Business Context and Reporting Period
This Form 8-K is filed by Knight Knox Development Corp. (noted as "ARTELO BIOSCIENCES, INC." in request metadata) for the reporting date of July 6, 2015. The registrant is incorporated in Nevada with principal executive offices in London, England. The filing primarily addresses a change in the company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the current period. However, it references historical financial conditions:
- Going Concern: The previous auditor's report for the period ended August 31, 2014, included an explanatory paragraph noting substantial doubt regarding the Company's ability to continue as a going concern due to an accumulated deficit.
- Audit Opinion: The reports for the period ended August 31, 2014, did not contain an adverse opinion or disclaimer of opinion, nor were they qualified regarding uncertainty, audit scope, or accounting principles, aside from the going concern note.
Material Changes
The primary material change reported is the resignation of the previous independent registered public accounting firm, Messineo & Co, CPAs LLC ("M&Co"), effective July 6, 2015. Concurrently, the Company engaged Malone Bailey, LLP as its new independent registered public accounting firm for the fiscal year ending August 31, 2015.
- Disagreements: The Company reported no disagreements with M&Co regarding accounting principles, financial statement disclosures, or auditing scope/procedures from inception through July 6, 2015.
- Reportable Events: No reportable events as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the relevant periods.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the historical context of the going concern warning. The engagement of the new auditor, Malone Bailey, was not preceded by consultations regarding accounting principles or disagreements.
Investor Verification Checklist
- Verify the reason for the resignation of Messineo & Co, CPAs LLC, as the filing states no disagreements occurred.
- Confirm the status of the "substantial doubt" regarding the Company's ability to continue as a going concern noted in the August 31, 2014, financial statements.
- Review the attached Exhibit 16.1 (Letter from Messineo & Co) for any additional context not included in the main text.
- Clarify the discrepancy between the request metadata name ("ARTELO BIOSCIENCES, INC.") and the registrant name in the filing ("KNIGHT KNOX DEVELOPMENT CORP.").