UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
(formerly RMR Industrials, Inc.)
(Exact Name of Registrant as Specified in Charter)
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Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
In the process of preparing its unaudited Form 10-Q for the quarter ended December 31, 2021, Rocky Mountain Industrials, Inc. (the “Company”) identified an expense of approximately $1.1M which was initially recorded in the quarter ending December 31, 2021, because it was incurred in the quarter ended December 31, 2021.
After further evaluation, it was determined that the expense should have been recorded as a transaction cost in conjunction with the water rights sale transaction (reported as gain on sale of assets) that closed on September 30, 2021.
The gain on sale of assets will be restated in the September 30, 2021, Form 10-Q/A and is expected to have no impact on the Company’s liquidity or cash position.
On February 1, 2022, the Company’s management and the Board of Directors concluded that the Company’s previously issued unaudited condensed financial statements as of and for the three and six months ended September 30, 2021, included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the Securities and Exchange Commission (the “SEC”) on December 15, 2021, should no longer be relied upon and should be restated to correct the gain on sale of assets as described above. The restated September 30, 2021, Form 10-Q/A is expected to be filed on or about February 4, 2022.
Management has discussed and resolved the matters disclosed pursuant to this Item 4.02 with BF Borgers CPA PC, the Company’s independent accountant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 4, 2022 | By: | /s/ Brian Aratani | |
Brian Aratani | |||
Chief Financial Officer | |||
(Principal Financial Officer and Principal Accounting Officer) | |||