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STATES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
DC 20549</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
8K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 12 or 15(d) of the Securities Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported):&#160;&#160;April 3, 2009</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NAVIDEC
FINANICAL SERVICES, INC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_______________________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
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      </font></td>
              <td valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">000-51139</font></div>
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      </font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13-4228144</font></div>
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      of Incorporation)</font></div>
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      File Number)</font></div>
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      </font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
      Employer Identification No.)</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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South Colorado Blvd., Suite 200, Denver, Colorado 80222</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_______________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
of principal executive offices)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">303-222-1000</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
Telephone number)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check&#160;&#160;the&#160;&#160;appropriate&#160;&#160;box&#160;&#160;below&#160;&#160;if
the&#160;&#160;Form&#160;&#160;8-K&#160;&#160;filing&#160;&#160;is&#160;&#160;intended&#160;&#160;to
simultaneously&#160;&#160;satisfy the filing obligation of the registrant under
any of the following provisions.</font></div>
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Written communications pursuant to Rule 425 under the Securities
Act</font></div>
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CFR240.14d-2(b))</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[_]
Soliciting material pursuant to Rule 14a-12 under Exchange Act</font></div>
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CFR240.14a-12)</font></div>
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Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange</font></div>
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(17 CFR240.14d-2(b))</font></div>
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Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange</font></div>
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(17 CFR240.13e-4(c))</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
4 &#8211; MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
4.02&#160;&#160;&#160;NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR
A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
April 2, 2009, Navidec Financial Services, Inc. (&#8220;the Company&#8221;) will restate the
financial&#160;&#160;statements for the year ended December 31, 2007 as
contained in its Annual Report on Form 10KSBA, dated April 28, 2008 and the Form
10-Qs for the quarterly periods ended March 31, 2008, June 30, 2008 and
September 30, 2008.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
result of the revocation of the registration with the Public Accounting
Oversight Board (PCAOB) of its previous auditors, Jaspers + Hall, PC, the
Company was required to engage new PCAOB registered accountants and re-audit its
2007 Financial Statements.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
the re-audit, one issue that was revealed is the Company determined that it had
not used the proper cost basis in computing the gain on the sale of 980,000 BPZ
Energy, Inc. (&#8220;BPZ&#8221;) common shares.&#160;&#160;The BPZ shares were acquired
through warrants issued as a result of the reverse merger with BPZ and Navidec,
Inc. and the Company had originally valued the warrants at $1.88 a share. The
warrants had a strike price of $2.00 a share.&#160;&#160;Upon exercising the
warrants and selling the shares, the Company had reported a cost basis of $2.00
in its 2007 financial statements.&#160;&#160;The Company should have used $3.88
a share, which is the original value of $1.88 a share plus the strike price of
$2.00 a share. The Company incorrectly reduced the basis with a corresponding
decrease to Additional Paid In Capital in 2007.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
result, the Company over stated its earnings from the sale of BPZ shares by
$1,842,000 during the year ended December 31, 2007.&#160;&#160;In the
restatement of the December 31, 2007 financial statements, the $1,842,000 will
be accounted for as Additional Paid In Capital, to correct the previous
incorrect reduction in Additional Paid In Capital.&#160;&#160;The result from
the change will be a decrease in Retained earnings of $1,842,000 and an increase
of $1,842,000 in Additional Paid In Capital for which this correction results in
no overall change in Stockholders&#8217; Equity.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Due to
using the incorrect BPZ basis, as of December 31, 2006 the BPZ asset and the
corresponding unrealized gain on securities were overstated by approximately
$900,000. Also in 2006, an additional 100,000 shares of BPZ was received by the
Company via a default judgment received by the Company.&#160;&#160;A fair market
value of approximately $300,000 was not recognized upon receipt, which amount
would increase earnings in 2006 by $300,000. The net impact on December 31, 2006
Shareholders&#8217; Equity is an approximate $600,000 reduction.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
as of December 31, 2007, the BPZ asset and the corresponding unrealized gain on
securities were overstated by approximately $810,000, due to failure to reduce
