Star Alliance International Corp. ("STAL") Files It’s March 31, 2024 10-Q
Star Alliance International Corp. (STAL) has filed its financial statements for the three and nine months ended March 31, 2024. The company faced delays due to working on a $25 million line of credit and an S-1 registration. The SEC has requested a re-audit of the 2022 and 2023 10-Ks as the previous auditor was suspended. Despite multiple meetings, the SEC did not grant a waiver. The company plans to complete the re-audit by early September 2024 and refile the S-1 shortly after. This delay will not impact the company's growth and acquisitions. President Richard Carey expressed disappointment but remains optimistic about the company's future, particularly with upcoming mining operations in Honduras.
- Filed financial statements for the three and nine months ended March 31, 2024.
- Secured a $25 million line of credit.
- Plans for mining operations in Honduras are progressing quickly.
- Positive outlook for Fiscal 2025 with new divisions.
- SEC requires re-audit of 2022 and 2023 10-Ks due to auditor suspension.
- Company's request for a waiver from the SEC was denied despite multiple meetings.
- Re-audit and refiling of S-1 registration expected to delay until early September 2024.
LAS VEGAS, NV / ACCESSWIRE / June 20, 2024 / Star Alliance International Corp. (Stock Symbol:STAL), ("STAR or the Company"). STAR is pleased to announce that we have now filed our financial statements for the 3 and 9 months ended March 31, 2024.
As we have previously stated we got behind completing the work for our March review while working on the 25 million line of credit and the S-1. The line of credit has been fully signed, but although we received a no comment confirmation from the SEC on our S 1 registration, we cannot go effective due to the fact that our prior auditor Gries and Associates, LLC. were suspended for twelve months by the PCAOB, the body that oversees public company auditors.
The issue had nothing to do with the work performed for STAR, however per a letter received from the SEC which stated as follows "If an auditor who is not currently registered with the PCAOB audited a year that you are required to include in your filings with the Commission, you should have a firm that is currently registered with the PCAOB re-audit that year." We had included 2022 and 2023 10-Ks audited by Gries and Associates in our registration. Because we are so close to our June 30, 2024 year end, we have decided to include a reaudited 10-K for the year ended June 30, 2023 and the audited 10-K for the year ended June 30, 2024 in what will be an updated filing of our S-1.
The Company requested a waiver from the SEC asking them to make the S-1 effective as we believe this kind of retroactive change is unfair and inequitable and certainly could impact our shareholders. Despite the three different meetings held by our CFO with the SEC, we could not obtain the waiver and we have been informed by the SEC that further meetings would not result in a different outcome.
As a result, we will be starting on the reaudit of the 10-K for the year ended 30 June, 2023 this month and upon completion will immediately work on the audit of the 10-K for the year ended 30 June, 2024. Our plan is to be filed the early part of September and we will refile the S-1 as soon as possible thereafter.
THIS WILL NOT DELAY THE GROWTH AND ACQUISITIONS BY THE COMPANY.
Richard Carey, President and Chairman of Star Alliance International Corp., commented, "We are extremely disappointed by the decision of the SEC. We understand their reason, but do not agree with them. We believe this is a rule that needs changing. "
Richard continued, "On a more positive note we are moving very quickly to start our mining operation with Genesis in Honduras and are working on the independent report on Genesis and the work necessary for the filing of the patents. Fiscal 2025 is expected to be a spectacular year in all our new divisions."
About Star Alliance International Corp.
Star Alliance International Corp. ("the Company" or "STAL") was incorporated in the State of Nevada on April 17, 2014, under the laws of the State of Nevada.
Star Alliance International Corp. is a Worldwide Holding Company with a mine in California and other assets ready to be acquired. In addition, Star searches out innovative technologies that are eco-friendly including "Genesis," our environmentally safe gold and other mineral extraction system.
The Genesis extraction system extracts minerals from oxide and complex ores much faster than other processes in an environmentally safe manner. We plan to close this transaction as soon as possible.
We have also agreed terms to acquire controlling interests in two entities outside our mining divisions in both the fintech arena and artificial intelligence.
Our work on our digital asset, backed by gold continues, as we prepare paperwork for regulatory approvals.
The Company anticipates continued expansion of our efforts domestically and abroad, with a particularly keen focus on mining technologies for precious metals and rare earth minerals, as well as other innovative technologies.
It is Star Alliance International Corp.'s goal to become a very well-rounded many-faceted enterprise with planned diversification, paired with a sensible approach, ensuring the absolute best possible results and the highest possible value for our shareholders.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement is not a guarantee of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For more information, contact:
Anthony Anish, CFO, Star Alliance International Corp.
Telephone: 833-443-7827
E Mail: info@staralliancemines.com
Web Site: staralliancemines.com
Facebook, Linkedin, Twitter, @staralliancein1
SOURCE: Star Alliance International Corp.
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