Accredited Solutions Amends 10-Q for Unreviewed Financials
Ticker: ASII · Form: 10-Q/A · Filed: Aug 23, 2024 · CIK: 1464865
| Field | Detail |
|---|---|
| Company | Accredited Solutions, INC. (ASII) |
| Form Type | 10-Q/A |
| Filed Date | Aug 23, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: amendment, financial-reporting, 10-Q
TL;DR
Accredited Solutions 10-Q filing was missing accountant review, they're fixing it now.
AI Summary
Accredited Solutions, Inc. filed an amended 10-Q on August 23, 2024, to address the review of its financial statements for the quarter ended March 31, 2024. The original filing on July 16, 2024, lacked the required review by an independent public accountant, which is mandated by Rule 10-01(d) of Regulation S-X.
Why It Matters
This amendment highlights a procedural issue with the company's financial reporting, potentially impacting investor confidence until the review is completed.
Risk Assessment
Risk Level: medium — The amendment indicates a delay and potential issue in the financial reporting process, which could raise concerns for investors.
Key Numbers
- 10-Q/A — Filing Type (Indicates an amendment to a quarterly report)
- March 31, 2024 — Reporting Period End Date (The quarter for which the financial statements are being amended)
Key Players & Entities
- Accredited Solutions, Inc. (company) — Filer of the 10-Q/A
- 0001477932-24-005214 (filing_id) — Accession Number for the filing
- 20240823 (date) — Filing date of the 10-Q/A
- March 31, 2024 (date) — End of the reporting period for the financial statements
- July 16, 2024 (date) — Original filing date of the 10-Q
FAQ
What is the purpose of this 10-Q/A filing?
This 10-Q/A filing amends the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2024, originally filed on July 16, 2024, to include a review of the financial statements by an independent public accountant.
Why was the original 10-Q filing insufficient?
The original filing on July 16, 2024, was insufficient because the consolidated financial statements were not reviewed by an independent public accountant in accordance with Statement of Auditing Standards No. 100, Interim Financial Information.
What regulation requires the independent accountant's review?
Rule 10-01(d) of Regulation S-X requires that interim financial statements included in quarterly reports on Form 10-Q be reviewed by an independent public accountant.
When was the original 10-Q filed?
The original 10-Q was filed on July 16, 2024.
What is the new filing date for this amended report?
This amended 10-Q/A was filed on August 23, 2024.
Filing Stats: 4,474 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-08-23 06:01:10
Key Financial Figures
- $0.001 — 5,863 shares of common stock, par value $0.001 per share issued, issuable and outstand
Filing Documents
- asii_10qa.htm (10-Q/A) — 490KB
- asii_ex311.htm (EX-31.1) — 11KB
- asii_ex312.htm (EX-31.2) — 11KB
- asii_ex321.htm (EX-32.1) — 4KB
- asii_ex322.htm (EX-32.2) — 4KB
- 0001477932-24-005214.txt ( ) — 2905KB
- accredited-20240331.xsd (EX-101.SCH) — 33KB
- accredited-20240331_lab.xml (EX-101.LAB) — 195KB
- accredited-20240331_cal.xml (EX-101.CAL) — 37KB
- accredited-20240331_pre.xml (EX-101.PRE) — 161KB
- accredited-20240331_def.xml (EX-101.DEF) — 79KB
- asii_10qa_htm.xml (XML) — 329KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS Index to Financial Statements Page Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited), and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statement of Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 2 Table of Contents ACCREDITED SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets Cash $ 245 $ 919 Accounts receivable - 64,109 Prepaid expenses 2,869 3,904 Total current assets 3,114 68,932 Other assets Property, plant and equipment, net 57,679 60,573 Intellectual property 100,000 100,000 Total assets $ 160,793 $ 229,505 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable $ 160,708 $ 159,506 Advances payable 39,450 - Advances payable -related parties 150 39,450 Accrued liabilities 12,046 10,081 Accrued liabilities - related parties 8,200 11,400 Interest payable 470,083 260,534 Interest payable to related parties - 172,149 Notes payable 19,100 19,100 Convertible notes, net of discounts 1,269,856 961,404 Convertible notes to related parties, net of discounts 0 374,102 Derivative liabilities 3,174,898 3,294,816 Total current liabilities 5,154,491 5,302,542 Total liabilities 5,154,491 5,302,542 Stockholders' deficit Preferred stock - Class A - 30,000,000 shares authorized, $ 0.001 par value, 14,000 shares issued and outstanding 14 14 Common stock - 2,500,000,000 shares authorized, $ 0.001 par value, 1,310,191,029 and 678,796,778 shares issued and outstanding as of