEC 8-K summary
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Issuer:     Shengda Network Technology, Inc. (—)
CIK:        0001753931
Form:       8-K
Filed at:   2022-10-27T23:59:59+00:00
Accession:  0001493152-22-029693
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Shengda Network Technology to restate financial statements due to undisclosed related party transactions
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1753931/000149315222029693/0001493152-22-029693-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1753931/000149315222029693/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-029693

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