4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit
Report or Completed Interim Review
(a) Mr. Scott R. Sand, the Chief Executive Officer of Ingen Technologies, Inc.,
a Georgia corporation, concluded on July 27, 2009 that the Registrant's audited
financial statements for the years ended May 31, 2008 and May 31, 2007 included
as part of the Registrant's Form 10-KSB for the year ended May 31, 2008 and the
registrant's financial statements included as part of the Registrant's interim
report on Form 10-QSB for period ending August 31, 2008 should no longer be
relied upon because of one or more errors in such financial statements. Upon
beginning a review of the quarter ended November 30, 2008, Mr. Sand discovered
that several notes were issued for services rendered in 2004-2007 that were
unrecorded as of the aforementioned audit dates. Management is working with its
auditors to properly restate its financial statements.
The Registrant will include restatements of its May 31, 2007 and May 31, 2008
financial statements in an amended Form 10-KSB for the year ended May 31, 2008
and will also amend its Form 10-Q for the period ended August 31, 2008. The
registrant will amend these filings as soon as practically possible.
The Registrant's CEO discussed with the Registrant's independent auditors the
matters disclosed in this filing under 4.02(a)
(b) The Registrant's auditor advised via e-mail on July 27, 2009 that action
should be taken to prevent future reliance on a previously issued audit report
and interim review related to previously issued financial statements. The
auditor indicated that the May 31, 2008 10-KSB and August 31, 2008 10-Q should
be amended. The Registrant's CEO discussed with the auditor the information in
this filing under 4.02 (b).
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