SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
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Date of Report: March 5, 2007
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Brightec, Inc.
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(Exact Name of Registrant as Specified in Charter)
Nevada 033-55254-27 87-0438637
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
8c Pleasant Street, First Floor
South Natick, MA 01760
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 508-647-9710
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Advanced Lumitech, Inc.
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(Former Name or Former Address, If Changed Since Last Report)
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
(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 13c-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 4.02. Non-Reliance On Previously Issued Financial Statements Or A Related
Audit Report Or Completed Interim Review
On March 5, 2007, the Board of Directors of Brightec, Inc., a Nevada
corporation (the "Company") concluded, in conjunction with the amendment and
restatement of various other quarterly and annual filings on the same date and
based on the recommendation of management, that the financial statements as of
June 30, 2006 and September 30, 2006 and for the three-, six-, and nine month
periods then ended, respectively, and the related notes thereto, needed to be
restated as described below.
During the preparation of the various amended and restated reports
filed with the Securities and Exchange Commission on March 2, 2007 and March 5,
2007, the Company performed a further evaluation of the factors utilized in
determining the accounting and presentation of various stock redemption
agreements (the "Agreements") between the Company and certain stockholders. The
Company determined that the Agreements were improperly marked-to-market with the
changes in fair value improperly reported as gains or losses in fair value.
During the evaluation, the Company also determined that the
satisfaction of its obligation under a subscription for the purchase of the
Company's common stock was not properly recognized. Finally, during the
evaluation, the Company determined that subscriptions received for the purchase
of the Company's common stock were improperly classified as a component of
stockholders' deficit and should have been recognized as a liability.
Accordingly, the restatements of the Company's previously issued
financial statements were as follows:
As of June 30, 2006, current liabilities increased by $1,271,759 and
stockholders' deficit increased by $1,271,059. For the three- and six month
periods ended June 30, 2006, net income decreased by $1,271,759 ($0.01 per
share) and $133,155 (less than $0.01 per share), respectively.
As of September 30, 2006, current liabilities increased by $1,296,098
and stockholders' deficit increased by $1,296,098. For the three- and nine month
periods ended September 30, 2006, net income decreased by $0 (less than $0.01
per share) and $133,155 (less than $0.01 per share), respectively.
The Company's management concluded that, in light of the restatements
discussed above, the previously issued unaudited interim financial statements as
of June 30, 2006 and September 30, 2006 and for the three-, six- and nine month
periods then ended, respectively, incorporated in the respective Forms 10-QSB,
should no longer be relied upon. The Company filed amended Forms 10-QSB as of
June 30, 2006 and September 30, 2006 and for each of the three-, six- and nine
month periods then ended, respectively, on May 9, 2007.
The Company's management and the Board of Directors have discussed
their findings and conclusions with Rotenberg Meril Solomon Bertiger & Guttilla,
P.C., the Company's independent registered public accounting firm.
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.
Date: June 19, 2007 BRIGHTEC, INC.
By: /s/ PATRICK PLANCHE
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Name: Patrick Planche
Its: President and Chief Executive
Officer
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