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
April 30, 2009
Date of Report (Date of earliest event reported)
SOYO GROUP, INC.
(Exact name of registrant as specified in its charter)
Nevada 333-42036 95-4502724
---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1290 E. Elm Street
Ontario, California 91761-4584
(Address of principal executive offices, including zip code)
(909) 292-2500
(Registrant's telephone number, including area code)
N/A
-------------------------------------------------------------
(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
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
Item 1.03 - Bankruptcy or Receivership.
--------------------------
Item 2.04 - Triggering Events That Accelerate or Increase a Direct Financial
--------------------------------------------------------------------
Obligation or an Obligation under and Off-Balance Sheet Arrangement.
--------------------------------------------------------------------
Item 4.01 - Changes in Registrant's Certifying Accountant.
----------------------------------------------------------
Item 4.02 - Non-reliance on Previously Issued Financial Statements or a Related
--------------------------------------------------------------------
Audit Report or Completed Interim Review.
-----------------------------------------
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
--------------------------------------------------------------------
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
-------------------------------------------------------------------------------
On April 30, 2009, Vasquez & Company LLP ("Vasquez") resigned as the Company's
auditors. Vasquez did not issue an audit report for the year ended 2008. During
the audit for the year ended 2008, Vasquez had a disagreement or difference of
opinion with employees and senior management of the Company because they
significantly expanded the scope of their audit for further investigation going
as far back as the year ended 2007 and interim quarterly periods ended in 2007.
In addition, Vasquez advised the Company that "our audit report for the year
ended 2007 and our pre-issuance review procedures for the interim quarterly
periods ended in 2007 and interim quarterly periods ended in 2008 should no
longer be relied upon."
On May 5, 2008, the Company discontinued all operations and filed for Chapter 7
bankruptcy protection. The petition was filed in the United States Bankruptcy
Court, Central District of California, Riverside Division, Case number
09-19355-RN. A Chapter 7 trustee has been appointed by the Bankruptcy Court to
administer the Company's assets and liabilities.
The Company has defaulted on all loans owed to creditors, including loans in the
approximate outstanding balances of $24,000,000 and $1,500,000 owed to United
Commercial Bank, the Company's primary creditor. The Company has not paid
interest or principal on the loans since March of 2009. Pursuant to the
Company's stipulation to the application of UCB in the Superior Court, San
Bernardino County, Case number KC055623, Kenneth Krasne has been appointed as
receiver for those assets of the Company that constitute collateral for its loan
from UCB, which collateral includes almost all of the Company's accounts
receivables and inventory, and equipment.
On May 10, 2009, the Company accepted the resignation of Nancy Chu as the
Company's Chief Financial Officer and a member of the Board of Directors.
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.
SOYO GROUP, INC.
(Registrant)
Date: May 14, 2009 By: /s/ MING CHOK
------------ ------------------------
Ming Chok, CEO and Director