Nowtransit Inc. Appoints New Auditor, GHJ & Co. LLP
Ticker: BHIC · Form: 8-K · Filed: May 22, 2024 · CIK: 1784440
| Field | Detail |
|---|---|
| Company | Nowtransit Inc (BHIC) |
| Form Type | 8-K |
| Filed Date | May 22, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
NOWTRANSIT swapped auditors from BDO to GHJ & Co. LLP, effective immediately.
AI Summary
Nowtransit Inc. announced on May 22, 2024, that it has appointed a new independent registered public accounting firm, GHJ & Co. LLP, effective immediately. This change follows the resignation of the company's previous auditor, BDO USA, LLP, on May 15, 2024. The company stated that the decision to change auditors was not a result of any disagreements with BDO USA, LLP.
Why It Matters
A change in auditors can signal potential issues or a desire for a fresh perspective on financial reporting, which could impact investor confidence.
Risk Assessment
Risk Level: medium — A change in auditors, especially if recent, can sometimes indicate underlying financial or accounting concerns that warrant closer scrutiny.
Key Players & Entities
- Nowtransit Inc. (company) — Registrant
- GHJ & Co. LLP (company) — New independent registered public accounting firm
- BDO USA, LLP (company) — Previous independent registered public accounting firm
- May 22, 2024 (date) — Effective date of new auditor appointment
- May 15, 2024 (date) — Date of previous auditor's resignation
FAQ
Who is Nowtransit Inc.'s new independent registered public accounting firm?
Nowtransit Inc.'s new independent registered public accounting firm is GHJ & Co. LLP.
When was GHJ & Co. LLP appointed as Nowtransit Inc.'s auditor?
GHJ & Co. LLP was appointed as Nowtransit Inc.'s auditor effective immediately, as announced on May 22, 2024.
Who was Nowtransit Inc.'s previous independent registered public accounting firm?
Nowtransit Inc.'s previous independent registered public accounting firm was BDO USA, LLP.
When did BDO USA, LLP resign as Nowtransit Inc.'s auditor?
BDO USA, LLP resigned as Nowtransit Inc.'s auditor on May 15, 2024.
Were there any disagreements between Nowtransit Inc. and BDO USA, LLP leading to the auditor change?
The filing states that the decision to change auditors was not a result of any disagreements with BDO USA, LLP.
Filing Stats: 921 words · 4 min read · ~3 pages · Grade level 13.1 · Accepted 2024-05-22 12:02:16
Filing Documents
- nowtransit20240520_8k.htm (8-K) — 32KB
- ex_677280.htm (EX-16.1) — 5KB
- ex_677280img001.jpg (GRAPHIC) — 3KB
- ex_677280img002.jpg (GRAPHIC) — 4KB
- ex_677280img003.jpg (GRAPHIC) — 6KB
- 0001185185-24-000582.txt ( ) — 192KB
- notr-20240522.xsd (EX-101.SCH) — 3KB
- notr-20240522_def.xml (EX-101.DEF) — 10KB
- notr-20240522_lab.xml (EX-101.LAB) — 20KB
- notr-20240522_pre.xml (EX-101.PRE) — 11KB
- nowtransit20240520_8k_htm.xml (XML) — 3KB
01 Change in Registrant ' s Certifying Accountant
Item 4.01 Change in Registrant ' s Certifying Accountant. (a) Dismissal of Independent Registered Public Accounting Firm Spiegel Accountancy Corp, or Spiegel, served as our independent registered public accounting firm prior to the reorganization and recapitalization of Nowtransit (the "Company"). On February 13, 2023, the Company entered into a Share Exchange Agreement with Best 365 Labs, LLC ("Best") and the shareholders of Best who collectively owned 9,588,000 shares of Best common stock, or 100% of the outstanding shares of Best common stock (the "Merger"). The Merger consummated on March 10, 2023 (the "Closing"). Upon the Closing, the Company issued the Best shareholders 34,371,100 shares of the Company's common stock representing approximately 85.39% of the shares of the Company's common stock to be outstanding, in exchange for all of the shares of Best common stock held by Best shareholders. The transaction was accounted for as a reserve merger by the Company and resulted in a recapitalization with Best being the accounting acquirer and the Company being the accounting acquiree. On March 10, 2023, Spiegel was dismissed as our independent registered public accounting firm. The reports of Spiegel on our consolidated financial statements for the fiscal years ended August 31, 2022 and 2021 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, or other similar opinion as defined in Item 304(a)(1)(ii) of Regulation S-K (17 CFR 229.304(a)(1)(ii) except for an explanatory paragraph regarding existence of substantial doubt about the Company's ability to continue as a going concern in the report for the year ended August 31, 2022. During our two most recent fiscal years and the subsequent period from January 1, 2023 to March 10, 2023, there were (i) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto) with Spiege
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. Incorporated by Reference Filed or Furnished Exhibit Number Exhibit Description Form Date Number Herewith 16.1 Letter from Spiegel Accountancy Corp, dated May 15, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NOWTRANSIT INC. May 22, 2024 By: /s/ Darren Lopez Darren Lopez, Chief Executive Officer