Business Context and Reporting Period
This Form 8-K filing by Glucotrack, Inc. (GCTK) reports a change in the company's independent registered public accounting firm. The report date is July 18, 2025, covering events effective immediately on that date.
Key Financial Metrics
This filing does not contain specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity figures. The document focuses exclusively on the transition of the external auditor.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed Fahn Kanne & Co. Grant Thornton Israel ("Grant Thornton") as the independent registered public accounting firm, effective July 18, 2025.
- Engagement of New Auditor: The Audit Committee engaged CBIZ CPAs P.C. ("CBIZ") as the new independent registered public accounting firm for the fiscal year ending December 31, 2025, effective July 18, 2025.
- Audit History: Grant Thornton's reports for the past two years did not contain adverse opinions or disclaimers but included an explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern.
- Disagreements: There were no disagreements with Grant Thornton regarding accounting principles, practices, or audit scope during the fiscal years ended December 31, 2024 and 2023, or the interim period through July 18, 2025.
Guidance, Risks, and Contingencies
Internal Control Weaknesses: As disclosed in the Form 10-K for the year ended December 31, 2024, management identified material weaknesses in internal control over financial reporting. These include issues related to general IT controls, a lack of sufficient accounting personnel, and inadequate segregation of duties.
Going Concern: The previous auditor's reports included an explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern.
Consultation with New Auditor: The Company confirmed that no consultations were held with CBIZ regarding accounting principles or reportable events prior to their engagement.
Investor Verification Checklist
- Verify the reasons for the dismissal of Grant Thornton and the selection of CBIZ.
- Review the upcoming letter from Grant Thornton (to be filed via amendment) confirming their agreement with the Company's statements regarding the dismissal.
- Assess the status of the previously disclosed material weaknesses in internal controls (IT controls, personnel, segregation of duties).
- Monitor the Company's liquidity and going concern status given the prior auditor's explanatory paragraph.