secwatch.observer — SEC 8-K summary
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Issuer:     WB Burgers Asia, Inc. (—)
CIK:        0001787412
Form:       8-K
Filed at:   2023-05-26T23:59:59+00:00
Accession:  0001599916-23-000117
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

WB Burgers Asia restates FY2021 financials; incorrect share issuance and consolidation errors
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- Cash for 9,090,909 shares received by related party in July 2021, not company until Sept; shares issued in Oct, not July.
- Fair value of 1,000,000 Series A preferred shares issued as compensation adjusted per third-party valuation.
- Restatement includes consolidation of subsidiary WBBJ, which became wholly owned in Sept 2021.
- Retroactive revisions to share cancellation/exchange dates due to recapitalization effective March 2021.
- Reclassification of expenses paid on company's behalf from financing to operating activities on cash flow statement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1787412/000159991623000117/0001599916-23-000117-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1787412/000159991623000117/wbba_8knonr.htm
  HTML page:      https://secwatch.observer/filing/0001599916-23-000117

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