UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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) - October 16, 2008
MYSTARU.COM,
INC.
(Exact
name of registrant as specified in charter)
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Delaware
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333-62236
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35-2089848
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
incorporation)
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Identification
No.)
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6
North
Twelfth Road
Country
Garden
Shunde
District
Foshan
City, Guangdong, China 528312
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code - (86) 757 2663 9986
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 (see
General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
4.02. Non-Reliance
on Previously Issued Financial Statements or a Related Audit Report or Completed
Interim Review.
On
October 16, 2008, management and the board of directors of MyStarU.com, Inc.
(the “Company”) concluded that certain of the Company’s previously issued
financial statements will be restated. As a result of the restatement, the
financial statements included in the Company’s Quarterly Reports on Form 10-QSB
for the three month periods ended December 31, 2006, March 31, 2007 and June
30,
2007 should no longer be relied upon.
The
items
requiring restatement relate to the Company’s accounting for amortization
expense and more specifically the amortization expense resulting from the
estimated useful life of its website, www.subaye.com. The Company's quarterly
reports for the three month periods ended December 31, 2006, March 31, 2007
and
June 30, 2007 included amortization of the cost basis of the Company's website
over a 60 month period. However, during the course of the Company's audit for
the year ended September 30, 2007, the Company determined the estimated useful
life of the website was incorrect. The Company adjusted its amortization expense
for the year ended September 30, 2007 with an estimated useful life of 36
months. However, at that time, the Company did not adjust its financial
statements for the three month periods ended December 31, 2006, March 31, 2007
and June 30, 2007.
The
Company believes that it will need to restate its financial results for the
three month periods ended December 31, 2006, March 31, 2007 and June 30, 2007
to
reflect additional amortization expense of approximately $186,000 for each
of
the three month periods ended December 31, 2006, March 31, 2007 and June 30,
2007 and $558,000 in the aggregate, once the Company completes the final
accounting and independent review of its conclusions. The restatements
will not materially impact the Company’s financial results for the year ended
September 30, 2007. The Company’s management and board of directors have
discussed the subject matter giving rise to this conclusion with DNTW Chartered
Accountants, LLP, the Company’s independent accounting firm for the fiscal year
end September 30, 2007.
The
Company will file amended Forms 10-QSB for the three month periods ended
December 31, 2006, March 31, 2007 and June 30, 2007 as soon as practicable.
The
Company is currently evaluating the impact of the correction of the errors
on
the Company’s internal control over financial reporting. Investors should not
rely upon the Company’s financial statements for the three month periods ended
December 31, 2006, March 31, 2007 and June 30, 2007 without taking into account
the anticipated adjustments described above.
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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MYSTARU.COM,
INC.
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Dated:
October 22, 2008
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By:
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/s/
Alan Lun
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Alan
Lun
Chief
Executive Officer
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