- Current report filing (8-K)
06 November 2008 - 5:29PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
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 6, 2008
SOVEREIGN
EXPLORATION ASSOCIATES INTERNATIONAL, INC.
(Exact
name of registrant as specified in its charter)
Utah
|
333-29903
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30-0123229
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|
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
|
503
Washington Avenue
Suite
2D
Newtown,
Pennsylvania 18940
(Address
of principal executive offices and zip code)
Registrant's
telephone number, including area code: 215-968-0200
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:
r
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
r
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
r
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
r
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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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Item
4.02 Non-Reliance On Previously Issued Financial Statements Or A Related Audit
Report Or Completed Interim Report
On
January 13, 2004, the Registrant notified the SEC of its election to be treated
as a business development company. All subsequent quarterly and
annual reports were prepared using accounting principals applicable to a
business development company. On September 21, 2006, the Registrant
withdrew its election to be treated as a business development
company. On October 12, 2007, Registrant filed its Annual Report on
Form 10-KSB for the year ended June 30, 2007. The SEC has informed
Registrant that it feels its financial statements contained in its Form 10-KSB
filed on October 12, 2007, were not prepared using accounting principals
suitable for a company transitioning from a business development company to an
operating company, and therefore should not be relied
upon. Registrant has commenced preparation of restated financials for
the year ended June 30, 2007, which would be audited according to appropriate
accounting principals and upon which the public could
rely. Registrant and its auditors also discussed the preparation and
filing of this Form 8-K.
SIGNATURES
Pursuant
to the Securities Act of 1934, the Company has duly caused this report to be
signed on its behalf.
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SOVEREIGN
EXPLORATION ASSOCIATES
INTERNATIONAL,
INC.
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Dated:
November 6, 2008
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By:
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/s/ Robert D.
Baca
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|
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Robert D. Baca,
Chief Executive Officer
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