Business Context and Reporting Period
This Form 8-K Current Report was filed by Pangaea Logistics Solutions Ltd. on June 9, 2015. The report discloses a change in the certifying accountant for Nordic Bulk Holdings ApS ("NBH"), a significant subsidiary of the Company.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the dismissal of an accounting firm and does not contain financial performance data.
Material Changes
- Accountant Dismissal: On June 2, 2015, NBH dismissed its independent registered public accounting firm, PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab ("PwC").
- Recommendation: The dismissal was recommended by the Company's audit committee.
- Continuity: Grant Thornton LLP will continue to serve as the Company's independent registered public accounting firm and does not expect to rely on another firm for future reports.
Outlook, Risks, and Contingencies
Audit History: PwC's reports on NBH's consolidated financial statements for the years ended December 31, 2014 and 2013 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
Disagreements: During the years ended December 31, 2014 and 2013, and through June 2, 2015, there were no disagreements with PwC on accounting principles, practices, financial statement disclosures, or auditing scope/procedures. Additionally, no reportable events as described under Item 304(a)(1)(v) of Regulation S-K occurred.
Confirmation: PwC was provided with a copy of the disclosures and submitted a letter dated June 8, 2015, indicating their agreement with the disclosures made in this report.
Investor Verification Checklist
- Verify the specific reasons for the dismissal of PwC beyond the audit committee recommendation, as the filing states no disagreements occurred.
- Review the attached Exhibit 10.23 (PwC's letter) for any additional context regarding the transition.
- Confirm that Grant Thornton LLP's future reports will not rely on PwC's work, as stated in the filing.
- Monitor subsequent filings for any impact on the Company's consolidated financial reporting timeline or audit fees.