Business Context and Reporting Period
Company: Greenwich LifeSciences, Inc. (GLSI)
Filing Type: Form 8-K (Current Report)
Date of Report: February 14, 2024
Reporting Period: Immediate event reporting regarding a change in independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance and audit firm changes.
Material Changes
- Dismissal of Auditor: The Audit Committee approved the dismissal of MaloneBailey LLP ("Malone") as the independent registered public accounting firm, effective immediately on February 15, 2024.
- Engagement of New Auditor: RBSM LLP ("RBSM") was engaged to audit the consolidated financial statements for the year ended December 31, 2023.
- Audit History: Malone's reports for the years ended December 31, 2022, and 2021 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Internal Controls: The filing acknowledges material weaknesses in internal control over financial reporting previously disclosed in the Company's 2021 and 2022 Form 10-K filings and 2023 Form 10-Q filings. No other "reportable events" occurred during the relevant periods.
- Disagreements: There were no disagreements between the Company and Malone regarding accounting principles, practices, or auditing scope/procedures during the years ended December 31, 2023 and 2022.
Guidance, Outlook, and Risks
Management Commentary: The Audit Committee has authorized Malone to respond fully to inquiries from RBSM concerning the previously identified material weaknesses in internal controls.
Consultations: The Company did not consult with RBSM regarding accounting principles or potential audit opinions prior to the engagement.
Risks: The primary risk highlighted is the existence of material weaknesses in internal control over financial reporting, which has been a recurring issue in recent filings.
Investor Verification Checklist
- Verify the status of the material weaknesses in internal controls and the remediation plan implemented by the new auditor, RBSM LLP.
- Review the attached letter from MaloneBailey LLP (Exhibit 16.1) to confirm their agreement with the Company's disclosures regarding the dismissal.
- Monitor upcoming filings (Form 10-K for 2023) for the audit opinion issued by RBSM LLP.
- Confirm if the change in auditors impacts the timeline for the issuance of the 2023 annual financial statements.