Cyber Apps World Restates Financials
Ticker: LEEN · Form: 8-K · Filed: Apr 15, 2024 · CIK: 1230524
Sentiment: bearish
Topics: restatement, financial-reporting, audit
Related Tickers: CYAP
TL;DR
CYAP previously issued financials are toast, they're restating.
AI Summary
Cyber Apps World Inc. announced on April 15, 2024, that its previously issued financial statements for the fiscal year ended July 31, 2023, and the related audit report, should no longer be relied upon. This is due to an ongoing restatement of financial results, the specifics of which are not detailed in this filing.
Why It Matters
Investors should be aware that past financial reporting by Cyber Apps World is unreliable, potentially impacting investment decisions and valuations.
Risk Assessment
Risk Level: high — The company is retracting previously issued financial statements, indicating significant accounting issues that could lead to further complications.
Key Players & Entities
- Cyber Apps World Inc. (company) — Registrant
- April 15, 2024 (date) — Date of earliest event reported
- July 31, 2023 (date) — Fiscal year end for restated financials
- Nevada (jurisdiction) — State of incorporation
FAQ
What specific financial statements are affected by this non-reliance announcement?
The financial statements for the fiscal year ended July 31, 2023, and the related audit report are affected.
What is the reason for the non-reliance on previously issued financial statements?
The filing states that the company is undertaking a restatement of its financial results, necessitating the withdrawal of reliance on previously issued statements.
When was the earliest event reported in this filing?
The earliest event reported was on April 15, 2024.
What is Cyber Apps World Inc.'s state of incorporation?
Cyber Apps World Inc. is incorporated in Nevada.
Does this filing provide details on the specific accounting errors leading to the restatement?
No, this filing does not provide specific details on the accounting errors or the nature of the restatement.
Filing Stats: 722 words · 3 min read · ~2 pages · Grade level 12.3 · Accepted 2024-04-15 16:59:27
Filing Documents
- cyap_8k.htm (8-K) — 25KB
- 0001477932-24-002118.txt ( ) — 136KB
- cyap-20240415.xsd (EX-101.SCH) — 6KB
- cyap-20240415_lab.xml (EX-101.LAB) — 13KB
- cyap-20240415_cal.xml (EX-101.CAL) — 1KB
- cyap-20240415_pre.xml (EX-101.PRE) — 8KB
- cyap-20240415_def.xml (EX-101.DEF) — 2KB
- cyap_8k_htm.xml (XML) — 3KB
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. In a Form 10-K/A filed with the Securities and Exchange Commission (the " SEC ") on December 15, 2023, CYAP disclosed that it had recently learned that, despite representations and statements to the contrary, Ahmed & Associates, P.C., the accounting firm that the Company had initially retained as its independent registered accounting firm with respect to the audit of its financial statements for the year ended July 31, 2023, was not registered with the Public Company Accounting Oversight Board (the " PCAOB "), as required by the rules and regulations adopted by the SEC. Subsequent to that date, the PCAOB revoked the registration of Jack Shama, CPA, the accounting firm that had audited the Company's financial statements for the year ended July 31, 2022. Accordingly, the Company will file a further amendment to its Annual Report on Form 10-K for the year ended July 31, 2023 (the " 2023 Form 10-K ") to include financial statements for the years ended July 31, 2023 and July 31, 2022, which have been audited by WWC, P.C., a PCAOB registered accounting firm. As a result of such audits and reaudits, the Company determined that its previously issued financial statements for the years ended July 31, 2023 and July 31, 2022 are inaccurate. On April 15, 2024, the board of directors of the Company, after discussion with WWC, P.C., the Company's independent auditor, determined that the Company's (i) unaudited financial statements as of and for the year ended July 31, 2023 and audited financial statements as of and for the year ended July 2022, as previously included in the 2023 Form 10-K filed with the SEC on October 25, 2023, and (ii) unaudited financial statements included in its Quarterly Reports on Form 10-Q for the quarters ended October 31, 2022, January 31, 2023, April 30, 2023, October 31, 2023 and January 31, 2024 should no longer be relied upon d