Beyond Air, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Beyond Air, Inc. (Nasdaq: XAIR) on October 6, 2022. The report discloses 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. This report focuses exclusively on corporate governance regarding the audit firm.
Material Changes
The primary material change is the dismissal of Friedman LLP and the engagement of Marcum LLP as the Company's independent registered public accounting firm.
- Effective Date: The change became effective on September 1, 2022, following the combination of Friedman LLP with Marcum LLP.
- Approval Date: The Audit Committee approved the dismissal of Friedman and engagement of Marcum on October 6, 2022.
- Scope: Marcum LLP will serve as the auditor for the fiscal year ending March 31, 2023.
- Historical Context: Marcum LLP previously served as the Company's auditor until April 16, 2019, when Friedman LLP was appointed.
Management Commentary, Risks, and Contingencies
Management confirmed that Friedman LLP's reports for the fiscal years ended March 31, 2022, and March 31, 2021, did not contain any adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
During the two most recent fiscal years and the interim period through October 6, 2022:
- There were no disagreements with Friedman LLP on accounting principles, practices, or audit scope.
- There were no "reportable events" as defined in Regulation S-K.
- The Company did not consult with Marcum LLP regarding accounting principles or audit opinions during this period.
Investor Verification Checklist
- Verify the transition timeline between Friedman LLP and Marcum LLP to ensure no gap in audit coverage.
- Review the letter from Friedman LLP (Exhibit 16.1) to confirm their agreement with the Company's disclosures regarding the change.
- Monitor future filings for the first audit report issued by Marcum LLP for the fiscal year ending March 31, 2023.
- Check for any subsequent filings that might reveal the underlying reasons for the firm combination or the switch in auditors.