Business Context and Reporting Period
This Form 8-K was filed by American BriVision (Holding) Corporation (also referred to as ABVC BIOPHARMA, INC. in metadata) on February 24, 2016. The report discloses a change in the company's independent registered accounting firm. The company is incorporated in Nevada and maintains its principal executive offices in Goshen, NY.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the reporting period. The document focuses exclusively on the administrative change of auditors.
Material Changes
- Dismissal of Former Auditor: On February 24, 2016, the company dismissed John Scrudato CPA and Scrudato & Co., PA as its independent registered accounting firm.
- Former Auditor's Opinion: Scrudato reported on financial statements for fiscal years ended September 30, 2011 through 2015. Their opinion was modified regarding a "going concern" but did not contain an adverse opinion, disclaimer, or qualification regarding uncertainty, audit scope, or accounting principles.
- Disagreements: The company reported no disagreements with Scrudato regarding accounting principles, practices, or auditing scope during the engagement period from October 29, 2014, to February 24, 2016.
- Engagement of New Auditor: Immediately following the dismissal, the Board of Directors engaged AWC (CPA) Limited as the new independent registered public accounting firm.
- New Auditor's Prior Work: AWC (CPA) Limited had previously audited the balance sheets and related statements for American BriVision Corporation (a Delaware Corporation and subsidiary) for the period from July 21, 2015, to September 30, 2015. This subsidiary became wholly owned by the registrant following a Share Exchange closed on February 8, 2016.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard disclosure of the auditor change. The company confirmed it did not consult the new auditor regarding accounting principles for proposed transactions or the type of audit opinion that might be rendered prior to engagement.
Investor Verification Checklist
- Verify the reasons for the "going concern" modification in the prior auditor's reports for fiscal years 2011-2015.
- Confirm the status of the Share Exchange with American BriVision Corporation closed on February 8, 2016.
- Review the letter from the former auditor (Scrudato) dated February 27, 2016, attached as Exhibit 16.1, to ensure they agree with the company's statements regarding the dismissal.
- Monitor future filings for the first financial statements audited by the new firm, AWC (CPA) Limited.