SEC Filing Summary: REED's, INC. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by REED's, INC. on January 9, 2003, covering events occurring on January 6, 2003. The filing addresses a change in the Company's independent auditor and certifying accountant.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the change of accounting firm and does not contain financial statement data.
Material Changes
- Auditor Resignation: Sprayberry Barnes Marietta & Luttrell resigned as the independent auditor effective January 6, 2003.
- Reason for Change: The resignation resulted solely from the partners of Sprayberry joining the firm Mayer Hoffman McCann, P.C., where they became shareholders.
- New Auditor: The Company has engaged Mayer Hoffman McCann, P.C. to audit financial statements for the year ending December 31, 2002.
- Audit History: Reports for fiscal years 2000 and 2001 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Disagreements: There were no disagreements between the Company and the former auditor on accounting principles, practices, disclosures, or audit scope during the two most recent fiscal years or through the date of resignation.
- Consultations: The Company did not consult the new auditor (Mayer Hoffman McCann) regarding accounting principles or audit opinions prior to engagement.
Guidance, Outlook, and Risks
The filing does not contain management guidance, outlook, or specific risk factors beyond the standard disclosure of the auditor change. The former auditor confirmed in a letter dated January 6, 2003, that they agree with the Company's disclosures regarding the resignation.
Key Facts for Investor Verification
- Verify the transition timeline between Sprayberry Barnes Marietta & Luttrell and Mayer Hoffman McCann, P.C.
- Confirm that no undisclosed disagreements existed regarding accounting practices during the 2000 and 2001 fiscal years.
- Review the upcoming 2002 financial statements audited by the new firm for any changes in accounting treatment.
- Note that the auditor change was due to a firm merger/acquisition of partners rather than a dispute over financial reporting.