Business Context and Reporting Period
This Form 8-K Current Report was filed by OneMedNet Corporation (ONMD) on May 6, 2024. The filing addresses a material change in the company's certifying accountant.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Dismissal of Auditor: On May 6, 2024, OneMedNet dismissed BF Borgers CPA PC as its independent registered public accounting firm.
- Reason for Dismissal: The dismissal was necessitated by an SEC order entered on May 3, 2024, which permanently barred BF Borgers and its sole audit partner from appearing or practicing before the Commission. Consequently, the firm could no longer serve as an independent auditor or issue audit reports for SEC filings.
- Audit History: The reports issued by BF Borgers for the fiscal years ended December 31, 2023, and 2022, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Disagreements: The company reported no "disagreements" or "reportable events" with BF Borgers regarding accounting principles, financial statement disclosure, or auditing scope prior to the dismissal.
Outlook, Risks, and Management Commentary
- Search for New Auditor: OneMedNet has commenced a search for a new independent registered public accounting firm.
- Future Disclosure: The company will file a subsequent Form 8-K to disclose the appointment of a new firm once formally engaged.
- Regulatory Compliance: In accordance with an SEC Staff Statement, the company is not requesting a letter from the dismissed firm confirming agreement with the disclosures, as the firm is currently barred from practicing before the Commission.
Investor Verification Checklist
- Verify the timeline for the appointment of a new independent registered public accounting firm.
- Review the specific details of the SEC order against BF Borgers CPA PC to understand the scope of the bar.
- Monitor future filings for the engagement letter or Form 8-K announcing the new auditor.
- Confirm that the financial statements for 2022 and 2023 remain valid despite the auditor's dismissal, as no disagreements were reported.