Hoops Scouting USA Restates Financials
Ticker: HSCT · Form: 8-K · Filed: Nov 29, 2024 · CIK: 1721056
Sentiment: bearish
Topics: financial-restatement, accounting-issues
Related Tickers: HSCT
TL;DR
HSCT is ditching old financials, expect a mess.
AI Summary
Hoops Scouting USA (HSCT) announced on November 27, 2024, that it will not rely on previously issued financial statements. This decision impacts financial reporting and potentially investor confidence.
Why It Matters
This filing indicates potential issues with past financial reporting, which could lead to restatements and affect the company's stock price and investor trust.
Risk Assessment
Risk Level: high — Non-reliance on previously issued financial statements suggests significant accounting or reporting errors, posing a substantial risk to the company's credibility and financial standing.
Key Players & Entities
- HOOPS SCOUTING USA (company) — Registrant
- HSCT (company) — Ticker Symbol
- November 27, 2024 (date) — Date of earliest event reported
FAQ
What specific financial statements are affected by this non-reliance announcement?
The filing states that the company will not rely on 'previously issued financial statements', but does not specify which particular periods or statements are affected.
What is the reason for Hoops Scouting USA's non-reliance on its financial statements?
The filing does not provide a specific reason for the non-reliance on previously issued financial statements.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on November 27, 2024.
What is the principal executive office address for Hoops Scouting USA?
The principal executive offices are located at 63 Rocio Court, Palm Desert, CA 92260.
What is the Commission File Number for Hoops Scouting USA?
The Commission File Number for Hoops Scouting USA is 000-56389.
Filing Stats: 491 words · 2 min read · ~2 pages · Grade level 13 · Accepted 2024-11-29 14:03:26
Filing Documents
- hsct_8k.htm (8-K) — 23KB
- 0001477932-24-007747.txt ( ) — 140KB
- hsct-20241127.xsd (EX-101.SCH) — 6KB
- hsct-20241127_lab.xml (EX-101.LAB) — 14KB
- hsct-20241127_cal.xml (EX-101.CAL) — 1KB
- hsct-20241127_pre.xml (EX-101.PRE) — 9KB
- hsct-20241127_def.xml (EX-101.DEF) — 2KB
- hsct_8k_htm.xml (XML) — 4KB
02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. On November 27, 2024, based on the recommendation of the Company's management, and after consultation with the Company's independent registered public accounting firm, concluded that the Company's previously issued audited consolidated financial statements as of and for the year ended June 30, 2023 included in the Company's Annual Report on Form 10-K for the year ended June 20, 2023, (the "2023 Annual Report") and the Company's previously issued unaudited consolidated financial statements included in the Quarterly Reports on Form 10-Q for the quarters ended September 30, 2022, December 31, 2022 and March 31, 2023, September 30, 2023, and December 31, 2023 (the "2022 and 2023 Quarterly Reports" and, together with the 2023 Annual Report, the "Reports" and all financial statements included in the Reports, collectively, the "Affected Financials") should no longer be relied upon due to material errors. The Reports will be restated. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HOOPS SCOUTING USA Dated: November 27, 2024 By: /s/ Jamie Oei Jamie Oei President, C.E.O & Director 3