SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Amendment No. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 24, 2010
FRIENDLY ENERGY EXPLORATION
(Exact name of registrant as specified in its charter)
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Nevada | 000-31423 | 91-1832462 |
(State or other jurisdiction | (Commission File Number) | (IRS Employer |
of Incorporation) | | Identification Number) |
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502 North Division Street
Carson City, NV 89703 | |
| (Address of principal executive offices) | |
| 702-953-0411 | |
| (Registrant’s Telephone Number) | |
(Former name or former address, if changed since last report)
Copy of all Communications to:
Carrillo Huettel, LLP
3033 Fifth Avenue, Suite 201
San Diego, CA 92103
phone: 619.399.3090
fax: 619.399.0120
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registr ant under any of the following provisions:
£ 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))
Explanatory Note.
This First Amended Form 8-K is an amendment to the Form 8-K filed on May 27, 2010 (the “Original Report”). This First Amended Form 8-K is being filed for the purpose of setting forth the underlying basis for the Company's restated financials for the period ended December 31, 2009.
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ITEM 4.02. | NONRELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW |
On May 24, 2010, the Company concluded that its consolidated financial statements for the year ended December 31, 2009 should no longer be relied upon. The Board of Directors directed a review of the Company’s accounting treatment for various transactions, in particular the accounting treatment for fixed assets, stock options and, generally, the consolidated statements of cash flows. The Company discussed the Board’s questions with the Company’s independent public accountants and as a result of the Board’s decision, the previously issued financial statements for the year ended December 31, 2009 should no longer be relied upon.
On June, 17, 2010, the Company filed an amended Annual Report on Form 10-K containing the Company's restated its financial statements for the year ended December 31, 2009. The consolidated financial statements were restated to reflect the following transactions:
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impairment of $328,970 of oil and gas properties for projects that the Company does not intend to continue; and,
·
recording of $3,288 of stock-based compensation for valuation of stock options issued during the year.
The effect of the restatement increased net loss for the year ended December 31, 2009 by $332,258.
In addition to the foregoing in all of our current and future filings remain subject to scrutiny by the Staff of the Securities & Exchange Commission (the "SEC").
Certain statements included in Item 4.02 of this Current Report on Form 8-K, which are not historical facts, are forward-looking statements such as statements regarding all of our filings remaining subject to scrutiny by the Staff of the SEC. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this Current Report. These forward-looking statements represent our expectations or beliefs and involve certain risks and uncertainties, including those described in our public filings with the SEC; also including, but not limited to, the outcome of our review, and any comments by the SEC, and delays in filing amended reports for the affected period(s) due to our efforts to complete any potential restatement, any or all of which could cause actual results to differ from those in the forward-looking statements. The forward-looking statements by their nature involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
