Business Context and Reporting Period
This Form 8-K is filed by TransBiotec, Inc. (not SOBR Safe, Inc.) on February 6, 2018, reporting events occurring through February 12, 2018. The filing addresses a change in the company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document notes that the previous auditor's reports for the period ending December 31, 2016, contained an emphasis of matter paragraph indicating conditions that raised substantial doubt about the company's ability to continue as a going concern.
Material Changes
- Dismissal of Auditor: TransBiotec, Inc. dismissed Anton & Chia, LLP as its independent registered public accounting firm, effective February 12, 2018.
- Engagement of New Auditor: The Board of Directors appointed Benjamin & Young, LLP as the new independent auditor, effective February 6, 2018.
- Audit History: The dismissed auditor audited financial statements for the years 2013 through 2016. No disagreements regarding accounting principles or practices were reported during this period.
Outlook, Risks, and Management Commentary
Management confirmed that the dismissal of the previous auditor was approved by the Board of Directors. The company stated it has not received a response letter from the former auditor regarding the dismissal as of the filing date but will file an amendment if one is received. There were no consultations with the new auditor regarding accounting principles or disagreements prior to their engagement.
Key Facts for Investor Verification
- Verify the identity of the registrant as TransBiotec, Inc., noting the discrepancy with the metadata name "SOBR Safe, Inc."
- Confirm the effective dates of the auditor transition: Benjamin & Young, LLP engaged on February 6, 2018; Anton & Chia, LLP dismissed on February 12, 2018.
- Review the "going concern" qualification noted in prior audit reports for the years 2013-2016.
- Monitor for a future amendment to this filing containing the former auditor's response letter.