Business Context and Reporting Period
This Form 8-K was filed by NanoViricides, Inc. on January 12, 2009. The report discloses a change in the company's independent certifying accountant. The company is incorporated in Nevada and operates from West Haven, Connecticut.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity for the current period. However, it references prior audit reports for the fiscal years ended June 30, 2008, and 2007, which noted the following:
- The company is in the development stage.
- The company has suffered significant operating losses.
- The company is dependent upon stockholders to provide sufficient working capital to meet obligations and sustain operations.
- There was substantial doubt regarding the company's ability to continue as a going concern.
Material Changes
The primary material change reported is the dismissal of the independent accountant, Holtz Rubenstein Reminick LLP (HRR), effective January 12, 2009. The Board of Directors, acting as the audit committee, approved this dismissal. The filing states there were no disagreements with HRR regarding accounting principles, financial statement disclosures, or auditing scope during the years ended June 30, 2008 and 2007, or through January 12, 2009.
Guidance, Outlook, and Management Commentary
On January 13, 2009, the Board of Directors engaged Li & Company, PC as the new independent accountant to audit the company's financial statements. The company confirmed that no consultations occurred with the new accountant regarding accounting principles or audit opinions prior to their engagement. The filing includes a letter from the former accountant (HRR) confirming their agreement with the disclosures regarding the dismissal.
Important Facts for Investor Verification
- Verify the reasons for the dismissal of Holtz Rubenstein Reminick LLP, as no disagreements were cited in the filing.
- Confirm the company's current liquidity status and ability to secure working capital from stockholders, given the "substantial doubt" regarding going concern status noted in prior audits.
- Review the transition plan and timeline for the new auditor, Li & Company, PC, to complete the audit of the most recent fiscal period.
- Monitor for any future filings regarding the company's development stage progress or additional capital raises.