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Sino-Global Shipping America Says On Nov. 13 Concluded Previously Issued Financial Statements For Period Ended Sept. 30 Should No Longer Be Relied Upon Due To Inaccurate Assumption Relating To The Collectability Of Approximately $5.2M Of Other Receivables

On November 13, 2020, the Company management, after discussion with the Audit Committee of the Board of Directors of the Company, and in consultation with the Company’s independent registered public accounting

· 11/16/2020 07:39

On November 13, 2020, the Company management, after discussion with the Audit Committee of the Board of Directors of the Company, and in consultation with the Company’s independent registered public accounting firm, concluded that the Company’s previously issued unaudited condensed consolidated financial statements for the period ended September 30, 2020 included in the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2020 should no longer be relied upon as a result of an inaccurate assumption relating to the collectability of approximately $5.2 million of Other Receivables.

 

 

The impact of this change on the Company’s financial statements for the period ended September 30, 2020 is expected to include the following: total assets decreased by $5.2 million from $11.6 million to $6.4 million; total equity decreased by approximately $5.2 million from $5.2 million to a deficiency of $2,860; and net income decreased by approximately $5.1 million from $4.4 million to a net loss of $0.7 million.

 

 

The Company will file Amendment No. 1 on Form 10-Q/A for the quarterly period ended September 30, 2020 with the SEC.