UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (date of earliest event reported): April 7, 2008 (March 28,
2008)
Australian
Forest Industries
(Exact
name of registrant as specified in its charter)
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Nevada
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000-25909
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86-0931332
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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Australian
Forest Industries
4/95
Salmon Street, Port Melbourne,
Victoria,
Australia 3207
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(Address
of principal executive offices)
(Zip
code)
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011
61 3 8645 4340 1130
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(Registrant’s
telephone number, including area code)
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(Former
name or former address, if changed since last report)
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:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
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
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Non-Reliance
on Previously Issued Financial Statements or a Related Audit Report or
Completed Interim Review.
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On March 28, 2008, we filed an amended
annual report on Form 10-KSB for the fiscal year ended December 31, 2005 with
the Securities and Exchange Commission. This amended annual report
contained restated financial statements for the years ended December 31, 2004
and December 31, 2005. The 2004 financial statements were
restated to reflect: (1) a recalculation of amortization relating to
the deferred gain on a sale/leaseback transaction so that amortization is
based upon life of acquired equipment instead of loan repayment amortization,
and (2) the reclassification of components of other income deemed to be
operating and therefore offset against cost of sales and selling, general and
administrative expenses. The 2005 financial statements were restated to:
(1) include
the accounts of Timbermans Group Pty. Ltd., an entity deemed to be a Variable
Interest Entity, (2) reclassify
related party receivable against payable to same related party, and (3) reflect
the reclassification
of loans from National Australia Bank to current from other
liabilities.
To track the
changes that were brought about as a result of the restatement of these
financial statements, we concluded on March 28, 2008 to soon amend our periodic
report on Form 10-QSB for the three-month period ended March 31, 2005, our
periodic report on Form 10-QSB for the three- and six-month periods ended June
30, 2005 and our periodic report on Form 10-QSB for the three- and nine-month
periods ended September 30, 2005. Until such time as those periodic
reports are amended, you should not rely upon the financial information
contained in those periodic.
We do not currently have an audit
committee, and the functions of any such committee are performed by our Board of
Directors. Our Board of Directors did not discuss the matters
disclosed in this Form 8-K with Meyler & Company, LLC.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Australian Forest
Industries |
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Date:
April 4, 2008
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By:
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/s/ Michael
Timms |
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Michael
Timms |
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Chief
Executive Officer |
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