Business Context and Reporting Period
Laser Photonics Corporation (LASE), an emerging growth company incorporated in Delaware, filed this Form 8-K on August 13, 2024. The report addresses a significant change in the Company's independent registered 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 is strictly a disclosure regarding auditor changes.
Material Changes
The primary material event is the rapid succession of auditor resignations and appointments:
- June 5, 2024: Fruci & Associates II, PLLC ("Fruci") resigned as the independent registered accounting firm.
- June 21, 2024: Kreit & Chiu LLP ("Kreit") was engaged to replace Fruci.
- August 13, 2024: Kreit resigned as the independent registered accounting firm, effective immediately.
- August 20, 2024: M&K CPAS, PLLC ("M&K") was appointed as the new independent registered public accounting firm for the fiscal year ending December 31, 2024.
Management Commentary and Risks
Auditor Disagreements: The Company stated there were no disagreements with Kreit regarding accounting principles, practices, financial statement disclosures, or procedures during the quarter ended June 30, 2024. Additionally, no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K occurred.
Consultations with New Auditor: During the two most recently completed fiscal years and through the appointment of M&K, the Company did not consult with M&K regarding the application of accounting principles to specific transactions or the type of audit opinion that might be rendered.
Contingencies: The Company has requested a letter from Kreit confirming agreement with the statements made in this filing. Kreit's letter is included as Exhibit 16.1.
Investor Verification Checklist
- Verify the reasons for the resignation of Kreit & Chiu LLP after only two months of engagement.
- Review the letter from Kreit & Chiu LLP (Exhibit 16.1) to confirm they agree with the Company's statements regarding the lack of disagreements.
- Monitor the transition timeline to ensure M&K CPAS, PLLC can complete the audit for the fiscal year ending December 31, 2024 without delay.
- Check for any subsequent filings that might reveal underlying financial issues prompting the auditor changes.