Business Context and Reporting Period
This Form 8-K is filed by KT High-Tech Marketing, Inc. (not KULR Technology Group, Inc.) on July 20, 2018, reporting events occurring on July 19, 2018. The registrant is a Delaware corporation with executive offices in Saratoga, CA.
Key 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 a change in the independent registered public accounting firm.
Material Changes
- Dismissal of Previous Auditor: On July 19, 2018, the Board of Directors dismissed Chen & Fan Accountancy ("C&F") as the independent registered public accounting firm.
- Audit History: C&F's reports for the fiscal years ended December 31, 2017, and 2016 contained no adverse opinions, disclaimers, or modifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with C&F on accounting principles, practices, disclosures, or audit scope/procedures during the past two fiscal years or the interim period preceding dismissal.
- Appointment of New Auditor: On July 19, 2018, the Board appointed Marcum LLP as the new independent registered public accounting firm.
- Consultations: The Company did not consult with Marcum LLP regarding accounting principles or reportable events during the two most recent fiscal years or through the date of engagement.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. The primary risk disclosed is the change in auditors, though the filing explicitly states there were no reportable events or disagreements necessitating the change under Regulation S-K Item 304. Chen & Fan Accountancy provided a letter agreeing with the Company's statements regarding the dismissal.
Investor Verification Checklist
- Verify the correct registrant name is KT High-Tech Marketing, Inc., not KULR Technology Group, Inc.
- Confirm the effective date of the auditor change (July 19, 2018).
- Review Exhibit 16.1 for the full text of the letter from Chen & Fan Accountancy.
- Monitor future filings for the first audit report issued by Marcum LLP.