SEC Filing Summary: Deer Bay Resources Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Deer Bay Resources Inc. on April 13, 2009. The filing discloses a change in the Company's principal independent registered public accounting firm. The registrant is incorporated in Nevada with principal executive offices in Vancouver, British Columbia, Canada.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of auditors.
Material Changes
- Accountant Change: Effective April 13, 2009, the Company engaged Weaver & Martin LLC as its new principal independent registered public accounting firm.
- Dismissal: Concurrently, Dale Matheson Carr-Hilton Labonte LLP (DMCL) was dismissed as the principal independent registered public accounting firm.
- Approval: The decision to change auditors was approved by the Company's board of directors.
Outlook, Risks, and Management Commentary
Going Concern: The reports issued by the former auditor, DMCL, for the fiscal years ended February 29, 2008, and February 28, 2007, did not contain an adverse opinion or disclaimer. However, the reports were modified to state there is substantial doubt as to the Company's ability to continue as a going concern.
Disagreements: The Company reported no disagreements with DMCL during the two most recent fiscal years or the subsequent period through the date of termination regarding accounting principles, financial statement disclosure, or auditing scope.
Confirmation: DMCL has reviewed the filing and confirmed their agreement with the statements made in this Current Report via a letter filed as an exhibit.
New Auditor Engagement: Weaver & Martin LLC has not been consulted on any matters relating to the application of accounting principles to specific transactions or the type of audit opinion that might be rendered.
Key Facts for Investor Verification
- Verify the reasons for the dismissal of the previous auditor, DMCL, despite the lack of reported disagreements.
- Confirm the current status of the "substantial doubt" regarding the Company's ability to continue as a going concern as noted in prior audits.
- Review the letter from DMCL (Exhibit 16.1) to ensure no undisclosed reservations exist.
- Monitor future filings for the first audit opinion issued by the new firm, Weaver & Martin LLC.