Business Context and Reporting Period
This Form 8-K Current Report is filed by American Shared Hospital Services (NYSE AMERICAN: AMS) on June 3, 2025. The filing addresses a change in 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 focuses exclusively on corporate governance and audit firm transitions.
Material Changes
- Accountant Merger and Resignation: On June 3, 2025, Moss Adams LLP merged with Baker Tilly US, LLP. Consequently, Moss Adams resigned as the Company's auditor.
- Successor Appointment: The Audit Committee approved the appointment of Baker Tilly US, LLP as the successor independent registered public accounting firm.
- Audit History: Audit reports for the years ended December 31, 2024, and 2023, did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements with Moss Adams regarding accounting principles, practices, or audit scope during the relevant periods.
Outlook, Risks, and Contingencies
- Material Weakness in Internal Controls: The filing discloses an unremediated material weakness in internal control over financial reporting, previously reported in the 2024 Form 10-K. This weakness stems from an insufficient number of personnel and resources with the necessary experience to maintain an effective control environment.
- Consultation with New Auditor: The Company confirms it has not consulted with Baker Tilly regarding accounting applications or potential audit opinions prior to this appointment.
Investor Verification Checklist
- Verify the status of the remediation plan for the material weakness in internal controls over financial reporting.
- Confirm the transition timeline and initial engagement scope between the Company and Baker Tilly US, LLP.
- Review the letter from Moss Adams LLP (Exhibit 16.1) to ensure no undisclosed disagreements exist.
- Monitor future filings for any impact of the staffing/resource constraints on the accuracy of financial reporting.