Business Context and Reporting Period
This Form 8-K is filed by Hemispherx Biopharma, Inc. (not AIM Immunotech Inc.) with a report date of November 7, 2006, and a signature date of November 9, 2006. The filing addresses a change in the company's independent registered public accounting firm.
Key Financial Metrics
This filing is a current report regarding corporate governance and does not contain financial performance data. Consequently, there are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Retention of New Accountant: On November 7, 2006, the Audit Committee appointed McGladrey & Pullen, LLP as the new independent registered public accounting firm, effective immediately.
- Resignation of Former Accountant: BDO Seidman, LLP resigned from the client-auditor relationship effective upon the filing of the Form 10-Q for the period ended September 30, 2006 (filed November 7, 2006). The resignation was initiated by BDO and was not recommended or approved by the Audit Committee.
- Audit History: BDO's reports for fiscal years 2004 and 2005 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: The company reported no disagreements with BDO on accounting principles, practices, or financial statement disclosures during the relevant periods, except for matters previously disclosed in Item 9A of the 2005 Form 10-K/A2.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The primary risk disclosed relates to the change in auditors; however, the company states that BDO agreed with the statements regarding the lack of disagreements and reportable events, as evidenced by a letter filed as Exhibit 16.1.
Investor Verification Checklist
- Verify the identity of the registrant as Hemispherx Biopharma, Inc. (the input metadata incorrectly listed AIM Immunotech Inc.).
- Review the Form 10-Q for the period ended September 30, 2006 to understand the financial context surrounding BDO's resignation.
- Examine Item 9A of the 2005 Form 10-K/A2 for details on the previously reported reportable events.
- Confirm the transition timeline between BDO and McGladrey & Pullen, LLP.