Business Context and Reporting Period
This Form 8-K is filed by Immudyne, Inc. (not Lifemd, Inc. as indicated in metadata) for the reporting period ending April 9, 2018. The filing addresses a change in the registrant's certifying accountant.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. However, it notes that the audit reports for the fiscal years ended December 31, 2017, and December 31, 2016, contained an explanatory paragraph disclosing uncertainty regarding the Company's ability to continue as a going concern.
Material Changes
- Dismissal of Accountant: On April 10, 2018, the Board of Directors dismissed Rosenberg Rich Baker Berman & Company (RRBB) as the independent registered public accounting firm, effective immediately.
- Engagement of New Accountant: On April 5, 2018, the Board engaged BF Borgers CPA PC as the new independent registered public accounting firm for the year ending December 31, 2018.
- Audit History: There were no disagreements with RRBB regarding accounting principles, practices, or audit scope during the two most recent fiscal years or the interim period through April 10, 2018. No "reportable events" occurred during this time.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the previously disclosed going concern uncertainty. The primary risk highlighted is the change in audit firm, though the company states there were no underlying disagreements with the former firm.
Investor Verification Checklist
- Verify the reasons for the dismissal of RRBB and the selection of BF Borgers CPA PC, as no disagreements were cited.
- Review the "going concern" explanatory paragraph in the 2016 and 2017 audit reports to understand the severity of liquidity risks.
- Examine Exhibit 16.1 (Letter from RRBB) to confirm the former accountant's stance on the dismissal.
- Confirm the company's current cash position and funding status given the historical going concern warnings.