unrealized gains by related deferred taxes. In addition, unrealized gains were
understated by $240,000 due to the basis adjustment. The net impact on December
31, 2007 Shareholders&#8217; Equity from this matter, exclusive of the tax
considerations below, is an approximate $570,000 reduction.&#160;&#160;Since all
of the remaining BPZ investment was sold in 2008, the unrealized BPZ gains were
eliminated from the balance sheet along with the prior adjustments for
unrealized gains.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Further,
the Company believes that because of the basis change, it can affect the
Company&#8217;s previous income taxes paid with a possible refund in taxes paid, which
is estimated to be approximately $150,000.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company also corrected deferred revenue from mortgage origination and accrued
expenses at December 31, 2007, that were previously recorded in 2008 of
approximately $200,000.&#160;&#160;This correction will result in a decrease of
the Company&#8217;s 2007 income of $200,000; however, will increase revenue and
decrease expenses by the same amount for the reporting period ending March 31,
2008.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company does not have an audit committee, at this time, and so its board of
directors have authorized the Company&#8217;s officers to discuss this matter with the
independent auditors for the Company and a consensus was reached that disclosure
should be made relating to the previously issued financial statements dated
December 31, 2006, March 31, 2007, June 30, 2007, September 30, 2007, December
31, 2007, March 31, 2008, June 30, 2008, and September 30, 2008 as to
non-reliance as of April 2, 2009.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
authorized officers have discussed with independent accountants the matters
disclosed in the filing pursuant to Item 4.02(b).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This&#160;&#160;disclosure
is being&#160;&#160;provided to
the&#160;&#160;independent&#160;&#160;accountants on April 2,
2009,&#160;&#160;pursuant to Item&#160;&#160;4.02(c) and
the&#160;&#160;accountant&#160;&#160;is&#160;&#160;requested to furnish a letter
to registrant stating whether the independent&#160;&#160;accountant agrees with
the statements made by the Registrant in response to Item 4.02.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
9 FINANCIAL STATEMENTS AND EXHIBITS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01 Financial Statements and Exhibits</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(c) Exhibits.</font> The following is
a complete list of exhibits filed as part of this Report. Exhibit numbers
correspond to the numbers in the exhibit table of Item 601 of Regulation
S-K.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Description</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Correspondence
of Schumacher &amp; Associates, Inc., dated April 3, 2009, the independent
accountant to the Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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to the requirements of the Securities and Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
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            <tr>
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      </font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NAVIDEC
      FINANCIAL SERVICES, INC.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
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      2008</font></div>
              </td>
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                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      <font style="DISPLAY: inline">&#160;&#160;/s/ John
      McKowen</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John
      McKowen, President &amp; Chief&#160;&#160;Accounting
    Officer</font></div>
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{"company-data": {"conformed-name": "Navidec Financial Services, Inc.", "cik": "0001302946", "assigned-sic": "6199", "irs-number": "134228144", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51139", "film-number": "09732448"}, "business-address": {"street1": "6399 S. FIDDLERS GREEN CIRCLE, SUITE 300", "city": "GREENWOOD VILLAGE", "state": "CO", "zip": "80111", "phone": "303-222-1120"}, "mail-address": {"street1": "6399 S. FIDDLERS GREEN CIRCLE, SUITE 300", "city": "GREENWOOD VILLAGE", "state": "CO", "zip": "80111"}}
nvdf8k20090403.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
_________________
FORM
8K
_________________
Pursuant
to Section 12 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):  April 3, 2009
NAVIDEC
FINANICAL SERVICES, INC.
_______________________________________________________
(Exact
name of registrant as specified in its charter)
Colorado
000-51139
13-4228144
(State
      of Incorporation)
(Commission
      File Number)
(IRS
      Employer Identification No.)
2000
South Colorado Blvd., Suite 200, Denver, Colorado 80222
_______________________________________________
(Address
of principal executive offices)
303-222-1000
__________________________
(Registrant's
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.
[_]
Written communications pursuant to Rule 425 under the Securities
Act
(17
CFR240.14d-2(b))
[_]
Soliciting material pursuant to Rule 14a-12 under Exchange Act
(17
CFR240.14a-12)
[_]
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange
Act
(17 CFR240.14d-2(b))
[_]
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange
Act
(17 CFR240.13e-4(c))
SECTION
4 – MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS
ITEM
4.02   NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR
A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW.
As of
April 2, 2009, Navidec Financial Services, Inc. ("the Company") will restate the
financial  statements for the year ended December 31, 2007 as
contained in its Annual Report on Form 10KSBA, dated April 28, 2008 and the Form
10-Qs for the quarterly periods ended March 31, 2008, June 30, 2008 and
September 30, 2008.
