Business Context and Reporting Period
This Form 8-K Current Report was filed by Daxor Corporation on March 11, 2005. The report discloses a change in the Company's independent certifying accountant effective as of the filing date.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Dismissal of Previous Auditor: The Board of Directors dismissed Frederick Kaden & Co. as the independent public accounting firm.
- Appointment of New Auditor: Rotenberg Meril Solomon Bertiger & Guttilla, P.C. (RMSB&G) was appointed as the new independent registered public accounting firm.
- Scope of New Engagement: RMSB&G is engaged to audit financial statements for the fiscal years ended December 31, 2004, and 2003.
Management Commentary and Risks
Management stated that the reports issued by the former auditor, Frederick Kaden & Co., for the fiscal years ended December 31, 2002, and 2001, did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles. Furthermore, the Company reported no disagreements with the former auditor on accounting principles, financial statement disclosures, or auditing scope during the last two fiscal years or the period thereafter. The Company also confirmed it had not consulted the new auditor on accounting principles or potential opinion types prior to their engagement.
Investor Verification Checklist
- Verify the letter from Frederick Kaden & Co. to the SEC confirming their agreement with the Company's disclosures regarding the dismissal.
- Review the upcoming audited financial statements for fiscal years 2003 and 2004 prepared by the new auditor, RMSB&G.
- Monitor for any subsequent filings that might detail the specific reasons for the auditor change beyond the standard disclosure.