Business Context and Reporting Period
This Form 8-K Current Report was filed by Agape ATP Corp on December 21, 2017. The registrant is incorporated in Nevada and maintains its principal executive offices in Kuala Lumpur, Malaysia. The report primarily addresses a change in the company's certifying accountant.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the current period. However, it references historical audit reports for the fiscal years ended June 30, 2017, and June 30, 2016, which contained a going concern qualification regarding the Company's ability to continue operations.
Material Changes
- Accountant Resignation: On December 19, 2017, the Board of Directors dismissed Weld Asia Associates as the independent registered public accounting firm, effective immediately.
- Reason for Dismissal: The dismissal was necessitated because the Public Company Accounting Oversight Board (PCAOB) revoked the registration of Weld Asia.
- Audit History: There were no disagreements with the former auditor regarding accounting principles, practices, or auditing scope during the fiscal years ended June 30, 2017 and 2016, or the interim period through November 13, 2017.
Outlook, Risks, and Management Commentary
Management stated that the Company is currently seeking to hire a new auditor. The filing notes that the previous audit reports included a going concern qualification, indicating historical uncertainty about the company's ability to continue as a going concern. No specific forward-looking guidance or new risk factors were disclosed in this report beyond the immediate need for a new auditor.
Investor Verification Checklist
- Verify the appointment of a new independent registered public accounting firm.
- Review the most recent financial statements to assess the current status of the "going concern" qualification previously noted by Weld Asia.
- Confirm the status of the PCAOB registration for any newly appointed auditor.
- Check for any subsequent filings regarding the transition of audit responsibilities.