Business Context and Reporting Period
This Form 8-K Current Report was filed by Ramaco Resources, Inc. on April 14, 2022. The filing primarily addresses a change in the Company's 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 metrics. It is a disclosure regarding corporate governance and audit oversight.
Material Changes
- Dismissal of Auditor: On April 14, 2022, the Company dismissed Crowe LLP as its independent registered public accounting firm, effective immediately. Crowe had served as auditor from January 21, 2022, through April 14, 2022.
- Engagement of New Auditor: On April 19, 2022, the Company engaged MCM CPAs & Advisors LLP to audit the financial statements for the fiscal year ending December 31, 2022.
- Audit Committee Approval: Both the dismissal of Crowe LLP and the engagement of MCM CPAs & Advisors LLP were approved by the Company's Audit Committee.
Outlook, Risks, and Contingencies
- Reportable Events: There were no disagreements between the Company and Crowe LLP regarding accounting principles, practices, or audit scope during the engagement period.
- Internal Control Weakness: The filing references a previously disclosed material weakness in internal control over financial reporting for the fiscal year ended December 31, 2021. This weakness relates to information technology general controls (ITGCs) concerning user access and dependent business process controls.
- Impact of Weakness: The material weakness did not result in any material misstatement of the Company's consolidated financial statements for the periods presented.
- Consultations with New Auditor: The Company did not consult with MCM CPAs & Advisors LLP on any accounting or auditing matters between January 1, 2020, and April 19, 2022.
Investor Verification Checklist
- Verify the reasons for the change in auditors, as the filing states no disagreements occurred.
- Review the Company's Annual Report on Form 10-K for the year ended December 31, 2021, for details on the material weakness in ITGCs.
- Confirm the status of remediation efforts regarding the previously disclosed internal control material weakness.
- Monitor future filings for the audit opinion issued by MCM CPAs & Advisors LLP for the 2022 fiscal year.