Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities and Exchange Act of 1934
Date of
Report (Date of earliest event reported): March 23, 2010
YASHENG
ECO-TRADE CORPORATION
(Exact
name of registrant as specified in charter)
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Delaware
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001-12000
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13-3696015
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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1061 ½ N
Spaulding Ave., Los Angeles, CA 90046
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (323) 822-1750
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
4.02 Non-Reliance on Previously Issued Financial Statements
On March
23, 2010, in connection with the review of its consolidated financial
statements for the year ended December 31, 2008 by the Securities and Exchange
Commission, the board of directors (the “Board”) determined that Yasheng
Eco-Trade Corporation’s (the “Company”) audited consolidated financial
statements for the year ended December 31, 2008, included in the
Company’s Form 10-K for the fiscal year ended December 31, 2008, as filed with
the Securities and Exchange Commission (the “SEC”) on April 15, 2009 and the
unaudited consolidated financial statements of the Company included in the
Company’s Form 10-Q for the quarterly period ended March 31, 2009, as filed with
the SEC on May 20, 2009 (the “Relevant Reports”), are inaccurate; and, as a
result, the Company intends to restate its consolidated financial statements
included in the Relevant Reports, to be filed on or before March 31,
2010. Furthermore, the Board and the Company’s management have
determined that the Relevant Statements should no longer be relied
upon.
The
matters disclosed in this Current Report on Form 8-K have been discussed with
and reviewed by the Company’s management, the Board and the Company’s
auditor.
In our
restated reports for the year ended December 31, 2008 and March 31, 2009, , the
Company has restated its balance sheet at December 31, 2008 and March 31, 2009,
and its statements of income, stockholders’ equity and cash flows for the year
ended December 31, 2008 and for the quarter ended March 31, 2009 to reflect
changes mostly as a result of the need to reclassify certain assets
and liabilities, and also the need to fix accounting errors in the treatment of
the minority interest in the Company’s subsidiary, Vortex Ocean One
LLC in the Relevant Reports, resulting in inaccuracies in the stockholder equity
statements in the Relevant Reports. The restatement for the year ended
December 31, 2008 and in the quarter ended March 31, 2009 did not have a
material impact on (x) the net loss reported; (y) loss per share; and (z) the
negative equity position of the Company from what the Company had previously
reported for the year ended December 31, 2008 and for the quarter ended March
31, 2009.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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YASHENG
ECO-TRADE CORPORATION
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By:
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/s/
Yossi Attia
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Name: Yossi
Attia
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Title:
Chief Executive
Officer
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Los
Angeles, California