SOKO Fitness & Spa Group Announces Changes to Previously Issued Financial ...(p The non-refundable membership fee p...),Health

The warrants to investors were classified as liability and after further review of EITF 00-19 and all the facts and circumstances associated with the issuance of the warrants to the investors, the warrants do not meet the criteria to classify to liability. The Company has reclassified the warrants as equity in the financial statements.

The number of warrants issued to the placement agent has been revised according to the warrant agreement.

The other expense classification is not consistent with the classification of fiscal year 2007 other expense, the company has reclassified sales tax from other expenses to cost of sales and made other minor adjustments.

Basic and diluted income per common share has been revised because incorrect calculation of weighted average common shares, the Company follows FASB 141 to recalculate the weighted-average number of common shares outstanding during the period in which the reverse acquisition occurred.

The impact of this restatement on the financial statements as originally reported as of May 31, 2008 is summarized below:

                                                        May 31, 2008
                                                As Reported       As Restated
    Property, plant and equipment, net          $12,788,203       $12,782,918
    Goodwill                                      1,348,359         1,505,710
    Total Assets                                 21,163,706        21,315,772
    Unearned revenue                                445,684           514,965
    Warrant liability                
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SOURCE  SOKO Fitness & Spa Group, Inc.
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