Re: 8K accounting firm resigns Excerpt: The a
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Posted On: 04/20/2022 8:25:56 AM
Re: 8K accounting firm resigns
Excerpt: The audit reports of Warren Averett on the Company’s financial statements for the fiscal years ended May 31, 2021 and May 31, 2020, included in its Annual Reports on Form 10-K for the fiscal years ended May 31, 2021, and May 31, 2020, filed on July 30, 2021, and August 14, 2020, respectively, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, except for the expression, in Warren Averett’s audit reports dated July 30, 2021, and August 14, 2020, that there was substantial doubt as to the Company’s ability to continue as a going concern.
The material weakness caused the Company’s management to conclude that the Company’s internal control over financial reporting was not effective as of November 30, 2021. See Part I, Item 4, of the Fiscal 2022 Second Quarter 10-Q for additional information regarding the material weakness. The Company provided Warren Averett with a copy of this current report prior to its filing with the Securities and Exchange Commission (the “SEC”) and requested that Warren Averett furnish a letter addressed to the SEC stating whether or not Warren Averett agrees with the statements noted above. A copy of this letter, dated April 19, 2022, from Warren Averett is attached as Exhibit 16.1
Excerpt: The audit reports of Warren Averett on the Company’s financial statements for the fiscal years ended May 31, 2021 and May 31, 2020, included in its Annual Reports on Form 10-K for the fiscal years ended May 31, 2021, and May 31, 2020, filed on July 30, 2021, and August 14, 2020, respectively, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, except for the expression, in Warren Averett’s audit reports dated July 30, 2021, and August 14, 2020, that there was substantial doubt as to the Company’s ability to continue as a going concern.
The material weakness caused the Company’s management to conclude that the Company’s internal control over financial reporting was not effective as of November 30, 2021. See Part I, Item 4, of the Fiscal 2022 Second Quarter 10-Q for additional information regarding the material weakness. The Company provided Warren Averett with a copy of this current report prior to its filing with the Securities and Exchange Commission (the “SEC”) and requested that Warren Averett furnish a letter addressed to the SEC stating whether or not Warren Averett agrees with the statements noted above. A copy of this letter, dated April 19, 2022, from Warren Averett is attached as Exhibit 16.1
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