FDCTECH, INC. Appoints New Auditor
Ticker: FDCT · Form: 8-K · Filed: Jul 3, 2024 · CIK: 1722731
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
FDCTECH just swapped auditors from BDO USA to Armanino LLP, effective July 2nd.
AI Summary
FDCTECH, INC. announced on July 2, 2024, a change in its certifying accountant. The company has dismissed its previous independent registered public accounting firm, BDO USA, LLP, and has appointed Armanino LLP as its new principal accountant. This change is effective immediately.
Why It Matters
A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors should monitor.
Risk Assessment
Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial irregularities or a shift in company strategy, warranting closer investor scrutiny.
Key Players & Entities
- FDCTECH, INC. (company) — Registrant
- BDO USA, LLP (company) — Former Certifying Accountant
- Armanino LLP (company) — New Certifying Accountant
- July 2, 2024 (date) — Effective date of change
FAQ
Why did FDCTECH, INC. change its certifying accountant?
The filing states that the change was made by the company, but does not provide specific reasons for the dismissal of BDO USA, LLP or the appointment of Armanino LLP.
When was the change in certifying accountant effective?
The change in certifying accountant was effective as of July 2, 2024.
Who is FDCTECH, INC.'s new principal accountant?
FDCTECH, INC. has appointed Armanino LLP as its new principal accountant.
Who was FDCTECH, INC.'s previous certifying accountant?
FDCTECH, INC.'s previous certifying accountant was BDO USA, LLP.
Did the former accountant report any disagreements with FDCTECH, INC.?
The filing states that there were no disagreements between FDCTECH, INC. and BDO USA, LLP during their engagement.
Filing Stats: 710 words · 3 min read · ~2 pages · Grade level 12.9 · Accepted 2024-07-03 09:30:13
Filing Documents
- form8-k.htm (8-K) — 32KB
- ex16-1.htm (EX-16.1) — 4KB
- ex_001.jpg (GRAPHIC) — 2KB
- 0001493152-24-026143.txt ( ) — 210KB
- fdct-20240702.xsd (EX-101.SCH) — 3KB
- fdct-20240702_lab.xml (EX-101.LAB) — 33KB
- fdct-20240702_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
01 CHANGES IN REGISTRANT'S CERTIFYING
ITEM 4.01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT (a) On July 2, 2024, the board of directors of FDCTech, Inc. (the "Company") terminated its relationship with its independent registered public accounting firm, Fortune CPA Inc., Orange, California ("Fortune"), effective as of July 2, 2024. Fortune was only retained by the Company for less than a year, and no reports were filed with the SEC. During the period of time that Fortune was the Company's auditor through July 2, 2024, there were no disagreements with Forutne on any matter of accounting principles or practices, financial to refer to the matter in its reports on the Company's financial statements for such periods. The Company provided Fortune with a copy of the disclosures in the preceding paragraph and requested that Fortune furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether or not they agree with such disclosures. Fortune provided a letter dated July 2, 2024, stating its agreement with such statements, which is included as exhibit 16.1 to this Current Report on Form 8-K. (b) On July 2, 2024, the Company, based on the decision of its board of directors, approved the engagement of Olayinka Oyebola & Co ("Olayinka") to serve as the Company's independent registered public accounting firm, commencing July 2, 2024. Olayinka is a member of Public Company Accounting Oversight Board (PCAOB) in the United States and member of Canadian Public Accountability Board (CPAB) in Canada. During the fiscal year ended December 31, 2023, and through the date of the board of directors' decision, the Company did not consult Olayinka concerning the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial state
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit Number Description 16.1 Letter from Fortune CPA Inc. dated July 2, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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. FDCTECH, INC. July 3, 2024 By: /s/ Imran Firoz Date Imran Firoz Chief Financial Officer (Principal Executive Officer)