UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2009
Worldwide Energy and Manufacturing USA, Inc.
(Exact name of registrant as specified in its charter)
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Colorado (State or other jurisdiction of incorporation) | 0-31761 (Commission File Number) | 77-0423745 (IRS Employer Identification No.) |
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408 N Canal St., South San Francisco, CA 94080 |
(Address of principal executive offices) |
Registrant's telephone number, including area code: (650) 794-9888
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 Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 4.02 Non-Reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim Review.
On August 10, 2009, the management of Worldwide Energy and Manufacturing USA, Inc. concluded that its financial statements for the three month period ended March 31, 2009, did not properly account for certain items as of December 31, 2008 and for the year then ended in accordance with United States generally accepted accounting principles, and, as a result, cannot be relied upon. In particular, the following items were not properly accounted for:
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| PRIOR Mar. 31, 2009 | REVISED Mar. 31, 2009 | CHANGE |
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ASSETS | | | |
Prepaid & other assets | $ 405,069 | $ 106,069 | ($ 299,000) |
Total current assets | $ 18,766,585 | $ 18,521,585 | ($ 245,000) |
Intangible Assets | $ 293,279 | $ 285,714 | ($ 7,565) |
Total Assets | $ 19,092,295 | $ 19,133,009 | ($ 252,565) |
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RETAINED EARNING/EQUITY | | | |
Retained Earning | $ 4,702,687 | $ 4,454,588 | ($ 248,129) |
Accum. Other Comprehensive Income | $ 512,949 | $ 508,513 | ($ 4,436) |
Total WEMU Shareholder Eq. | $ 11,372,135 | $ 11,119,570 | ($ 252,565) |
Total Equity | $ 11,996,379 | $ 11,743,814 | ($ 252,565) |
Total Liabilities/Equity | $ 23,758,632 | $ 23,506,067 | ($ 252,565) |
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INCOME STATEMENT | | | |
G/A Expenses | $ 1,205,781 | $ 1,212,968 | ($ 7,187) |
Advertising | $ 0 | $ 415 | $ 415 |
Total Oper. Expenses | $ 1,401,077 | $ 1,408,679 | $ 7,602 |
Operating Income | $ 498,515 | $ 490,913 | ($ 7,602) |
Exchange Gain | $ 3,928 | ($ 3,637) | ($ 7,565) |
Total other Expense | $ 8,342 | $ 8,379 | $ 37 |
Net Income before Noncontrol inter. | $ 468,311 | $ 460,746 | ($ 7,565) |
Net income before tax | $ 506,857 | $ 499,292 | ($ 7,565) |
Net income | $ 443,154 | $ 435,589 | ($ 7,565) |
Comprehensive Income | $ 450,637 | $ 443,072 | ($ 7,565) |
EPS Continuing Oper. | .13 | .16 | .03 |
Weighted Avg. Shares Outstanding | 3,527,956 | 2,884,129 | (643,827) |
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
23.1 Consent of Independent Registered Public Accounting Firm
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WORLDWIDE ENERGY AND MANUFACTURING USA, INC.
Date: August 18, 2009
/s/ Jimmy Wang
Jimmy Wang, Chief Executive Officer
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