Heartbeam, Inc. (BEAT) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Heartbeam, Inc. on April 21, 2025. The company is an emerging growth company incorporated in Delaware, with principal executive offices in Santa Clara, California. Its common stock and warrants trade on the NASDAQ under the symbols "BEAT" and "BEATW," respectively.
Key Financial Metrics
This filing does not contain specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity figures. The report focuses exclusively on a change in the company's independent registered public accounting firm.
Material Changes
The primary material event reported is the resignation of Marcum LLP as the company's independent registered public accounting firm, effective April 21, 2025. This change follows the acquisition of Marcum's attest business by CBIZ CPAs P.C. on November 1, 2024. The Audit Committee has approved the engagement of CBIZ CPAs to serve as the new independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately.
Outlook, Risks, and Contingencies
The filing references a significant risk factor disclosed in the company's prior annual report: the Marcum audit report for the fiscal year ended December 31, 2024, included an explanatory paragraph relating to substantial doubt about the Company's ability to continue as a going concern. Additionally, the company previously disclosed a material weakness in its internal control over financial reporting, citing issues such as a lack of formal risk assessment, insufficient documentation of policies, inadequate approval processes, insufficient GAAP experience for complex transactions, and staffing shortages affecting segregation of duties. The company states these weaknesses were remediated and disclosed in its 2024 Annual Report. There were no disagreements or reportable events between the company and Marcum regarding accounting principles or auditing scope during the two most recent fiscal years or the interim period through April 21, 2025.
Investor Verification Checklist
- Verify the status of the "substantial doubt about going concern" opinion noted in the 2024 audit report.
- Confirm the remediation status of the previously disclosed material weaknesses in internal controls.
- Review the letter from Marcum LLP (Exhibit 16.1) to ensure no disagreements exist regarding the statements in this filing.
- Monitor upcoming financial filings from CBIZ CPAs for any new observations on the company's financial health.