Filing Overview
Registrant: Hanryu Holdings, Inc. The provided request metadata identifies Global Interactive Technologies, Inc., which does not match the registrant named in the filing.
Form 8-K: Current report under Item 4.01, filed for an event dated October 23, 2023. The report was signed October 27, 2023. Hanryu Holdings is incorporated in Delaware, trades under ticker HRYU on Nasdaq, and identifies as an emerging growth company.
Business Context and Reporting Period
The filing concerns a change in the company’s independent registered public accounting firm. It does not report operating results for a defined quarterly or annual reporting period.
- On August 9, 2023, the Audit Committee engaged OneStop Assurance, PAC to conduct an independent review of the company’s financial statements.
- Following what the filing describes as satisfactory performance, the Audit Committee recommended retaining OneStop as the company’s independent registered public accounting firm.
- The Board decided not to extend BF Borgers CPA, PC’s contract.
Financial and Operating Metrics
The filing does not provide clear values for revenue, profit, cash flow, margins, debt, liquidity, assets, liabilities, or other operating metrics.
Material Changes Versus the Prior Comparable Period
- BF Borgers CPA, PC was not retained as the independent registered public accounting firm after the company’s two most recent fiscal years and interim period through August 9, 2023.
- OneStop Assurance, PAC was recommended for retention after initially being engaged for a limited-purpose independent financial statement review.
- The company stated that, during the years ended December 31, 2022 and 2021 and the subsequent interim period through August 9, 2023, there were no disagreements with BF Borgers regarding accounting principles or practices, financial statement disclosure, or audit scope or procedures that would have required disclosure.
- The company stated that it had not consulted OneStop during the two most recent fiscal years or the subsequent interim period regarding specified transactions, accounting principles, potential audit opinions, or other matters described in Regulation S-K Item 304(a)(2).
Guidance, Outlook, Risks, and Unusual Items
No financial guidance or operating outlook is provided.
The principal unusual item is the change in the company’s independent accounting firm. The filing text does not identify disagreements, reportable events, accounting deficiencies, or a reason beyond the Board’s decision not to extend BF Borgers’ contract. The impact of the change on future audits, financial statement reviews, or filing timeliness is not stated.
The filing references an exhibit consisting of a letter from BF Borgers to the SEC dated October 25, 2023 addressing the company’s disclosure.
Investor Verification Checklist
- Verify the correct issuer, because the supplied metadata names Global Interactive Technologies, Inc., while the filing names Hanryu Holdings, Inc.
- Review Exhibit 16.01 to confirm BF Borgers’ response to the company’s statements.
- Confirm whether OneStop Assurance, PAC was formally appointed as the company’s independent registered public accounting firm or only recommended for retention.
- Review subsequent filings for any audit qualifications, restatements, delayed reports, internal-control issues, or additional auditor changes.
- Assess whether the auditor transition affected the timing or credibility of future financial statement filings.