Business Context and Reporting Period
This Form 8-K is filed by Imagine Media, Ltd. (not SOBR Safe, Inc.) on August 26, 2011. The report addresses a corporate governance event regarding the resignation of the company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to the disclosure of an accounting firm change and does not contain financial statement data.
Material Changes
- Accountant Resignation: On August 26, 2011, Cordovano and Honeck, LLP ("CH") resigned as the Company's independent registered public accounting firm.
- Audit History: CH's reports for fiscal years ended December 31, 2010, and 2009 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements between the Company and CH on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the years ended December 31, 2010 and 2009, or the period from December 31, 2010, through August 26, 2011.
Guidance, Outlook, and Risks
The filing does not contain management guidance, future outlook, or specific risk factors beyond the implications of changing auditors. The Company confirmed that CH was provided a copy of this report prior to filing and requested a letter addressed to the SEC regarding their agreement with the statements, which is filed as an exhibit.
Investor Verification Checklist
- Verify the reason for the resignation of Cordovano and Honeck, LLP by reviewing the accompanying letter (Exhibit 16).
- Confirm the identity of the new independent registered public accounting firm, if one has been appointed.
- Review the most recent audited financial statements (fiscal years 2009 and 2010) to ensure no undisclosed issues exist despite the clean audit opinions.
- Check subsequent filings to determine if the change in auditors impacts the company's ability to file future reports or access capital markets.