SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
(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): February 14, 2007
FIT FOR BUSINESS INTERNATIONAL, INC.
(Exact name of registrant as specified in Charter)
Nevada 333-123176 20-2008579
(State or other jurisdiction of (Commission File No.) (IRS Employee
incorporation or organization) Identification No.)
10/27 Mayneview St
Milton, Australia 4064
(Address of Principal Executive Offices)
61-7-33673355
(Issuer Telephone number)
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))
Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report.
(a) On February 14, 2007, the Company determined it was necessary to restate
previously-issued financial statements included in the Company's Annual Report
on Form 10-KSB for fiscal year ended June 30, 2006, based upon the conclusion of
an internal accountant that the bad debt expense was incorrectly recorded.
The consolidated statement of stockholders' equity (deficit) from the Company's
inception (December 31, 1998) through December 31, 2006 has been restated to
correct the effects of an error made in the June 30, 2006 financial statements.
The error relates to the incorrect expensing of $375,250 of doubtful collection
of accounts receivable associated with the Company's license agreement with L.R.
Global Marketing Pty. Ltd. No revenue was ever recognized on this license
agreement pursuant to SAB No. 104, Topic 13.A.1 and 13.A.3(d), and therefore the
allowance for doubtful accounts should have been recorded as a reduction of the
associated deferred revenue, rather than as a charge to operations.
Although the Company disclosed this error within Note (12) of its Quarterly
Report on Form 10-QSB for the quarter ended December 31, 2006, the Company will
be amending the appropriate filings with the Securities and Exchange Commission
to include restated financial statements correcting this error. The financial
statements for the fiscal year ended June 30, 2006 as well as the quarter ended
September 30, 2006 should no longer be relied upon. The Company will restate its
financial statements filed on Form 10-QSB for the quarter ended September 30,
2006 and its Form 10-KSB for the fiscal year ended June 30, 2006. The Company
plans to file an amended 10-KSB for the period ended June 30, 2006 as well as an
amended 10-QSB for the quarter ended September 30,2006 prior to the filing of
the Company's Form 10-KSB for the fiscal year ending June 30, 2007.
The executive officers of the Company discussed with the Company's independent
auditors, Mendoza Berger & Company, LLP the matters disclosed in this Item
4.02(a) of this Form 8-K.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Exhibits
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report on Form 8-K to be signed on its behalf by
the undersigned hereunto duly authorized.
FIT FOR BUSINESS INTERNATIONAL, INC.
Date: May 15, 2007 By: /s/ Mark Poulsen
Mark Poulsen
Chief Executive Officer