OLB GROUP, INC. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by The OLB Group, Inc. (OLB) on September 11, 2020. The report discloses a material change in the company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Dismissal of Prior Accountant: On September 11, 2020, the Audit Committee dismissed Marcum LLP effective immediately.
- Engagement of New Accountant: On September 11, 2020, the Audit Committee engaged Daszkal Bolton LLP as the new independent registered public accounting firm, effective immediately.
- Audit History: Marcum LLP's audit reports for fiscal years 2018 and 2019 did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements between the Company and Marcum LLP regarding accounting principles, practices, or auditing scope.
- Reportable Events: No reportable events occurred except for the disclosure of material weaknesses in internal controls over financial reporting previously disclosed in the Company's 2019 Form 10-K.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on financial outlook, or new risk factors. The primary contingency noted is the transition of audit responsibilities and the previously disclosed material weaknesses in internal controls.
Investor Verification Checklist
- Verify the status of the material weaknesses in internal controls over financial reporting disclosed in the 2019 Form 10-K.
- Review the letter from Marcum LLP (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Monitor future filings for the first audit report issued by Daszkal Bolton LLP.
- Confirm if the change in auditors impacts the timing or scope of upcoming financial statement releases.