Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
Amended and Restated Form 10-Q for the Three and Nine Months Ended March 31,
2022
On September 27, 2022, the board of directors of Tego Cyber Inc. (the "Company")
in consultation with BF Borgers CPA PC ("Borgers"), the Company's new
independent registered public accounting firm, announced it had concluded that
the Company's previously issued unaudited financial statements for the three and
nine months ended March 31, 2022 should be restated and no longer be relied
upon. In connection with preparing the Company's audited financial statements
for the year ended June 30, 2022, the Company discovered an error relating to
the accounting treatment of the Company's performance stock units which were
granted during the three months ended March 31, 2022.
On October 17, 2022, the Company's board of directors determined that the
Original Filing describing the misstatement of the shared based compensation
expense recorded for the three and nine months ended March 31, 2022 filed on
Form 10-Q on May 16, 2022 and as reported on Form 8-K filed September 27, 2022,
required further amendment. The Company previously reported in the Original
Filing that the share-based compensation expense was incorrectly calculated and
that share-based compensation expense would be reduced. The Company has now
determined the share-based compensation expense should actually be increased by
$60,698 to account for the issuance of the performance stock units.
The impact of this restatement on the Company's unaudited financial statements
for the three and nine months ended March 31, 2022 will be an increase to the
additional paid in capital of $60,698, an increase to the accumulated deficit of
$60,698, an increase to the share-based compensation expense of $60,698 and an
increase to the loss from operations of $60,698.
Accordingly, the Company intends to restate the aforementioned financial
statements by amending its quarterly report on Form 10-Q for the quarter ended
March 31, 2022 as soon as reasonably practicable.
No other changes have been made to the original filings. The Amendment to the
respective filing does not reflect events that have occurred after the original
filing of the Form 10-Q or modify or update the disclosures presented therein,
except to reflect the amendments described above.
3
© Edgar Online, source Glimpses
TEGO CYBER INC. 
