UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): April 14, 2010
Commission
file number 333-151200
FLURIDA
GROUP, INC.
((Exact name of
registrant as specified in its charter)
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Nevada
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3469
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26-0688130
|
||
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(State or other jurisdiction of
incorporation or organization)
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(Primary Standard
Industrial Classification
Code Number)
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IRS I.D.
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800
West Fifth Avenue, Suite 210B
Naperville,
IL
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60563
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|
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(Address
of principal executive offices)
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(Zip
Code)
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Issuer’s
telephone number: 630-778-8519
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
4.02(a). Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
The
registrant’s board of directors concluded that previously issued financial
statements, covering the period January 1, 2008 through December 31, 2008 should
no longer be relied upon because of an error in such financial statements as
addressed in Accounting Principles Board Opinion No. 20, as may be modified,
supplemented or succeeded.
The date
of the conclusion regarding the non-reliance on previously issued financial
statements, covering the period January 1, 2008 through December 31,
2008 was April 14, 2010.
A brief
description of the facts underlying the conclusion to the extent known to the
registrant at the time of filing is as follows:
In the
previous issued audited financial statements dated April 6, 2009, the Sales
Revenue incurred for the period January 1, 2008 through December 31, 2008, was
recognized when the products were delivered into customer’s warehouse, which
include some consignment inventories of the Company that the title of the
products might not be transferred to the customer yet. In accordance
with the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin
(“SAB”) No. 104, “Revenue Recognition,”: Revenue is considered realized and
earned when persuasive evidence of an arrangement exists; delivery has occurred
or services have been rendered; the Company’s fee to its customer is fixed or
determinable; and collection of the resulting receivable is reasonably assured;
revenues are recognized from product sales upon shipment, which is the point in
time when risk of loss is transferred to the customer, net of estimated returns
and allowances. Therefore, the comparative financial statements of prior
periods have been adjusted to apply the correct method
retrospectively. The following financial statement line items for the
period January 1, 2008 through December 31, 2008 was affected by the change of
the financial data.
Also in
the following Consolidated Balance Sheets, as of December 31, 2008, the error in
the previous issued financial statement has adjusted. The total
inventory was corrected to $618,151; therefore, the total current assets were
$1,703,514. And the deficit accumulated was adjusted to $ (214,698);
therefore, the total stockholder’s equity was $1,075,377.
FLURIDA
GROUP, INC.
(A
Development Stage Enterprise)
CONSOLIDATED
BALANCE SHEETS
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December
31
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December
31
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|||||||
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2008
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2008
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|||||||
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As
Reported
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As
Adjusted
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||||||
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ASSETS
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||||||||
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Current
assets:
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||||||||
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Cash
and cash equivalents
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$ | 605,932 | $ | 605,932 | ||||
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Accounts
receivable, net
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479,431 | 479,431 | ||||||
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Total
Current Assets
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$ | 1,085,363 | $ | 1,085,363 | ||||
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Property,
plant and equipment, net
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- | - | ||||||
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Other
assets
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||||||||
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Consignment
Inventory
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$ | 530,170 | $ | 501,727 | ||||
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Inventory
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116,424 | 116,424 | ||||||
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Total
Other Assets
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$ | 646,594 | $ | 618,151 | ||||
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TOTAL
ASSETS
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$ | 1,731,957 | $ | 1,703,514 | ||||
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LIABILITIES
& EQUITY
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||||||||
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Current
liabilities:
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||||||||
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Account
Payable
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626,868 | 626,868 | ||||||
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Credit
Card Payable
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$ | 1,269 | $ | 1,269 | ||||
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Total
Current Liabilities
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$ | 628,137 | $ | 628,137 | ||||
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Stockholders'
Equity:
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||||||||
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Common
stock, $0.001 par value;
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||||||||
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200,000,000
shares authorized;
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||||||||
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38,990,83
shares issued and outstanding.
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$ | 38,991 | $ | 38,991 | ||||
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Paid-in
capital
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1,221,613 | 1,221,613 | ||||||
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Deficit
accumulated during the development stage
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(186,255 | ) | (214,698 | ) | ||||
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Accumulated
other comprehensive Income
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29,471 | 29,471 | ||||||
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Total
stockholders' equity
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$ | 1,103,820 | $ | 1,075,377 | ||||
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TOTAL
LIABILITIES & EQUITY
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$ | 1,731,957 | $ | 1,703,514 | ||||
FLURIDA
GROUP, INC.
(A
Development Stage Enterprise)
CONSOLIDATED
STATEMENT OF LOSS
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Year Ended
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Year Ended
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|||||||
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December 31,
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December 31,
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|||||||
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2008
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2008
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|||||||
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As Reported
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As Adjusted
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Revenues:
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$ | 1,543,867 | $ | 1,013,697 | ||||
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Cost
of Goods Sold
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$ | 1,464,792 | $ | 963,065 | ||||
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Gross
Profit
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$ | 79,075 | $ | 50,632 | ||||
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Operating
expenses:
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||||||||
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Research
and development
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- | - | ||||||
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Selling,
general and administrative expenses
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261,513 | 261,513 | ||||||
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Depreciation
and amortization expenses
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- | - | ||||||
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Total
Operating Expenses
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261,513 | 261,513 | ||||||
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Operating
Loss
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$ | (182,438 | ) | $ | (210,881 | ) | ||
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Investment
income, net
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$ | 17,427 | $ | 17,427 | ||||
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Interest
Expense, net
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625 | 625 | ||||||
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Loss
before income taxes
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(165,636 | ) | (194,079 | ) | ||||
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Loss
tax expense
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- | - | ||||||
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Net
Loss
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$ | (165,636 | ) | $ | (194,079 | ) | ||
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Net
Loss per common share-Basics
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$ | (0.00 | ) | $ | (0.00 | ) | ||
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Net
Loss per common share-Diluted
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$ | (0.00 | ) | $ | (0.00 | ) | ||
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Other
comprehensive Income(Loss), net of tax:
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||||||||
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Foreign
currency translation adjustments
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29,597 | 29,597 | ||||||
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Total
other comprehensive Income
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29,597 | 29,597 | ||||||
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Comprehensive
Loss
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$ | (136,039 | ) | $ | (164,482 | ) | ||
FLURIDA
GROUP, INC.
