Business Context and Reporting Period
This Form 8-K is a current report filed by Amedica Corporation (not Sintx Technologies, Inc.) on July 19, 2016. The report addresses a change in the company's independent registered public accountants effective July 22, 2016, for the fiscal year ending December 31, 2016.
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity figures. The document focuses exclusively on the administrative change of the auditing firm.
Material Changes
- Accountant Change: The company's previous auditor, Mantyla McReynolds, LLC, merged with BDO USA, LLP on July 1, 2016. Consequently, BDO was appointed as the new independent registered public accounting firm.
- Going Concern Warning: The filing notes that Mantyla's audit reports for the fiscal years ended December 31, 2015, and 2014, contained an emphasis paragraph raising substantial doubt about the company's ability to continue as a going concern.
- No Disagreements: The company reported no disagreements with Mantyla regarding accounting principles, practices, or auditing scope during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, revenue outlook, or management commentary regarding future operations. The primary risk disclosed is the historical "substantial doubt" regarding the company's ability to continue as a going concern, as noted in prior audit reports. No other adverse opinions, disclaimers, or qualifications were present in the prior reports.
Investor Verification Checklist
- Verify the company's current liquidity status given the prior "going concern" warnings in 2014 and 2015 audits.
- Confirm the transition of audit responsibilities from Mantyla to BDO USA, LLP.
- Review the "Mantyla Letter of Concurrence" (Exhibit 16.1) to ensure the former auditor agrees with the company's statements regarding the change.
- Check subsequent filings for updated financial statements to assess if the going concern risk has been resolved.