Business Context and Reporting Period
This Form 8-K is a current report filed by Flux Power Holdings, Inc. on January 6, 2025. The filing addresses a change in the Company's independent registered public accounting firm. The Company is incorporated in Nevada and its common stock trades on the Nasdaq Capital Market under the symbol "FLUX".
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Departure of Auditor: Baker Tilly US, LLP notified the Company on January 6, 2025, that it would not stand for re-election as the independent registered public accounting firm upon completion of the audit for the fiscal year ended June 30, 2024.
- Appointment of New Auditor: The Audit Committee approved the appointment of Haskell & White LLP as the new independent registered public accounting firm for the fiscal year ending June 30, 2025, subject to standard client acceptance procedures.
- Historical Context: The filing references a pending restatement of financial statements disclosed in a Form 8-K filed on September 5, 2024. It also notes material weaknesses in internal control over financial reporting previously disclosed in filings for fiscal years ended June 30, 2023, and interim periods through March 31, 2024.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, revenue outlook, or management commentary regarding business operations. The primary risk disclosed is the change in auditors and the historical context of material weaknesses in internal controls and a pending restatement. The Company confirmed there were no disagreements with Baker Tilly regarding accounting principles or auditing scope during the two most recent fiscal years and the subsequent interim period.
Investor Verification Checklist
- Verify the status of the pending restatement mentioned in the September 5, 2024, Form 8-K.
- Review the Form 10-K for the fiscal year ended June 30, 2024, once filed, to see the final audit opinion from Baker Tilly.
- Confirm the execution of the engagement letter with Haskell & White LLP.
- Examine the Company's recent 10-Q filings to understand the specific nature of the material weaknesses in internal controls.