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): November 16, 2020 (November 13, 2020)
SINO-GLOBAL SHIPPING AMERICA, LTD.
(Exact name of Registrant as specified in charter)
| Virginia | | 001-34024 | | 11-3588546 |
(State or other jurisdiction
of Incorporation) | | (Commission File No.) | | (IRS Employer
Identification No.) |
1044 Northern Boulevard, Suite 305
Roslyn, New York 11576-1514
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (718) 888-1814
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:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425) |
| ☐ | Soliciting material pursuant to Rule14a-12 under the Exchange Act (17CFR240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, no par value | | SINO | | NASDAQ Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On November 13, 2020, the Company management, after discussion with the Audit Committee of the Board of Directors of the Company, and in consultation with the Company’s independent registered public accounting firm, concluded that the Company’s previously issued unaudited condensed consolidated financial statements for the period ended September 30, 2020 included in the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2020 should no longer be relied upon as a result of an inaccurate assumption relating to the collectability of approximately $5.2 million of Other Receivables.
The impact of this change on the Company’s financial statements for the period ended September 30, 2020 is expected to include the following: total assets decreased by $5.2 million from $11.6 million to $6.4 million; total equity decreased by approximately $5.2 million from $5.2 million to a deficiency of $2,860; and net income decreased by approximately $5.1 million from $4.4 million to a net loss of $0.7 million.
The Company will file Amendment No. 1 on Form 10-Q/A for the quarterly period ended September 30, 2020 with the SEC.
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.
| | SINO-GLOBAL SHIPPING AMERICA, LTD. |
| | | |
| Date: November 16, 2020 | By: | /s/ Lei Cao |
| | Name: | Lei Cao |
| | Title: | Chief Executive Officer |
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