Business Context and Reporting Period
This Form 6-K filing by National Energy Services Reunited Corp. covers the month of August 2018. The report discloses a material change in the Company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the change in auditors.
Material Changes
- Dismissal of Auditor: On August 6, 2018, the Audit Committee approved the immediate dismissal of Marcum LLP, which served as the independent auditor from the Company's inception (January 23, 2017) through the dismissal date.
- Engagement of New Auditor: On August 6, 2018, the Committee approved the engagement of KPMG as the new independent registered public accounting firm. KPMG previously served as the auditor for NPS Holdings Limited, the Company's accounting predecessor.
- Audit History: Marcum's reports for the period ended December 31, 2017, did not contain adverse opinions or disclaimers but included an emphasis paragraph regarding uncertainty about the Company's ability to continue as a going concern.
- Disagreements: There were no disagreements between the Company and Marcum regarding accounting principles, practices, or audit scope, nor were there any "reportable events" during Marcum's tenure.
Guidance, Outlook, and Risks
The filing does not contain management guidance, financial outlook, or specific risk factors beyond the historical "going concern" emphasis noted in the prior auditor's report. The change in auditors is incorporated by reference into the Company's Registration Statement on Form F-3.
Key Facts for Investor Verification
- Verify the reasons for the dismissal of Marcum LLP and the selection of KPMG.
- Review the "going concern" uncertainty highlighted in the prior audit report to assess current financial stability.
- Confirm the status of the Company's Registration Statement on Form F-3 (File No. 333-226194) given the incorporation of this report.
- Examine Exhibit 99.1 (Marcum's letter) for any additional disclosures regarding the change in auditors.