Business Context and Reporting Period
This Form 8-K Current Report is filed by Addentax Group Corp., a Nevada corporation, with a reporting date of October 14, 2015. 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. The document references a prior audit report covering the period from October 28, 2014 (inception) through March 31, 2015, which contained an uncertainty regarding the company's ability to continue as a going concern.
Material Changes
- Accountant Change: On October 14, 2015, Cutler & Co. LLC resigned as the independent registered public accounting firm due to a merger of its SEC auditing practice with Pritchett, Siler & Hardy PC.
- New Engagement: The Company engaged Pritchett, Siler & Hardy PC as the new independent registered public accounting firm, approved by the Board of Directors.
- Audit History: The former accountant's report for the period ending March 31, 2015, included no adverse opinions or disclaimers, except for the aforementioned going concern uncertainty.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the historical going concern uncertainty noted in the prior audit. The document confirms there were no "disagreements" or "reportable events" with the former accountant regarding accounting principles, financial statement disclosures, or auditing scope during the most recent fiscal year or subsequent interim periods.
Investor Verification Checklist
- Verify the status of the "going concern" uncertainty noted in the March 31, 2015 audit report.
- Review the letter from Cutler & Co. LLC (Exhibit 16.1) to confirm their agreement with the disclosures regarding their resignation.
- Confirm the scope of the engagement with the new accountant, Pritchett, Siler & Hardy PC.
- Check for any subsequent filings that may provide updated financial data or resolve the going concern issue.