Business Context and Reporting Period
This Form 8-K is a Current Report filed by Ocean Power Technologies, Inc. (OPTT) 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. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Accountant Merger and Resignation: On June 3, 2025, Moss Adams LLP, the Company's independent auditor, 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 effective June 3, 2025.
- Audit Status: As of the filing date, Moss Adams had not issued an audit report on the Company's consolidated financial statements for the fiscal year ended April 30, 2025.
Guidance, Outlook, and Risks
- No Disagreements: The Company confirmed there were no disagreements with Moss Adams regarding accounting principles, financial statement disclosures, or auditing scope during the period from August 19, 2024, through June 3, 2025.
- No Reportable Events: No reportable events requiring disclosure under Item 304(a)(1)(v) of Regulation S-K occurred during the same period.
- Consultations: The Company did not consult with Baker Tilly regarding accounting principles or potential audit opinions between May 1, 2024, and the date of this report.
Investor Verification Checklist
- Verify the transition timeline for the audit of the fiscal year ended April 30, 2025, now that Baker Tilly is the successor firm.
- Review Exhibit 16.1 (Letter from Moss Adams LLP dated June 6, 2025) to confirm the auditor's concurrence with the Company's statements regarding the change.
- Monitor future filings for the issuance of the audit report by Baker Tilly US, LLP.