Sachem Capital Corp. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Sachem Capital Corp. on November 18, 2024. 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. This report focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Accountant Termination: Effective November 18, 2024, the Company terminated its relationship with Hoberman & Lesser CPA's, LLP.
- New Engagement: The Company engaged Baker Tilly US, LLP as its new independent registered public accounting firm.
- Audit Committee Approval: The Audit Committee directed the review process and approved the engagement of Baker Tilly.
Guidance, Outlook, and Risks
Audit History: The reports issued by Hoberman for the years ended December 31, 2022, and 2023 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
Disagreements: There were no disagreements with Hoberman on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the audits of 2022 and 2023 or reviews through November 14, 2024.
Consultations: During the two most recent fiscal years and through November 14, 2024, the Company did not consult with Baker Tilly on any matters involving the application of accounting principles to specified transactions or the type of audit opinion that might be rendered.
Investor Verification Checklist
- Verify the effective date of the new engagement with Baker Tilly US, LLP.
- Review the attached letter from Hoberman & Lesser (Exhibit 16.1) for any additional context on the departure.
- Confirm that the transition of audit responsibilities will not delay the filing of upcoming periodic reports (10-Q or 10-K).
- Monitor future filings for the first financial statements audited by the new firm.