Business Context and Reporting Period
Company: Pharmacyte Biotech, Inc. (PMCB)
Filing Type: Form 8-K (Current Report)
Date of Report: February 21, 2025
Reporting Period: Interim period through February 21, 2025; Fiscal years ended April 30, 2024 and April 30, 2023 referenced for context.
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 a change in the company's independent registered accounting firm.
Material Changes
- Accountant Resignation: Marcum LLP resigned as the independent registered accounting firm effective February 21, 2025.
- Successor Engagement: The Audit Committee approved the engagement of CBIZ CPAs P.C. as the new independent registered public accounting firm. This transition follows CBIZ's acquisition of Marcum's attest business on November 1, 2024.
- Audit Opinion Status: Marcum's reports for the fiscal year ended April 30, 2024, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: No disagreements were reported between the Company and Marcum regarding accounting principles, practices, or audit scope during the fiscal year ended April 30, 2024, or the interim period through February 21, 2025.
Guidance, Risks, and Contingencies
Reportable Events (Material Weaknesses): The filing discloses two material weaknesses previously identified in the Company's internal controls over financial reporting, as noted in the Form 10-K for the fiscal year ended April 30, 2024:
- Insufficient segregation of duties of the Chief Financial Officer.
- Insufficient management review controls.
Consultations: During the two most recent fiscal years and the interim period through February 21, 2025, the Company did not consult with CBIZ CPAs P.C. regarding accounting principles, proposed transactions, or potential audit opinions.
Investor Verification Checklist
- Verify the status of the two disclosed material weaknesses (CFO segregation of duties and management review controls) in subsequent filings.
- Confirm the transition timeline and any potential delays in the issuance of future financial statements due to the change in auditors.
- Review the attached Exhibit 16.1 (Letter from Marcum LLP) for any additional context regarding the resignation.
- Monitor upcoming 10-Q or 10-K filings for the first financial statements audited by CBIZ CPAs P.C.