Business Context and Reporting Period
This Form 8-K is a current report filed by RumbleOn, Inc. (formerly Ridenow Group, Inc.) on July 1, 2021. The filing discloses a change in the Company's independent registered public accounting firm effective June 29, 2021.
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 the administrative change of the external auditor.
Material Changes
- Appointment of New Auditor: The Audit Committee engaged Dixon Hughes Goodman LLP as the independent registered public accounting firm, effective June 29, 2021.
- Dismissal of Prior Auditor: Grant Thornton LLP was dismissed as the independent registered public accounting firm, effective June 29, 2021.
- Historical Audit Status: Grant Thornton audited the financial statements for the years ended December 31, 2019, and December 31, 2020. The 2019 audit report included an explanatory paragraph regarding uncertainty about the Company's ability to continue as a going concern. The 2020 report did not contain adverse opinions, disclaimers, or qualifications.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, or discussion of future risks. Regarding the auditor change, the Company confirmed there were no "disagreements" or "reportable events" with Grant Thornton during the audit periods or the interim period through June 29, 2021. Additionally, the Company confirmed no consultations with Dixon Hughes regarding accounting principles or audit opinions prior to their engagement.
Investor Verification Checklist
- Verify the transition timeline and scope of work between Grant Thornton LLP and Dixon Hughes Goodman LLP.
- Review the attached letter from Grant Thornton LLP (Exhibit 16.1) to confirm their agreement with the disclosures regarding the dismissal.
- Examine the most recent 10-K or 10-Q filings to assess the current status of the "going concern" uncertainty noted in the 2019 audit report.
- Confirm the Company's current financial health and liquidity position, as this 8-K does not provide updated financial metrics.