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[QUOTE]Originally posted by Darkhawk: [QB] Form 8-K for NEWPORT INTERNATIONAL GROUP INC -------------------------------------------------------------------------------- 29-Sep-2005 Non Reliance on Prev Financials, Audits or Interim Review ITEM 4.02 Non-Reliance on previously issued Financial Statements or a related Audit Report or Completed Interim Review. As a result of a normal periodic review of its financial statements by the staff of the Securities and Exchange Commission, and after reviewing certain accounting principles we have applied in previously issued financial statements, management has determined, on September 27, 2005, that the Company's restricted investment in marketable securities should have been classified as an asset. Previously, the Company presented its restricted investment in marketable securities as an element of the stockholders' deficit. Consequently, management is restating its annual financial statements as of December 31, 2004 and for the year then ended as well as its interim financial statements as of March 31, 2005 and June 30, 2005 and for the interim periods then ended. The change in presentation of the Company's restricted investment in marketable securities has the effect to increase the assets and decrease the stockholders' deficit by $912,501 and$795,311 as of December 31, 2004, March 31, 2005, and June 30, 2005, respectively. The change in presentation of the Company's restricted investment in marketable securities does not have any impact on the Company's consolidated statement of operations, earnings per share, and consolidated statement of cash flows for the year ended December 31,2004 and the interim periods ended March 31, and June 30, 2005. The Company's President and Chief Executive Officer discussed with the Company's independent accountant the matters described and the Company's subsequent filings. [/QB][/QUOTE]
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