Business Context and Reporting Period
Company: Defi Development Corp. (formerly Janover Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: April 21, 2025
Reporting Period: Immediate event reporting regarding a change in independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance and audit firm changes.
Material Changes
- Resignation of Previous Auditor: On April 21, 2025, dbbmckennon resigned as the independent registered public accounting firm.
- Reason for Resignation: The resignation was driven by the need for specific subject matter expertise to audit the Company's new business strategy and crypto treasury assets related to Solana.
- Engagement of New Auditor: On April 21, 2025, the Company engaged Wolf & Company, P.C. as its new independent PCAOB registered public accounting firm for the fiscal year ending December 31, 2025.
- Approval: The engagement of the new auditor was approved by the Audit Committee and the Board of Directors.
Guidance, Outlook, and Risks
Management Commentary: The Company stated that the change in auditors is in the best interests of the Company to ensure appropriate expertise for its evolving business model involving Solana assets.
Audit History: Reports for fiscal years ended December 31, 2024, and 2023, issued by the previous auditor did not contain adverse opinions, disclaimers, or qualifications. There were no disagreements or reportable events between the Company and the previous auditor during these periods.
Consultation with New Auditor: The Company confirmed no consultations occurred with the new auditor regarding accounting principles or potential audit opinions prior to engagement.
Investor Verification Checklist
- Verify the specific nature of the "crypto treasury (Solana) related assets" requiring specialized audit expertise.
- Review the letter from dbbmckennon (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the resignation.
- Monitor future filings for the first financial statements audited by Wolf & Company, P.C. to assess the impact of the new business strategy on financial reporting.
- Confirm the Company's status as an emerging growth company and any implications for financial disclosure standards.