SEC Filing Summary: Wizard World, Inc. (Form 8-K)
Business Context and Reporting Period
This Form 8-K was filed by Wizard World, Inc. on March 24, 2011, reporting events occurring on March 23, 2011. The filing addresses a material accounting error requiring the non-reliance on previously issued financial statements for the company and its predecessors, Kick the Can Corp. and Kicking the Can, LLC.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the identification of errors in historical financial reporting rather than current operational performance metrics.
Material Changes and Accounting Restatement
The Board of Directors concluded that errors exist in the following "Subject Financial Statements," which should no longer be relied upon:
- Period from September 20, 2010 (Inception) through September 30, 2010, for Kick the Can Corp.
- Years ended June 30, 2010, and the period from April 17, 2009 (Inception) to June 30, 2009, for Kicking the Can, LLC.
The company anticipates the following corrective actions:
- Inclusion of financial statements for a predecessor entity.
- Retrospective restatement of predecessor financial statements to include the recapitalization through Kick the Can Corp.
Management Commentary and Risks
Management, the Board of Directors, and the independent registered public accounting firm have discussed the matters disclosed in this filing. The primary risk identified is the unreliability of the previously issued financial statements for the periods noted above until the restatement is completed.
Investor Verification Checklist
- Verify the specific nature and magnitude of the accounting errors in the predecessor entities (Kick the Can Corp. and Kicking the Can, LLC).
- Monitor for the release of the restated financial statements and the timeline for their completion.
- Confirm the impact of the recapitalization on the company's historical equity and capital structure.
- Review any subsequent filings for updated financial data replacing the non-relied statements.