Vistas Media Acquisition Company Inc. filed SEC Form 8-K: Financial Statements and Exhibits (Amendment)
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Explanatory Note
We are filing this Amendment to address matters discussed in the SEC staff’s recent communications with certain
independent registered public accounting firms regarding the classification of the stockholders’ equity of a Special Purpose
Acquisition Company (“SPAC”) as permanent equity, which the Company has determined should be reclassified as temporary
equity. In the SEC’s informal guidance, the SEC staff noted to certain independent registered public accounting firms that
stockholders’ equity of a SPAC should be classified as temporary equity, as compared to the historical classification of SPAC
stockholders’ equity as permanent equity, which has been the practice of most SPACs, including us. We had previously
classified stockholders’ equity as permanent equity.
After considering the SEC staff’s recent communications with
certain independent registered public accounting firms, we have concluded that there are misstatements in our previously filed
financial statements. As such, our management determined that our disclosure controls and procedures as of August 11, 2020 were not
effective solely as a result of its classification of stockholders’ equity as permanent equity.
The change in accounting for
stockholders’ equity did not have any impact on our liquidity, cash flows, revenues or costs of operating our business and the
other non-cash adjustments to the financial statements. The change in accounting for stockholders’ equity does not impact the
amounts previously reported for the Company’s cash and cash equivalents, investments held in trust account, operating expenses
or total cash flows from operations for any of the reported periods.
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Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits |
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Audited Balance Sheet as of August 11, 2020. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
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.
| VISTAS MEDIA ACQUISITION COMPANY INC. | |||
| By: | /s/ F. Jacob Cherian | ||
| Name: | F. Jacob Cherian | ||
| Title: | Chief Executive Officer and Secretary | ||
Dated: January 14, 2022
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