Business Context and Reporting Period
Company: OneMedNet Corporation (ONMD)
Filing Type: Form 8-K (Current Report)
Date of Report: June 3, 2024
Reporting Period: The filing addresses events occurring on May 6, 2024, and June 3, 2024, regarding the appointment of a new 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 is strictly procedural regarding accounting firm changes.
Material Changes
- Dismissal of Prior Accountant: On May 6, 2024, the Company dismissed BF Borgers CPA PC ("Borgers") following an SEC announcement on May 3, 2024. The SEC settled charges against Borgers for failing to conduct audits in accordance with PCAOB standards, resulting in a permanent ban on Borgers appearing or practicing before the SEC.
- Appointment of New Accountant: On June 3, 2024, the Company appointed WithumSmith+Brown, PC ("WS+B") as its new independent registered public accounting firm to audit and review financial statements.
- Consultation History: The Company confirmed no consultations with WS+B regarding accounting principles or audit opinions during the two most recent fiscal years or subsequent interim periods prior to engagement.
Outlook, Risks, and Management Commentary
- Non-Reliance on Financial Statements: The Company states it is not currently aware of any basis to believe previously issued financial statements should not be relied upon due to errors. However, management continues to assess its financial statements in light of the dismissal of the prior auditor.
- Risk Context: The change in auditors was necessitated by regulatory action against the previous firm, which poses a potential risk to the reliability of past audits, though no specific errors have been identified by the Company to date.
Investor Verification Checklist
- Verify the status of the SEC settlement and permanent ban against the former auditor, BF Borgers CPA PC.
- Monitor future filings for any restatements or material weaknesses identified by the new auditor, WithumSmith+Brown, PC.
- Review the Company's ongoing assessment of previously issued financial statements for any updates regarding reliability.
- Confirm the timeline for the new auditor's initial audit report and any potential delays in future financial reporting.