(A
Development Stage Enterprise)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS EQUITY
FOR
THE PERIOD ENDED DECEMBER 31, 2008
(As
Adjusted)
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Deficit
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||||||||||||||||||||||||
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Accumulated
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Accumulated
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|||||||||||||||||||||||
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Additional
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During
the
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Other
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Total
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|||||||||||||||||||||
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Common
Stock
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Paid-in
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Development
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Comprehensive
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Stockholders'
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||||||||||||||||||||
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Shares
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Amount
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Capital
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Stage
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Income
(Loss)
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Equity
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|||||||||||||||||||
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Net loss for the year
ended December 31 ,
2006
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$ | (1,500 | ) | $ | (1,500 | ) | ||||||||||||||||||
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Balance,
December 31, 2006
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$ | (1,500 | ) | $ | (1,500 | ) | ||||||||||||||||||
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Proceeds from sale of
common stock
@0.001 per
share on August 20,
2007
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25,997,760 | $ | 25,998 | $ | - | $ | - | $ | 25,998 | |||||||||||||||
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Issuance of common stocks to shareholders
@0.05 per share
on December 10,
2007
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1,294,000 | $ | 1,294 | $ | 63,406 | $ | 64,700 | |||||||||||||||||
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Adjustment for Exchange
rate
changes
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$ | (126 | ) | $ | (126 | ) | ||||||||||||||||||
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Net loss for the year
ended December 31,
2007
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$ | (19,119 | ) | $ | (19,119 | ) | ||||||||||||||||||
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Balance,
December 31, 2007
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27,291,760 | $ | 27,292 | $ | 63,406 | $ | (20,619 | ) | $ | (126 | ) | $ | 69,953 | |||||||||||
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Issuance of common stocks to Williams @0.10 per share on April 15,
2008
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50,000 | $ | 50 | $ | 4,950 | $ | 5,000 | |||||||||||||||||
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Issuance of common
stocks to convert
loans @0.10 per
share on April 15,
2008
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11,649,067 | $ | 11,649 | $ | 1,153,257 | $ | 1,164,906 | |||||||||||||||||
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Net Loss for the period
ended December
31, 2008
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$ | (194,079 | ) | $ | 29,597 | $ | (164,482 | ) | ||||||||||||||||
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Balance,
December 31, 2008
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38,990,827 | $ | 38,991 | $ | 1,221,613 | $ | (214,698 | ) | $ | 29,471.23 | $ | 1,075,377 | ||||||||||||
FLURIDA
GROUP, INC.
(A
Development Stage Enterprise)
CONSOLIDATED
STATEMENT OF CASH FLOWS
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Year
Ended
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Year
Ended
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|||||||
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December
31
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December
31
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|||||||
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2008
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2008
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|||||||
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As
Reported
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As
Adjusted
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||||||
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Operating
Activities:
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||||||||
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Net
Loss
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$ | (165,636 | ) | $ | (194,079 | ) | ||
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Adjustments
to reconcile net loss to net cash provided by operating
activities:
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||||||||
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Non-cash
portion of share based legal fee expense
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5,000 | 5,000 | ||||||
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Consignment
Inventory
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(530,170 | ) | (501,727 | ) | ||||
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Inventory
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(116,424 | ) | (116,424 | ) | ||||
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Increase
in account receivable
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(479,431 | ) | (479,431 | ) | ||||
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Decrease in
other payable
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(1,500 | ) | (1,500 | ) | ||||
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Increase
in account payable
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626,868 | 626,868 | ||||||
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Increase
in credit card payable
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1,269 | 1,269 | ||||||
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Net
cash provided by operating activities
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$ | (660,024 | ) | $ | (660,024 | ) | ||
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Investing
Activities:
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||||||||
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Organization
cost
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- | - | ||||||
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Net
cash provided by investing activities
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$ | - | $ | - | ||||
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Financing
Activities:
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||||||||
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Proceeds
from issuance of common stock
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- | - | ||||||
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Repay
loans to shareholders
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(25,066 | ) | (25,066 | ) | ||||
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Proceeds
from loan from shareholders
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11,926 | 11,926 | ||||||
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Net
cash provided by financing activities
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(13,140 | ) | (13,140 | ) | ||||
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Effect
of Exchange Rate on Cash
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$ | 29,597 | $ | 29,597 | ||||
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Net
increase (decrease) in cash and cash equivalents
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$ | (643,567 | ) | $ | (643,567 | ) | ||
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Cash
and cash equivalents at beginning of the year
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$ | 1,249,499 | $ | 1,249,499 | ||||
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Cash
and cash equivalents at end of year
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$ | 605,932 | $ | 605,932 | ||||
Jianfeng
Ding, CEO and an authorized officer of the registrant, discussed with the
registrant’s independent accountant the matters disclosed in this filing
pursuant to this Item 4.02(a).
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the date indicated.
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Flurida
Group, Inc.
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Dated: 12/02/2010
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By:
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/s/ Jianfeng
Ding
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Jianfeng
Ding
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|||
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Chief
Executive Officer
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|||