SEC Filing Summary: Fortress America Acquisition Corporation
Business Context and Reporting Period
This Form 8-K was filed by Fortress America Acquisition Corporation on November 16, 2006. The filing addresses a restatement of financial statements for the quarter ended June 30, 2006. The company is a Delaware corporation engaged in a proposed acquisition of VTC, L.L.C. and Vortech, LLC.
Key Financial Metrics
The filing does not provide comprehensive revenue, profit, cash flow, margin, debt, or liquidity metrics for the current period. The only specific financial figure disclosed relates to a correction in net income:
- Net Income Adjustment: $50,930 increase in net income for the quarter ended June 30, 2006.
Material Changes Versus Prior Period
The material change involves the reclassification of certain expenditures previously recorded as formation and operating costs. These expenditures, totaling $50,930, were reclassified as deferred acquisition costs related to the proposed acquisition of VTC, L.L.C. and Vortech, LLC. Consequently, the original Form 10-QSB filed for the quarter ended June 30, 2006, is no longer reliable.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or management commentary regarding future operations. The primary risk disclosed is the non-reliance on previously issued financial statements. The company has filed restated financial statements on Form 10-QSB/A to correct the accounting error. Officers have discussed these matters with the independent registered public accounting firm, Goldstein Golub Kessler LLP.
Key Facts for Investor Verification
- Verify the restated Form 10-QSB/A filed on November 16, 2006, for accurate financial data for the quarter ended June 30, 2006.
- Confirm the status of the proposed acquisition of VTC, L.L.C. and Vortech, LLC, which triggered the reclassification of costs.
- Note that the original Form 10-QSB for the period ended June 30, 2006, should not be relied upon.