Business Context and Reporting Period
This Form 8-K Current Report was filed by Aqua Metals, Inc. (AQMS) on July 24, 2023. The filing addresses a material change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly procedural regarding the change of auditors.
Material Changes
- Resignation of Auditor: Armanino LLP, the Company's independent registered public accounting firm, has decided to resign.
- Reason for Resignation: Armanino is transitioning away from providing certain financial statement audit services to public companies.
- Effective Date: The resignation is effective just after the filing of the Company's Quarterly Report on Form 10-Q for the interim period ending September 30, 2023.
- Continued Engagement: Armanino will remain engaged to complete its review of the interim financial statements through September 30, 2023.
- Board Involvement: The resignation was initiated by Armanino without seeking the Company's consent; therefore, the Board of Directors and Audit Committee did not participate in the decision.
Guidance, Outlook, and Risks
Management Commentary: The Company is currently in the process of selecting a new independent registered public accounting firm.
Audit History: Armanino audited the fiscal years ended December 31, 2022, and 2021. Their reports contained no adverse opinions, disclaimers, or qualifications. There were no disagreements regarding accounting principles, practices, or audit scope during these periods or through the interim period ended March 31, 2023.
Risks and Contingencies: The filing does not disclose specific financial risks or contingencies beyond the operational necessity of securing a new auditor.
Investor Verification Checklist
- Verify the timeline for the appointment of a new independent registered public accounting firm.
- Review the upcoming Form 10-Q for the period ended September 30, 2023, to confirm the completion of Armanino's review.
- Monitor future filings for any delays in financial reporting resulting from the auditor transition.
- Confirm that the new auditor will issue an unqualified opinion on future financial statements.