SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 26, 2007 FIT FOR BUSINESS INTERNATIONAL, INC. (Exact name of registrant as specified in Charter) Nevada 333-123176 20-2008579 (State or other jurisdiction of (Commission File No.) (IRS Employee incorporation or organization) Identification No.) 10/27 Mayneview St Milton, Australia 4064 (Address of Principal Executive Offices) 61-7-33673355 (Issuer Telephone number) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report. (a) On February 26, 2007, the Company concluded, based on the recommendation of its independent auditors to restate previously-issued financial statements included in the Company's Annual Report on Form 10-K for fiscal year ended June 30, 2006. The consolidated statement of stockholders' equity (deficit) from the Company's inception (December 31, 1998) through December 31, 2006 has been restated to correct the effects of an error made in the June 30, 2006 financial statements. The error relates to the incorrect expensing of $375,250 of bad debts relating to doubtful collections of accounts receivable associated with the Company's license agreement with Global Marketing Pty. Ltd. No revenue was ever recognized on this license agreement and therefore the bad debt allowance should have been recorded as a reduction of the associated deferred revenue, rather than as a charge to operations pursuant to SAB No. 104. Although the Company disclosed this error within Note (12) of its Quarterly Report on Form 10-QSB, the Company will be amending the appropriate filings with the Securities and Exchange Commission to include restated financial statements correcting this error. The Company currently expects to finalize the restatement and its Form 10-KSB/A for the period ended June 30, 2006 no later than March 27, 2007. The executive officers of the Company discussed with the Company's independent auditors the matters disclosed in this Item 4.02(a) of this Form 8-K. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. FIT FOR BUSINESS INTERNATIONAL, INC. Date: March 13, 2007 By: /s/ Mark Poulsen Mark Poulsen Chief Executive Officer