Soyo Group Inc – ‘8-K’ for 4/30/09

On:  Monday, 5/18/09, at 4:16pm ET   ·   For:  4/30/09   ·   Accession #:  1010549-9-383   ·   File #:  333-42036

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Current Report   —   Form 8-K
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Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3     13K 

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8-K
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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

April 30, 2009
Date of Report (Date of earliest event reported)

SOYO GROUP, INC.
(Exact name of registrant as specified in its charter)

    Nevada                          333-42036               95-4502724
----------------------------     ------------------------    -------------------
(State or other jurisdiction     (Commission File Number)       (IRS Employer   
     of incorporation)                                       Identification No.)

1290 E. Elm Street
Ontario, California 91761-4584
(Address of principal executive offices, including zip code)

(909) 292-2500
(Registrant's telephone number, including area code)

N/A 
 -------------------------------------------------------------
 (Former name or former address, if changed since last report)

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:                                                           

[ ]  Written communications pursuant to Rule 425 under the Securities Act       
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act         
[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
Exchange Act                                                          
[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
Exchange Act                                                          

8-K
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Item 1.03 - Bankruptcy or Receivership.                                         
--------------------------                              

Item 2.04 - Triggering  Events That  Accelerate  or Increase a Direct  Financial
            --------------------------------------------------------------------
Obligation or an Obligation under and Off-Balance Sheet Arrangement.            
--------------------------------------------------------------------            

Item 4.01 - Changes in Registrant's Certifying Accountant.                      
----------------------------------------------------------                      

Item 4.02 - Non-reliance on Previously Issued Financial  Statements or a Related
            --------------------------------------------------------------------
Audit Report or Completed Interim Review.                                       
-----------------------------------------                                       

Item 5.02 - Departure of Directors or Certain  Officers;  Election of Directors;
            --------------------------------------------------------------------
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 
------------------------------------------------------------------------------- 

On April 30, 2009,  Vasquez & Company LLP ("Vasquez")  resigned as the Company's
auditors.  Vasquez did not issue an audit report for the year ended 2008. During
the audit for the year ended 2008,  Vasquez had a disagreement  or difference of
opinion  with  employees  and senior  management  of the  Company  because  they
significantly  expanded the scope of their audit for further investigation going
as far back as the year ended 2007 and interim quarterly periods ended in 2007. 

In  addition,  Vasquez  advised the Company  that "our audit report for the year
ended 2007 and our  pre-issuance  review  procedures  for the interim  quarterly
periods  ended in 2007 and  interim  quarterly  periods  ended in 2008 should no
longer be relied upon."                                                         

On May 5, 2008, the Company  discontinued all operations and filed for Chapter 7
bankruptcy  protection.  The petition was filed in the United States  Bankruptcy
Court,  Central  District  of  California,   Riverside  Division,   Case  number
09-19355-RN.  A Chapter 7 trustee has been appointed by the Bankruptcy  Court to
administer the Company's assets and liabilities.                                

The Company has defaulted on all loans owed to creditors, including loans in the
approximate  outstanding  balances of $24,000,000  and $1,500,000 owed to United
Commercial  Bank,  the  Company's  primary  creditor.  The  Company has not paid
interest  or  principal  on the  loans  since  March  of 2009.  Pursuant  to the
Company's  stipulation  to the  application  of UCB in the Superior  Court,  San
Bernardino  County,  Case number KC055623,  Kenneth Krasne has been appointed as
receiver for those assets of the Company that constitute collateral for its loan
from  UCB,  which  collateral  includes  almost  all of the  Company's  accounts
receivables and inventory, and equipment.                                       

On May 10,  2009,  the  Company  accepted  the  resignation  of Nancy Chu as the
Company's Chief Financial Officer and a member of the Board of Directors.       

8-K
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SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.                                           

                                          SOYO GROUP, INC.
                                      (Registrant)

Date:  May 14, 2009                         By:      /s/ MING CHOK              
    ------------                                  ------------------------
                                                     Ming Chok, CEO and Director

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		5/18/09							None on these Dates
		5/14/09		3
		5/10/09		2
For Period End:		4/30/09		1		2
		5/5/08		2
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