Cloudweb, Inc. Changes Auditors to Armanino LLP
Ticker: CLOW · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1619227
| Field | Detail |
|---|---|
| Company | Cloudweb, Inc. (CLOW) |
| Form Type | 8-K |
| Filed Date | Jun 21, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
Cloudweb just switched auditors from Sadler, Gibb & Associates to Armanino LLP.
AI Summary
Cloudweb, Inc. announced on June 18, 2024, a change in its certifying accountant. The company has dismissed its former independent registered public accounting firm, Sadler, Gibb & Associates, LLC, and has appointed Armanino LLP as its new principal accountant.
Why It Matters
A change in auditors can signal a shift in financial reporting scrutiny or a strategic decision by the company. Investors will want to understand the reasons behind this change.
Risk Assessment
Risk Level: medium — A change in auditors, especially without explicit positive reasons, can sometimes indicate underlying issues or disagreements, warranting closer investor attention.
Key Players & Entities
- Cloudweb, Inc. (company) — Registrant
- Sadler, Gibb & Associates, LLC (company) — Former Certifying Accountant
- Armanino LLP (company) — New Certifying Accountant
- June 18, 2024 (date) — Date of earliest event reported
FAQ
When was the decision to change the certifying accountant made?
The change in certifying accountant was effective as of June 18, 2024.
Who was Cloudweb, Inc.'s former independent registered public accounting firm?
Cloudweb, Inc.'s former independent registered public accounting firm was Sadler, Gibb & Associates, LLC.
Who is Cloudweb, Inc.'s new principal accountant?
Cloudweb, Inc. has appointed Armanino LLP as its new principal accountant.
Were there any disagreements with the former accountant that led to the change?
The filing states there were no disagreements with Sadler, Gibb & Associates, LLC on any matter of accounting principles or practices or financial statement disclosure.
Did the former accountant provide a report on Cloudweb, Inc.'s financial statements for the past two fiscal years?
Yes, Sadler, Gibb & Associates, LLC's audit reports on the financial statements of Cloudweb, Inc. for the two most recent fiscal years did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit basis, or scope.
Filing Stats: 641 words · 3 min read · ~2 pages · Grade level 14.8 · Accepted 2024-06-21 06:02:09
Filing Documents
- clow_8k.htm (8-K) — 23KB
- 0001640334-24-000998.txt ( ) — 135KB
- clow-20240618.xsd (EX-101.SCH) — 6KB
- clow-20240618_lab.xml (EX-101.LAB) — 13KB
- clow-20240618_cal.xml (EX-101.CAL) — 1KB
- clow-20240618_pre.xml (EX-101.PRE) — 8KB
- clow-20240618_def.xml (EX-101.DEF) — 2KB
- clow_8k_htm.xml (XML) — 3KB
01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
ITEM 4.01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT On June 14, 2024, Cloudweb, Inc (the "Company") terminated its relationship with its independent registered public accounting firm, BF Borgers CPA PC ("BF BORGERS). On June 20, 2024, the Company engaged Boladale Lawal & Co. ("BOLADALE LAWAL"), as BF Borgers' replacement. The decision to change independent registered public accounting firms was made with the recommendation and approval of the Company's Board of Directors. BF Borgers' audit reports on the Company's consolidated financial statements as of and for the fiscal years ended December 31, 2023, and December 31, 2022, did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to audit scope or accounting principles. During the fiscal years ended December 31, 2023 and 2022, and the subsequent interim period through the date of this report, there were no disagreements, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K, between the Company and BF Borgers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to BF Borgers' satisfaction, would have caused BF Borgers to make reference to such disagreements in its audit reports. Securities and Exchange Commission (the "SEC") has advised that, in lieu of obtaining a letter from BF Borgers stating whether or not it agrees with the statements herein, the Company may indicate that BF Borgers is not currently permitted to appear or practice before the SEC for reasons described in the SEC's Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, dated May 3, 2024. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. /s/ Zhi De Liao Zhi De Liao Date: June 21, 2024 3