Business Context and Reporting Period
Company: New Horizon Aircraft Ltd. (HOVR)
Filing Type: Form 8-K (Current Report)
Date of Report: April 2, 2024
Reporting Period: The filing addresses events occurring on April 2, 2024, regarding the change of independent registered public accounting firms for the fiscal year ending May 31, 2024.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the replacement of the Company's independent registered public accounting firm:
- Dismissal: Marcum LLP was dismissed as the independent registered public accounting firm effective April 2, 2024.
- Engagement: MNP LLP was engaged as the new independent registered public accounting firm, effective April 3, 2024.
- Audit History: Marcum's reports for the years ended December 31, 2023, and 2022, and the period from inception through December 31, 2022, did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: The Company reported no disagreements with Marcum regarding accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the relevant periods.
- Reportable Events: No reportable events occurred during the two fiscal years ended December 31, 2023 and 2022, or through April 2, 2024.
Guidance, Outlook, and Risks
Management Commentary: The Audit Committee of the Board of Directors approved the change in auditors. The Company confirmed that no consultations were held with MNP LLP regarding accounting principles or reportable events prior to their engagement.
Risks and Contingencies: The filing does not disclose new risks or contingencies beyond the standard disclosure of the auditor change. The letter from Marcum LLP regarding the change is filed as Exhibit 16.1.
Investor Verification Checklist
- Review Exhibit 16.1 (Letter from Marcum LLP) to confirm the auditor's perspective on the dismissal and any potential undisclosed disagreements.
- Verify the effective date of the new auditor (MNP LLP) is April 3, 2024, for the fiscal year ending May 31, 2024.
- Confirm that the change in auditors was not driven by any "disagreements" or "reportable events" as defined in Regulation S-K Item 304.
- Monitor future filings (e.g., 10-K or 10-Q) for the first financial statements audited by MNP LLP to assess any changes in audit scope or findings.