Awaysis Capital Completes Re-Audit of its Consolidated Financial Statements and Files Form 10-K/A
Rhea-AI Summary
Awaysis Capital (OTCMARKETS: AWCA) has filed an amended Form 10-K/A, incorporating a re-audit of its consolidated financial statements for the fiscal year ended June 30, 2022. The re-audit was necessitated by the SEC's sanctions against the company's previous audit firm, BF Borgers. Moore Belize LLP, the company's independent auditor, completed the re-audit in accordance with Public Company Accounting Oversight Board standards.
Notably, the 10-K/A amendment has removed the going concern qualifications as of the Report Date. Dr. Andrew Trumbach, Co-CEO and CFO, emphasized the company's commitment to maintaining transparency, accuracy, and compliance in financial reporting. The re-audit process underscores Awaysis Capital's dedication to upholding high standards of financial governance.
Positive
- Removal of going concern qualifications in the amended 10-K/A
- Successful completion of re-audit by independent auditor Moore Belize LLP
- Demonstration of commitment to financial transparency and compliance
Negative
- Necessity for re-audit due to previous auditor's SEC sanctions
News Market Reaction
On the day this news was published, AWCA declined 8.11%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The re-auditing of its consolidated financial statements for the June 30, 2022, fiscal year was required due to the Company's prior audit firm, BF Borgers, being sanctioned by the SEC. The re-audit was completed by the Company's independent auditor, Moore Belize LLP in accordance with Public Company Accounting Oversight Board standards. These re-audited financial statements highlight the Company's commitment to maintaining transparency, accuracy, and compliance in its financial reporting.
Dr. Andrew Trumbach, The Company's Co-CEO and CFO said, "Our accounting firm Moore Belize LLP has worked diligently to complete the re-audits of our financial statements, and their thorough and swift completion reinforces the accuracy and reliability of our financial disclosures. We remain committed to upholding the highest standards of financial governance and to ensure that our financial reports accurately reflect the Company's performance and position us for continued success."
Awaysis Capital will continue to provide updates on the reauditing process and any related developments as they become available.
About Awaysis Capital, Inc.
Increased global trends towards "work from home" opportunities have impacted both residency and travel. We believe that more people are seeking comfortable and convenient places to travel, visit, and live for extended durations. We seek to capitalize on these trends by transforming residential/resort properties in desirable locations into convenient enclaves that facilitate this type of travel or residency. We define an enclave as a gated community that has all the amenities that will allow a person to live, work and play without having to leave the community.
To learn more, visit www.awaysiscapital.com
Forward-Looking Statements
Statements in this press release that are not historical fact may be deemed forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "would" or "continue" or the negative of these terms or other similar expressions. Although Awaysis believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they involve numerous risks and uncertainties and Awaysis is unable to give any assurance that its expectations will be attained. Factors or events that could cause actual results to differ may emerge, and it is not possible to predict all of them. Awaysis' assumptions used for the purposes of the forward-looking statements represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance or our achievements, or industry results, to differ materially from historical results, any future results, or performance or achievements expressed or implied by such forward-looking statements. There are a number of risks and uncertainties that could cause Awaysis' actual results to differ materially from the forward-looking statements contained in this press release, which are set forth in certain of our filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward looking statement, except as may be required by law.
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SOURCE Awaysis Capital, Inc.
FAQ
Why did Awaysis Capital (AWCA) need to re-audit its financial statements?
What changes were made in Awaysis Capital's (AWCA) amended Form 10-K/A?
Who conducted the re-audit for Awaysis Capital (AWCA)?
What impact does the re-audit have on Awaysis Capital's (AWCA) financial reporting?
