Power REIT Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Power REIT on July 30, 2013. The filing addresses a change in the Company's independent registered public accounting firm effective July 29, 2013.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the change of auditors and does not contain financial statement data.
Material Changes
- Dismissal of Prior Auditor: Gibbons & Kawash, A.C. ("G&K") was dismissed as the independent registered public accounting firm on July 29, 2013.
- Engagement of New Auditor: BDO USA, LLP ("BDO") was engaged as the new independent registered public accounting firm for the fiscal year ending December 31, 2013.
- Audit History: G&K's reports for fiscal years 2011 and 2012 contained no adverse opinions, disclaimers, or qualifications. There were no disagreements between the Company and G&K regarding accounting principles or audit scope.
Outlook, Risks, and Management Commentary
Management confirmed that the dismissal of G&K was solely due to the engagement of BDO. The Company stated there were no reportable events or disagreements with the former auditor. BDO had previously provided tax services to the Company for the years ending December 31, 2011 and 2012, which were pre-approved by the audit committee. No specific risks or contingencies related to financial performance were disclosed in this filing.
Key Facts for Investor Verification
- Verify the effective date of the auditor change (July 29, 2013).
- Confirm the identity of the new auditor (BDO USA, LLP) and the former auditor (Gibbons & Kawash, A.C.).
- Note that the former auditor issued a letter agreeing with the Company's disclosures regarding the change.
- Understand that this filing does not contain updated financial results or guidance.