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Document and Entity Information
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3 Months Ended | |||||||||||||
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Mar. 31, 2012
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May 18, 2012
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| Document And Entity Information | ||||||||||||||
| Entity Registrant Name | Terra Tech Corp. | |||||||||||||
| Entity Central Index Key | 0001451512 | |||||||||||||
| Document Type | 10-Q | |||||||||||||
| Document Period End Date | Mar. 31, 2012 | |||||||||||||
| Amendment Flag | true | |||||||||||||
| Amendment Description |
We are filing this Amendment No. 2 on Form 10-Q/A (this Form 10-Q/A) to amend our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 (the Original Filing), as originally filed with the Securities and Exchange Commission (the SEC) on May 21, 2012 (the Original Filing Date) to reflect a restatement of the following previously filed financial statements and data (and related disclosures):
The restatement corrects the accounting treatment for the merger entered into on February 9, 2012 under the Agreement and Plan of Merger. The Company treated the convertible Series A Preferred Stock and the convertible Series B Preferred Stock as an expense in 2012 whereby it was an exchange of stock. The Company did not properly reflect the goodwill and the impairment of goodwill in the financials for the first quarter of 2012. The restatement reflects the changes. The Company did not include the operations of GrowOp Technology Ltd. in the financials for the first quarter of 2011. The restatement reflects the change.
In connection with the restatement of our financial statements described herein, we have reported an additional material weakness in our internal controls and procedures with regard to the evaluation of, and accounting for, mergers. Due to these material weaknesses, our principal executive officer and principal financial officer also concluded that our disclosure controls and procedures continue not to be effective as of the end of the period covered by this report. For more information, see Item 4 included in this Form 10-Q/A.
Although this Form 10-Q/A supersedes the Original Filing in its entirety, this Form 10-Q/A amends and restates only Items 1, 2 and 4 of Part I and the two risk factors set forth in Item 1A of Part II marked with an asterisk, solely as a result of, and to reflect, the restatement, and no other information in the Original Filing is amended hereby. This Form 10-Q/A speaks as of the Original Filing Date and does not reflect any events that may have occurred subsequent to the Original Filing Date. In addition, pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, as a result of this Form 10-Q/A, the certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, filed and furnished, respectively, as exhibits to the Original Report have been re-executed and re-filed as of the date of this Amended Report and are included as exhibits hereto.
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| Current Fiscal Year End Date | --12-31 | |||||||||||||
| Is Entity a Well-known Seasoned Issuer? | No | |||||||||||||
| Is Entity a Voluntary Filer? | No | |||||||||||||
| Is Entity's Reporting Status Current? | Yes | |||||||||||||
| Entity Filer Category | Smaller Reporting Company | |||||||||||||
| Entity Common Stock, Shares Outstanding | 81,998,520 | |||||||||||||
| Document Fiscal Period Focus | Q1 | |||||||||||||
| Document Fiscal Year Focus | 2012 |