UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On December 9, 2023, the Audit Committee of the Board of Directors (the “Audit Committee”) of Fintech Ecosystem Development Corp. (the “Company”), after discussion with management, determined that (i) the Company’s condensed consolidated financial statements as of June 30, 2023, and for the three and six months then ended, included in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2023 (the “Original Filing,” and the such quarterly period covered therein, the “impacted period”), should no longer be relied upon. Similarly, any previously furnished or filed reports, related earnings releases, investor presentations, or similar communications of the Company describing the Company’s financial results contained in the Original Filing should no longer be relied upon.
The determination results from an error identified in connection with the preparation of the Company’s condensed consolidated financial statements as of June 30, 2023, and for the three and six months then ended, related to the overstatement of the formation and operating expenses. The error is related to the recording of excise taxes related to redemptions of common stock.
The Company intends to amend the Original Filing as soon as practicable. In connection with the restatement, management has re-evaluated the effectiveness of the Company’s disclosure controls and procedures. Management has concluded that the Company’s disclosure controls and procedures are ineffective at a reasonable assurance level due to a material weakness in its internal control over financial reporting. The Company is in the process of designing and implementing controls to remediate these deficiencies.
The Company’s management and the Audit Committee have discussed the matters described in this Current Report on Form 8-K with the Company’s independent registered public accounting firm, Marcum LLP.
The error in accounting for excise taxes resulted in an overstatement of formation and operating expenses for the three and six months ending June 30, 2023, by $789,396, respectively. The overstatement impacts the condensed consolidated statements of operations, statements of changes in stockholders’ deficit and statement of cash flows. It does not affect the assets or liabilities of the balance sheet. The error did not impact current income tax expense for the three and six months ending June 30, 2023.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
| Exhibit No. | Description | |
| 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.
| FinTech ECOSYSTEM DEVELOPMENT Corp. | ||
| By: | /s/ Saiful Khandaker | |
| Name: | Saiful Khandaker | |
| Title: | Chairman and Chief Executive Officer | |
Date: December 14, 2023
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