Business Context and Reporting Period
Incannex Healthcare Inc. filed this Form 8-K on December 14, 2023, following completion of the Scheme of Arrangement with Incannex Healthcare Limited on November 28, 2023. The Company became the successor issuer and is preparing financial statements for the fiscal years ended June 30, 2023 and June 30, 2022 under U.S. GAAP.
Key Financial Metrics and Liquidity
This filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics. The Company’s financial statements for the fiscal years ended June 30, 2023 and 2022 were still being prepared.
Material Changes Versus the Prior Comparable Period
- The Audit Committee approved a change in independent registered public accounting firms.
- PKF Brisbane Audit resigned as auditor on December 14, 2023, subject to approval by the Australian Securities and Investments Commission.
- Grant Thornton Audit Pty Ltd was appointed as the new independent registered public accounting firm on December 14, 2023.
- PKF’s reports on Incannex Australia’s financial statements for the years ended June 30, 2023 and 2022 contained no adverse opinion, disclaimer, qualification, or modification relating to uncertainty, audit scope, or accounting principles.
Outlook, Risks, Contingencies, and Unusual Items
- The auditor transition remains subject to Australian Securities and Investments Commission approval.
- The Company stated that there were no disagreements with PKF regarding accounting principles, financial statement disclosure, or audit scope or procedures, and no reportable events during PKF’s engagement.
- During the two most recent fiscal years, the Company did not consult Grant Thornton regarding specified accounting transactions, potential audit opinions, disagreements, or reportable events.
- The filing includes PKF’s letter to the SEC dated December 14, 2023, addressing the Company’s disclosure.
Important Facts for Investors to Verify
- Completion and timing of Australian Securities and Investments Commission approval of PKF’s resignation.
- Grant Thornton’s completion of the Company’s U.S. GAAP financial statements for fiscal 2023 and fiscal 2022.
- The Company’s forthcoming financial statements for revenue, losses, cash balances, cash burn, debt, liquidity, and going-concern disclosures.
- Any effect of the successor-issuer structure and auditor transition on future SEC reporting and audit timing.