Business Context and Reporting Period
This Form 8-K is filed by A.I. Software, Inc. (not Pluri Inc.) on May 7, 2003. The registrant is incorporated in Nevada with principal executive offices in Vancouver, British Columbia, Canada. The report discloses a change in the company's principal independent accountant.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial context provided is that the audit report for the fiscal year ended June 30, 2002, included an explanatory paragraph regarding going concern uncertainty.
Material Changes
- Accountant Dismissal: Davidson & Company was dismissed as the principal independent accountant on May 7, 2003.
- New Appointment: Marc Lumer & Company was engaged as the new principal independent accountant effective May 9, 2003.
- Board Approval: The change was approved by the Board of Directors.
Guidance, Outlook, and Risks
Management Commentary and Disagreements: The company reported no disagreements with the former accountant (Davidson) regarding accounting or auditing issues during the fiscal year ended June 30, 2002, or subsequent interim periods through May 7, 2003. There were no reportable events requiring disclosure under Regulation S-B.
Consultations: The company did not consult the new accountant (Lumer) regarding accounting or auditing concerns prior to their appointment.
Risks and Contingencies: The primary risk indicator is the "going concern uncertainty" noted in the previous fiscal year's audit report. The company provided Davidson with a copy of this report prior to filing, and Davidson's response letter is attached as an exhibit.
Important Facts for Investor Verification
- Verify the reasons for the "going concern uncertainty" noted in the June 30, 2002, audit report.
- Confirm the content of the letter from Davidson & Company attached as Exhibit 16.1 to ensure they agree with the company's statements regarding the dismissal.
- Review the company's current liquidity position given the prior going concern qualification.
- Confirm the effective date of the new auditor's engagement (May 9, 2003) and their scope of work.