Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
On October 6, 2020, IEH Corporation's (the "Company") management, the Audit
Committee of the Company's Board of Directors (the "Audit Committee"), and the
full Board of Directors (the "Board"), reached a determination that the
Company's previously issued unaudited interim financial statements included in
the Company's Quarterly Reports on Form 10-Q for the fiscal quarters ended (i)
September 27, 2019, filed with the Securities and Exchange Commission (the
"SEC") on November 11, 2019 and (ii) December 31, 2019, filed with the SEC on
February 14, 2020, should no longer be relied upon.
Following the filing on October 8, 2020 of the Company's Form 10-K for the
fiscal year ended March 31, 2020, the Company ceased filing its reports with the
SEC while it worked on resolving issues related to inventory reporting in its
accounting system. On January 26, 2023, the Company's management, the Audit
Committee and the Board determined that the Company's previously audited
financial statements and related disclosures for the fiscal year ended March 31,
2020 and for the period then ended should no longer be relied upon because of
material errors contained in those financial statements. These errors occurred
in connection with the Company's migration to a new enterprise accounting and
inventory system. The Company's management, the Audit Committee and the Board
discussed the errors and the restatement of the financial statements with Marcum
LLP, the Company's independent registered public accounting firm.
The Company concluded that the impact of these errors on the aforementioned
financial statements is material and resulted in an understatement of costs of
products sold, an overstatement of income tax expense, and an overstatement of
net income, for the fiscal year ended March 31, 2020. The exact quantitative
impact of the errors is still being determined and will be disclosed in more
detail in the Company's restated financial statements. The Company plans to file
a comprehensive annual report on Form 10-K (the "Super 10-K") containing the
restated financial statements as soon as reasonably practicable.
The categories of errors and their impact on the previously issued financial
statements will be described therein and the Super 10-K will include:
· Restated unaudited interim financial statements for the quarterly periods ended
September 27, 2019 and December 31, 2019;
· Restated audited financial statements for the fiscal year ended March 31, 2020;
· Unaudited interim financial statements for the quarterly periods ended June 30,
2020, September 30, 2020, December 31, 2020, June 30, 2021, September 30, 2021
and December 31, 2021; and
· Audited financial statements for the fiscal years ended March 31, 2021 and
March 31, 2022.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is attached to this Current Report on Form 8-K:
Exhibit Number Exhibit Title or Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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