AND EXCHANGE COMMISSION
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
of report (Date of earliest event reported): April 25, 2018 (April 16, 2018)
Name of Registrant as Specified in Charter)
or Other Jurisdiction of Incorporation)
Ho Wah Genting, No. 35
of Principal Executive Offices)|
telephone number, including area code:
name or former address, if changed since last report)|
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)
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
4 – Matters Related to Accountants and Financial Statements
4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
April 16, 2018 the Board of Directors of Vitaxel Group Limited (the “Company”) determined that each of the Quarterly
Reports on Form 10-Q for the periods ended March 31, 2017, June 30, 2017 and September 30, 2017 need to be revised. These revisions
are necessary due to errors with respect to the (i) cost of goods sold, (ii) shares issued in January 2017 and in March 2017 and
(iii) minor corrections in the revenues. Management noted an error in billing to one of its associate for goods sold to them during
the two quarters of fiscal year ended December 31, 2017, necessitating changes to the financial statements for the two quarters
of 2017 ending June 30, 2017 and September 30, 2017. It was also discovered that shares issued on January 4, 2017 and on March
21, 2017 were not properly recorded in the Form 10-Q for the period ended March 31, 2017. Due to miscommunications within the
Company, the shares issued pursuant to the 2016 Equity Incentive Plan were not recorded. As a result of these errors, revisions
need to be made to the cost of goods sold and the number of shares issued and outstanding. Accordingly, the previously filed reports
should no longer be relied upon and require restatement.
Thong, the Company’s accountant, has discussed the foregoing matter with B F Borgers CPA PC, the Company’s
independent public auditors.
intend to file as soon as practicable amendments to our Quarterly Reports on Form 10-Q for these periods.
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.
||VITAXEL GROUP LIMITED|
||Chief Executive Officer|