Business Context and Reporting Period
This Form 6-K filing by Vision Marine Technologies Inc. covers the month of August 2021. The report primarily addresses a change in the Company's independent registered public accounting firm and includes a press release regarding the upcoming unveiling of the E-Motion Fully Electric Powertrain.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the current period. No financial statements are included in this report.
Material Changes
- Accountant Change: On August 13, 2021, the Company dismissed BDO Canada LLP and appointed Ernst & Young LLP as its new independent registered public accounting firm.
- Internal Controls: Management identified a material weakness in internal controls as of August 31, 2020. The filing explicitly states this weakness has not been remediated as of August 13, 2021.
- Disagreements: There were no disagreements with the former auditor regarding accounting principles, practices, or audit scope, nor were there reportable events other than the aforementioned material weakness.
Guidance, Outlook, and Risks
Outlook: The Company is preparing to unveil its E-Motion Fully Electric Powertrain matched with the Bruce 22 vessel at the Lake of the Ozarks Shootout, as detailed in the attached press release.
Risks and Contingencies: The primary risk disclosed is the unremediated material weakness in internal controls over financial reporting. The filing notes that the former auditor's reports for fiscal years 2019 and 2020 did not contain adverse opinions or disclaimers.
Investor Verification Checklist
- Verify the status of the material weakness in internal controls and the timeline for remediation.
- Review the transition plan between BDO Canada LLP and Ernst & Young LLP to ensure audit continuity.
- Confirm the commercial viability and market reception of the E-Motion Fully Electric Powertrain following its unveiling.
- Check for any subsequent filings regarding the letter from BDO Canada LLP (Exhibit 16.1) confirming their agreement with the Company's statements.