INVO Bioscience, Inc. (IVOB) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by INVO Bioscience, Inc. (formerly INVO Fertility, Inc.) on September 23, 2019, covering events occurring on September 19, 2019. The company is incorporated in Nevada and trades on the OTCMKTS under the symbol IVOB. The report primarily addresses a change in the company's independent registered public accounting firm.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity for the current period. However, it references historical financial conditions noted in prior audit reports:
- The company has incurred losses from operations since inception.
- The company has a net stockholders' deficiency.
- These conditions raised substantial doubt about the company's ability to continue as a going concern in the fiscal years ended December 31, 2017, and 2018.
Material Changes
The primary material change reported is the resignation of Liggett & Webb, P.A. as the independent accountant and the engagement of M&K CPAS, LLC. for the fiscal year ending December 31, 2019. The company stated there were no disagreements with the former accountant regarding accounting principles, practices, or auditing scope, other than the aforementioned going concern qualification.
Outlook, Risks, and Management Commentary
Management commentary is limited to the procedural details of the accountant change, which was approved by the Board of Directors. The filing highlights the ongoing risk of the company's ability to continue as a going concern, as previously identified by the former auditor. No forward-looking guidance or specific operational outlook was provided in this document.
Investor Verification Checklist
- Verify the status of the "substantial doubt" regarding the company's ability to continue as a going concern in the most recent financial statements.
- Confirm the reasons for the change in accounting firms beyond the standard rotation or engagement terms.
- Review the letter from Liggett & Webb, P.A. (Exhibit 16.1) for any additional disclosures regarding the resignation.
- Assess the company's current liquidity position and capital raise efforts given the history of losses and stockholders' deficiency.