ViVic Corp. restates Q1-Q3 2021 financials; subsidiary Ocean Way should not have been consolidated

VIVIC CORP.

Board and management determined subsidiary Ocean Way consolidation was erroneous; should be long-term investment.
Affected filings: 10-Qs for quarters ended March 31, June 30, and September 30, 2021.
Investment of $122,665 (RMB 780,000) for 43.8% ownership in Shenzhen Ocean Way Yachts Services.
Independent auditor YCM CPA, Inc. agrees with non-reliance conclusion; letter attached as Exhibit 13.3.
Investors warned not to rely on previously issued unaudited financial statements for those periods.

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