Business Context and Reporting Period
This Form 6-K filing by Troops, Inc. covers the month of March 2023. The report discloses a change in the Company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding accounting firm changes.
Material Changes
- Termination of Prior Auditor: On March 3, 2023, the Board of Directors approved the dismissal of WWC, P.C. as the independent registered public accounting firm, effective immediately.
- Engagement of New Auditor: The Company engaged Audit Alliance LLP as its new independent registered public accounting firm, effective March 3, 2023, to perform audit services for the year ended December 31, 2022.
- Audit Status: WWC, P.C. neither completed an audit nor issued any audit opinion during its tenure.
Management Commentary and Risks
Disagreements: The Company stated there were no disagreements with WWC, P.C. regarding accounting principles, financial statement disclosure, or auditing scope/procedures during the period WWC, P.C. was retained.
Consultations: During the two fiscal years ended December 31, 2021 and 2022, and through March 3, 2023, the Company did not consult Audit Alliance LLP on any accounting principles or reportable events prior to engagement.
Exhibits: The filing includes a letter from WWC, P.C. (Exhibit 16.1) addressed to the SEC regarding the change.
Key Facts for Investor Verification
- Verify the reasons for the dismissal of WWC, P.C., despite the stated lack of disagreements.
- Confirm the timeline for the completion of the audit for the year ended December 31, 2022, by the new firm, Audit Alliance LLP.
- Review the attached letter from WWC, P.C. to ensure no undisclosed issues exist regarding the termination.