Filing Summary
Issuer and period: The submitted Form 6-K is for China Jo-Jo Drugstores, Inc., not Ridgetech Inc. It covers the month of May 2022 and was signed on May 31, 2022. The company is a Cayman Islands entity with principal offices in Hangzhou, China and files annual reports on Form 20-F.
Business Context and Reporting Period
The filing reports a change in the company’s independent registered public accounting firm. It does not provide operating or financial results for the month or for the fiscal year ended March 31, 2022.
Financial Metrics
- Revenue, profit, cash flow, margins, debt, liquidity, and other financial metrics: the filing text does not provide clear values.
- The filing references financial statements for the fiscal years ended March 31, 2021 and March 31, 2020, but does not reproduce those statements or related metrics.
Material Changes
- On May 27, 2022, the company dismissed BDO China Shu Lun Pan Certified Public Accountants LLP, subject to Audit Committee approval.
- On the same date, the Audit Committee approved the appointment of YCM CPA Inc. to audit the consolidated financial statements for the fiscal year ended March 31, 2022.
- BDO’s reports on the company’s financial statements for the fiscal years ended March 31, 2021 and March 31, 2020 were not adverse, disclaimed, qualified, or modified for uncertainty, audit scope, or accounting principles.
- The company stated that there were no reportable disagreements or reportable events with BDO during the two most recent fiscal years and the subsequent period through May 27, 2022.
- The company stated that it had not consulted YCM during the relevant period regarding accounting principles, audit opinions, disagreements, or reportable events.
Guidance, Outlook, Risks, and Unusual Items
The filing provides no earnings guidance, operational outlook, risk update, contingency disclosure, or unusual financial item beyond the auditor transition. Exhibit 99.1 contains BDO’s letter regarding the change in accounting firm.
Facts Investors Should Verify
- Confirm the correct issuer: the filing identifies China Jo-Jo Drugstores, Inc., while the request metadata identifies Ridgetech Inc.
- Review the company’s Form 20-F and subsequent filings for fiscal 2022 financial results and the impact, if any, of the auditor change.
- Review Exhibit 99.1 to confirm BDO’s response to the company’s statements regarding disagreements and reportable events.
- Confirm YCM CPA Inc.’s continuing appointment and the auditor’s report on the fiscal year ended March 31, 2022 financial statements.