Business Context and Reporting Period
Company: Adial Pharmaceuticals, Inc. (ADIL)
Filing Type: Form 8-K (Current Report)
Date of Report: September 13, 2022
Reporting Period: The filing addresses events occurring on September 13, 2022, regarding the change of the Company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the dismissal of the former independent registered public accounting firm and the appointment of a new firm:
- Dismissal: Friedman LLP was dismissed effective September 13, 2022. Friedman had served as the auditor through September 12, 2022, following a merger into Marcum LLP on September 1, 2022.
- Appointment: Marcum LLP was engaged as the new independent registered public accounting firm for the fiscal year ending December 31, 2022, effective immediately.
- Approval: The change was approved by the Audit Committee of the Board of Directors.
Guidance, Outlook, and Risks
Management Commentary and Disagreements:
- The Company reported no disagreements with Friedman LLP regarding accounting principles, financial statement disclosures, or auditing scope during the fiscal years ended December 31, 2021 and 2020, or the interim period through September 12, 2022.
- No "reportable events" occurred during the same periods.
- Friedman LLP's reports for the fiscal years ended December 31, 2021 and 2020 did not contain adverse opinions, disclaimers, or qualifications.
Consultations with New Auditor:
- Neither the Company nor its representatives consulted with Marcum LLP regarding accounting principles or audit opinions prior to the engagement.
- No written reports or oral advice were provided by Marcum that were considered important factors in reaching decisions on accounting or auditing issues.
Investor Verification Checklist
- Verify the effective date of the auditor change (September 13, 2022) and the transition from Friedman LLP to Marcum LLP.
- Confirm that no disagreements or reportable events existed with the former auditor during the two most recent fiscal years and the subsequent interim period.
- Review the attached letter from Friedman LLP (Exhibit 16.1) for any additional context regarding the dismissal.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.