Business Context and Reporting Period
This Form 8-K Current Report was filed by Quantum Computing Inc. on March 1, 2019, covering events occurring on January 30, 2019, and February 4, 2019. The filing addresses a change in the Company's independent registered public accounting firm.
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 Auditor: On January 30, 2019, the Board of Directors dismissed Thayer O'Neal Company, LLC as the independent registered public accounting firm, effective immediately.
- Engagement of New Auditor: On February 4, 2019, the Board engaged BF Borgers CPA PC as the new independent registered public accounting firm for the fiscal year ending December 31, 2018.
- No Disagreements: The Company reported no disagreements with the former auditor regarding accounting principles, practices, or audit scope during the two most recent fiscal years or the interim period leading up to the dismissal.
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 contingency noted is the transition of audit responsibilities, with the former auditor's response letter filed as Exhibit 16.1.
Investor Verification Checklist
- Verify the content of the letter from Thayer O'Neal Company, LLC (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Review the most recent audited financial statements to assess the severity of the "going concern" uncertainty mentioned in prior audit reports.
- Confirm the scope of the engagement with the new auditor, BF Borgers CPA PC, for the 2018 fiscal year.