Xiao-I Corporation Form 6-K Summary
Business Context and Reporting Period
Xiao-I Corporation, a foreign private issuer reporting on Form 20-F, filed this Form 6-K on December 8, 2023, for the month of December 2023. The filing reports a change in the company’s independent registered public accounting firm.
Change in Independent Auditor
- On December 5, 2023, the company dismissed Marcum Asia CPAs LLP.
- On December 6, 2023, the company appointed Assentsure PAC as independent registered public accounting firm for the fiscal year ending December 31, 2023.
- The change was recommended by the Audit Committee and approved by the Board of Directors and Audit Committee.
Financial Metrics and Reporting Matters
This filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating or financial performance metrics.
Marcum Asia’s audit reports for the fiscal years ended December 31, 2022 and 2021 were not adverse or disclaimed and were not qualified or modified for uncertainty, audit scope, or accounting principles.
Material Changes, Risks, and Unusual Items
- The company disclosed material weaknesses related to insufficient qualified financial reporting and accounting personnel with appropriate U.S. GAAP and SEC reporting expertise.
- The company also disclosed weaknesses in internal file management procedures and effective processes for timely recognition of revenue and costs.
- For fiscal years 2021 and 2022 and the subsequent interim period through December 5, 2023, the company reported no disagreements with Marcum Asia regarding accounting principles, financial statement disclosure, or audit scope or procedures.
- No reportable events were disclosed other than the material weaknesses described above.
- The company stated that it had not consulted Assentsure before appointing the firm regarding specific accounting matters, potential audit opinions, disagreements, or reportable events.
Key Facts for Investors to Verify
- Review Exhibit 16.1, Marcum Asia’s letter to the SEC dated December 8, 2023, confirming its response to the company’s disclosures.
- Assess whether the disclosed material weaknesses were remediated in subsequent filings.
- Confirm Assentsure’s audit report and any changes in internal controls in the company’s annual report for the year ended December 31, 2023.
- Monitor whether the auditor transition affects the timing, scope, or conclusions of future financial reporting.