Business Context and Reporting Period
Company: Retractable Technologies, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 24, 2002
Principal Event: Change in Registrant's Certifying Accountant.
Key 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 independent auditors.
Material Changes
- Dismissal of Auditor: PricewaterhouseCoopers LLP (PWC) was dismissed as independent accountants effective June 24, 2002.
- Appointment of New Auditor: Cheshier & Fuller, L.L.P. was appointed as the new independent accountants for fiscal year 2002, effective June 24, 2002.
- Reason for Selection: Cheshier & Fuller had previously served as the Company's independent accountants prior to PWC.
Management Commentary, Risks, and Contingencies
- Audit History: PWC served as auditors for fiscal years ended December 31, 2001, and 2000. Their reports did not contain adverse opinions or disclaimers.
- 2001 Report Qualification: The 2001 audit report included an explanatory paragraph emphasizing the Company's limited access to the hospital market and the classification of a note payable.
- Disagreements: There were no disagreements with PWC regarding accounting principles, financial statement disclosure, or auditing scope during the two most recent fiscal years or the interim period through June 24, 2002.
- Reportable Events: No "reportable events" occurred during the specified periods.
- Consultation with New Auditor: The Company did not consult with Cheshier & Fuller regarding matters requiring disclosure under Regulation S-B prior to their appointment.
Investor Verification Checklist
- Verify the content of the letter from PricewaterhouseCoopers LLP included as Exhibit 16 to confirm their agreement with the Company's statements.
- Review the Company's most recent financial statements to assess the impact of the "limited access to the hospital market" noted in the 2001 audit report.
- Confirm the status of the "note payable" classification mentioned in the 2001 audit report.
- Monitor future filings for the first financial statements audited by Cheshier & Fuller, L.L.P.