Business Context and Reporting Period
This Form 8-K is a current report filed by ScoutCam Inc. (not Odysight.Ai Inc.) on May 27, 2020. The registrant is incorporated in Nevada and maintains its principal executive offices in Omer, Israel. The filing reports a corporate governance event regarding the change of the company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a current report focused on a specific event and does not contain financial statements or performance metrics.
Material Changes
The primary material change reported is the replacement of the company's independent auditor:
- Dismissal: On May 24, 2020, the Board of Directors dismissed Kesselman & Kesselman (a member of PwC Israel), which had served as the independent auditor since 2019.
- Appointment: On the same date, the Board appointed Brightman Almagor Zohar & Co. (Deloitte Israel) as the new independent registered public accounting firm for the fiscal year ending December 31, 2020.
- Audit History: The audit reports issued by the former auditor for the fiscal year ended 2019 contained no adverse opinions, disclaimers, or qualifications. There were no disagreements between the company and the former auditor regarding accounting principles, practices, or audit scope.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook for future periods. No specific risks or contingencies were disclosed in this report other than the standard disclosure regarding the change in auditors. The former auditor (PwC Israel) reviewed the statements made in the filing and agreed with them.
Investor Verification Checklist
- Verify the reason for the auditor change, as the filing states there were no disagreements or reportable events.
- Confirm the transition timeline between PwC Israel and Deloitte Israel for the 2020 fiscal year audit.
- Review the attached Exhibit 16.1 (Letter from Kesselman & Kesselman) for any additional context not summarized in the main text.
- Note that the company name in the metadata request (Odysight.Ai Inc.) differs from the registrant name in the filing (ScoutCam Inc.).