Current Report Filing (8-k)
September 25 2019 - 5:24PM
Edgar (US Regulatory)
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): September 24, 2019
GULFSLOPE
ENERGY, INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
000-51638
|
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16-1689008
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(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employee
Identification
No.)
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1331
Lamar St., Suite 1665
Houston,
Texas 77010
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (281) 918-4100
Not
applicable
(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 (see General Instruction A.2. below):
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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|
☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act: None
Title
of each class
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Trading
Symbol
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Name
of each exchange on which registered
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Common
stock, par value $0.001 per share
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GSPE
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OTC
QB
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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
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Non-Reliance on Previously
Issued Financial Statements or a Related Audit Report or Completed Interim Review
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The
Audit Committee of the Board of Directors of GulfSlope Energy, Inc. (the “Company”) after consultation with management
and discussions with BDO USA LLP, the Company’s independent registered public accounting firm, concluded on September 24,
2019 that the Company’s financial statements as of and for the three and six months ended March 31, 2019, should not be
relied upon due to an error related to the recording of bad debt expense. With respect to the Quarterly Report on Form 10-Q filed
on May 15, 2019, for the fiscal quarter ended March 31, 2019, the balance sheet information as of March 31, 2019, the statement
of operations for the three months and six months ended March 31, 2019, the statement of stockholders’ equity (deficit)
for the three and six months ended March 31, 2019, and the statement of cash flows for the six months ended March 31, 2019 will
need to be corrected to reflect the reversal of an allowance for bad debts and corresponding overstatement of bad debt expense,
anticipated to be $672,500. It is anticipated that this will result in a decrease of general and administrative expense and net
loss, an increase in total assets and an increase in shareholders’ equity in this same amount; however, these amounts are
preliminary and subject to change. The Company will file as soon as practical with the SEC Form 10-Q/A for the three and six months
ended March 31, 2019, that includes the restated financial statements and footnotes that are required to be filed as well as the
revised narrative disclosure impacted by the restated financial statements.
The Company is assessing potential remedial actions relating
to the Company’s accounting controls, as well as additional procedures and process improvements, and plans to implement such
remedial actions as soon as practicable.
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:
September 25, 2019
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GULFSLOPE
ENERGY, INC.
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/s/
John N. Seitz
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Name:
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John
N. Seitz
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Title:
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Chief Executive
Officer
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Gulfslope Energy (CE) (USOTC:GSPE)
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