Business Context and Reporting Period
Company: Global Mofy AI Ltd (Global Mofy AI Limited)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: October 2024 (Current Report dated October 28, 2024)
Principal Executive Offices: Beijing, People's Republic of China
Key Financial Metrics
This filing is a current report regarding a change in the company's certifying accountant. It does not contain financial statements, revenue, profit, cash flow, margins, debt, or liquidity data for the reporting period.
Material Changes
The primary material change disclosed is the replacement of the independent registered public accounting firm:
- Termination: On October 9, 2024, the Company terminated Marcum Asia CPAs LLP.
- Appointment: On October 15, 2024, the Board of Directors approved the appointment of YCM CPA Inc., effective October 11, 2024.
- Audit History: Marcum Asia's reports for fiscal years ended September 30, 2023, and 2022 did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: No disagreements occurred regarding accounting principles or auditing scope during the most recent fiscal year or through the dismissal date.
Outlook, Risks, and Contingencies
Reportable Events and Internal Controls: The filing discloses a material weakness related to internal control over financial reporting, previously disclosed in the Form 20-F for the fiscal year ended September 30, 2023. Specific deficiencies include:
- Lack of sufficient financial reporting personnel with appropriate knowledge of U.S. GAAP and SEC requirements.
- Absence of a comprehensive accounting policies and procedures manual in accordance with U.S. GAAP.
- Inadequate information technology general controls regarding access, backups, program changes, and cybersecurity.
Consultations: The Company did not consult the new auditor (YCM CPA Inc.) regarding accounting principles or reportable events prior to their engagement.
Investor Verification Checklist
- Verify the letter from Marcum Asia CPAs LLP (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the termination.
- Review the Company's most recent Form 20-F to assess the status of the disclosed material weaknesses in internal controls.
- Confirm the qualifications and independence of the new auditor, YCM CPA Inc.
- Monitor future filings for any restatements or delays in financial reporting resulting from the change in auditors or internal control deficiencies.