OLB GROUP, INC. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by The OLB Group, Inc. on January 30, 2019, covering events occurring on January 25, 2019. The filing addresses a change in the Company's independent registered public accounting firm.
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
- Dismissal of Prior Auditor: On January 25, 2019, the Company's sole director dismissed Liggett & Webb, P.A. ("L&W") effective immediately.
- Engagement of New Auditor: On January 25, 2019, the Company engaged Marcum LLP as its new independent registered public accounting firm, effective immediately.
- Audit History: L&W's audit reports for fiscal years ended December 31, 2017 and 2016 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles, except for matters related to the Company's ability to continue as a going concern.
- Disagreements: The Company reported no disagreements with L&W on accounting principles, practices, or auditing scope/procedures that would have required reference in an audit opinion. No "reportable events" occurred during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future operations. The primary risk disclosed is the historical qualification of audit reports related to the Company's ability to continue as a going concern. The Company confirmed that no consultations were held with the new auditor, Marcum LLP, regarding accounting principles or reportable events prior to their engagement.
Investor Verification Checklist
- Verify the status of the "going concern" qualification noted in prior audit reports and whether it has been resolved.
- Review the letter from Liggett & Webb, P.A. (Exhibit 16.1) to confirm their agreement with the Company's disclosures regarding the dismissal.
- Monitor upcoming financial filings to assess the impact of the auditor change on the Company's financial reporting.
- Confirm the Company's current liquidity position given the historical going concern issues.