Business Context and Reporting Period
This Form 8-K Current Report was filed by Quantum Computing Inc. (NASDAQ: QUBT) on May 3, 2024. The report discloses a material corporate governance event regarding the dismissal of the company's 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 is strictly a disclosure of a change in the registrant's certifying accountant.
Material Changes
- Dismissal of Auditor: Effective May 3, 2024, the Company dismissed BF Borgers CPA PC as its independent registered public accounting firm.
- Audit Committee Approval: The dismissal was made with the recommendation and approval of the Company's Audit Committee.
- Reason for Dismissal: The filing notes that BF Borgers is not currently permitted to appear or practice before the SEC due to an SEC Order Instituting Public Administrative and Cease-and-Desist Proceedings dated May 3, 2024.
Guidance, Outlook, and Risks
- Audit History: BF Borgers' audit reports for fiscal years ended December 31, 2023, and 2022 did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements between the Company and BF Borgers regarding accounting principles, financial statement disclosure, or auditing scope during the relevant periods.
- Reportable Events: No reportable events occurred during the fiscal years ended December 31, 2023, and 2022, or the subsequent interim period.
- Next Steps: The Company is actively seeking a new independent registered public accounting firm and will file a subsequent Form 8-K upon appointment.
Investor Verification Checklist
- Verify the status of the SEC cease-and-desist order against BF Borgers CPA PC.
- Monitor for the subsequent Form 8-K announcing the appointment of a new independent auditor.
- Review the Company's upcoming financial filings to ensure they are audited by a firm permitted to practice before the SEC.