Reborn Coffee, Inc. (REBN) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Reborn Coffee, Inc. on May 7, 2024. The report discloses a material change in the Company's independent registered public accounting firm.
Financial Metrics
The filing does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on the change in accounting firm.
Material Changes
- Dismissal of Accountant: On May 7, 2024, the Company dismissed BF Borgers CPA PC ("BF Borgers") as its independent registered public accounting firm.
- Audit Committee Approval: The dismissal was made with the recommendation and approval of the Audit Committee of the Board of Directors.
- Prior Audit Status: BF Borgers' audit reports for the fiscal year ended December 31, 2023, did not contain an adverse opinion, disclaimer, or qualification regarding scope or principles, except for an explanatory paragraph concerning the Company's ability to continue as a going concern.
- No Disagreements: There were no disagreements between the Company and BF Borgers regarding accounting principles, practices, disclosures, or auditing scope during the fiscal year ended December 31, 2023, or the subsequent interim period.
- No Reportable Events: No reportable events occurred within the meaning of Item 304(a)(1)(v) of Regulation S-K during the relevant periods.
Guidance, Outlook, and Risks
- 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.
- Future Actions: The Company is currently seeking a new independent registered public accounting firm and will file a subsequent Form 8-K upon appointment.
- Going Concern Risk: The prior audit included an explanatory paragraph relating to the Company's ability to continue as a going concern.
Key Facts for Investor Verification
- Verify the status of the Company's search for a new independent registered public accounting firm.
- Review the SEC Order dated May 3, 2024, regarding the sanctions against BF Borgers CPA PC.
- Assess the implications of the "going concern" explanatory paragraph noted in the prior fiscal year's audit report.
- Monitor for the subsequent Form 8-K announcing the appointment of the new accounting firm.