Business Context and Reporting Period
This Form 8-K is a current report filed by AIT Therapeutics, Inc. (not Beyond Air, Inc.) on November 13, 2018, regarding events that occurred on November 9, 2018. The registrant is an emerging growth company incorporated in Delaware.
Key Financial Metrics
This filing is a disclosure of a corporate governance event and does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the Change in Registrant's Certifying Accountant:
- Dismissal: The Company dismissed Kost Forer Gabbay & Kasierer, a Member of Ernst & Young Global ("EY"), as its independent registered public accounting firm.
- Engagement: The Company engaged Marcum LLP as its new independent registered public accounting firm for the fiscal year ending March 31, 2019.
- Audit History: The audit reports issued by EY for the two most recent fiscal years (ended Dec 31, 2017 and Dec 31, 2016), the transition period (ended March 31, 2018), and subsequent interim periods did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: The Company reported no disagreements with EY regarding accounting principles, practices, or auditing scope, and no "reportable events" occurred during the relevant periods.
Guidance, Outlook, and Risks
This filing does not provide financial guidance, management commentary on future outlook, or specific risk factors beyond the standard disclosure of the auditor change. The filing confirms that the new auditor, Marcum LLP, was not consulted regarding any accounting or auditing issues prior to their engagement.
Investor Verification Checklist
- Verify the reasons for the auditor change by reviewing the letter from EY filed as Exhibit 16.1.
- Confirm the Company's status as an emerging growth company and its implications for financial reporting.
- Review subsequent filings (e.g., 10-K or 10-Q) to assess the impact of the auditor change on future financial statement audits.
- Note the discrepancy between the requested company name ("Beyond Air, Inc.") and the actual registrant ("AIT Therapeutics, Inc.") in the source text.