As a
result of the revocation of the registration with the Public Accounting
Oversight Board (PCAOB) of its previous auditors, Jaspers + Hall, PC, the
Company was required to engage new PCAOB registered accountants and re-audit its
2007 Financial Statements.
During
the re-audit, one issue that was revealed is the Company determined that it had
not used the proper cost basis in computing the gain on the sale of 980,000 BPZ
Energy, Inc. ("BPZ") common shares.  The BPZ shares were acquired
through warrants issued as a result of the reverse merger with BPZ and Navidec,
Inc. and the Company had originally valued the warrants at $1.88 a share. The
warrants had a strike price of $2.00 a share.  Upon exercising the
warrants and selling the shares, the Company had reported a cost basis of $2.00
in its 2007 financial statements.  The Company should have used $3.88
a share, which is the original value of $1.88 a share plus the strike price of
$2.00 a share. The Company incorrectly reduced the basis with a corresponding
decrease to Additional Paid In Capital in 2007.
As a
result, the Company over stated its earnings from the sale of BPZ shares by
$1,842,000 during the year ended December 31, 2007.  In the
restatement of the December 31, 2007 financial statements, the $1,842,000 will
be accounted for as Additional Paid In Capital, to correct the previous
incorrect reduction in Additional Paid In Capital.  The result from
the change will be a decrease in Retained earnings of $1,842,000 and an increase
of $1,842,000 in Additional Paid In Capital for which this correction results in
no overall change in Stockholders' Equity.
Due to
using the incorrect BPZ basis, as of December 31, 2006 the BPZ asset and the
corresponding unrealized gain on securities were overstated by approximately
$900,000. Also in 2006, an additional 100,000 shares of BPZ was received by the
Company via a default judgment received by the Company.  A fair market
value of approximately $300,000 was not recognized upon receipt, which amount
would increase earnings in 2006 by $300,000. The net impact on December 31, 2006
Shareholders' Equity is an approximate $600,000 reduction.
Additionally,
as of December 31, 2007, the BPZ asset and the corresponding unrealized gain on
securities were overstated by approximately $810,000, due to failure to reduce
unrealized gains by related deferred taxes. In addition, unrealized gains were
understated by $240,000 due to the basis adjustment. The net impact on December
31, 2007 Shareholders' Equity from this matter, exclusive of the tax
considerations below, is an approximate $570,000 reduction.  Since all
of the remaining BPZ investment was sold in 2008, the unrealized BPZ gains were
eliminated from the balance sheet along with the prior adjustments for
unrealized gains.
Further,
the Company believes that because of the basis change, it can affect the
Company's previous income taxes paid with a possible refund in taxes paid, which
is estimated to be approximately $150,000.
The
Company also corrected deferred revenue from mortgage origination and accrued
expenses at December 31, 2007, that were previously recorded in 2008 of
approximately $200,000.  This correction will result in a decrease of
the Company's 2007 income of $200,000; however, will increase revenue and
decrease expenses by the same amount for the reporting period ending March 31,
2008.
The
Company does not have an audit committee, at this time, and so its board of
directors have authorized the Company's officers to discuss this matter with the
independent auditors for the Company and a consensus was reached that disclosure
should be made relating to the previously issued financial statements dated
December 31, 2006, March 31, 2007, June 30, 2007, September 30, 2007, December
31, 2007, March 31, 2008, June 30, 2008, and September 30, 2008 as to
non-reliance as of April 2, 2009.
The
authorized officers have discussed with independent accountants the matters
disclosed in the filing pursuant to Item 4.02(b).
This  disclosure
is being  provided to
the  independent  accountants on April 2,
2009,  pursuant to Item  4.02(c) and
the  accountant  is  requested to furnish a letter
to registrant stating whether the independent  accountant agrees with
the statements made by the Registrant in response to Item 4.02.
SECTION
9 FINANCIAL STATEMENTS AND EXHIBITS
Item
9.01 Financial Statements and Exhibits
(c) Exhibits.
The following is
a complete list of exhibits filed as part of this Report. Exhibit numbers
correspond to the numbers in the exhibit table of Item 601 of Regulation
S-K.
Exhibit
No.                                Description
7.1                      Correspondence
of Schumacher & Associates, Inc., dated April 3, 2009, the independent
accountant to the Company.
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
NAVIDEC
      FINANCIAL SERVICES, INC.
(Registrant)
Dated:  April  3
      2008
By:
/s/ John
      McKowen
John
      McKowen, President & Chief  Accounting
    Officer