Clean Energy Technologies, Inc. (CETY) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Clean Energy Technologies, Inc. on June 26, 2023, covering events that occurred on June 21, 2023. The Company is incorporated in Nevada and its common stock trades on the NASDAQ under the symbol "CETY".
Key Financial Metrics
This filing does not contain specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity figures. The document focuses exclusively on a change in the Company's independent registered accounting firm.
Material Changes
- Resignation of Former Auditor: Fruci & Associates II, PLLC ("Fruci") resigned as the Company's independent registered accounting firm effective June 21, 2023. The Board of Directors accepted this resignation on the same date.
- Engagement of New Auditor: The Board of Directors appointed TAAD LLP ("TAAD") as the new independent registered public accounting firm on June 21, 2023. The initial term covers the fiscal year ending December 31, 2023.
- Audit History: Fruci's reports for the fiscal years ended December 31, 2022, and 2021 did not contain adverse opinions or disclaimers. However, these reports expressed substantial doubt regarding the Company's ability to continue as a going concern.
- Disagreements: There were no disagreements with Fruci on accounting principles, practices, or auditing scope during the two most recent fiscal years or through June 21, 2023. No "reportable events" occurred during this period.
Guidance, Outlook, and Risks
The filing does not provide updated financial guidance, management commentary on future operations, or specific risk factors beyond the historical context of the going concern qualification noted in prior audit reports. The Company confirmed that no consultations occurred with the new auditor, TAAD, regarding reportable events prior to their engagement.
Investor Verification Checklist
- Verify the reasons for the resignation of Fruci & Associates II, PLLC by reviewing the attached letter (Exhibit 16.1).
- Confirm the Company's current liquidity status and ability to continue as a going concern, given the substantial doubt expressed in the 2021 and 2022 audit reports.
- Monitor the transition process between the former and new auditors to ensure no undisclosed accounting issues arise.
- Review upcoming filings (e.g., 10-K or 10-Q) for the first financial statements audited by TAAD LLP.