Generation Income Properties Changes Auditors
Ticker: GIPRW · Form: 8-K · Filed: Jul 25, 2024 · CIK: 1651721
| Field | Detail |
|---|---|
| Company | Generation Income Properties, Inc. (GIPRW) |
| Form Type | 8-K |
| Filed Date | Jul 25, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
Related Tickers: GIPR
TL;DR
GIPR swapped auditors from BDO USA to WithumSmith+Brown, effective immediately.
AI Summary
On July 19, 2024, Generation Income Properties, Inc. announced a change in its independent registered public accounting firm. The company dismissed BDO USA, LLP and has engaged WithumSmith+Brown, PC as its new independent auditor. This change was approved by the Audit Committee of the Board of Directors.
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: low — The filing solely concerns a change in independent auditors, which is a routine administrative event and does not inherently indicate financial distress or significant operational changes.
Key Players & Entities
- Generation Income Properties, Inc. (company) — Registrant
- BDO USA, LLP (company) — Former independent registered public accounting firm
- WithumSmith+Brown, PC (company) — New independent registered public accounting firm
- July 19, 2024 (date) — Date of the earliest event reported
FAQ
When was the decision made to dismiss BDO USA, LLP?
The filing states that the dismissal of BDO USA, LLP was effective July 19, 2024.
Who is the new independent registered public accounting firm for Generation Income Properties, Inc.?
The new independent registered public accounting firm engaged by Generation Income Properties, Inc. is WithumSmith+Brown, PC.
Did BDO USA, LLP report any disagreements with Generation Income Properties, Inc.?
The filing states that there were no disagreements or reportable events between Generation Income Properties, Inc. and BDO USA, LLP.
Who approved the change in auditors?
The change in independent registered public accounting firm was approved by the Audit Committee of the Board of Directors of Generation Income Properties, Inc.
Has WithumSmith+Brown, PC audited Generation Income Properties, Inc. previously?
The filing does not specify if WithumSmith+Brown, PC has audited Generation Income Properties, Inc. previously, only that they have been engaged as the new independent auditor.
Filing Stats: 816 words · 3 min read · ~3 pages · Grade level 13.9 · Accepted 2024-07-25 16:08:07
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share GIPR The Nasdaq Stock Mar
Filing Documents
- gipr-20240725.htm (8-K) — 42KB
- gipr-ex16_1.htm (EX-16.1) — 5KB
- gipr-ex16_2.htm (EX-16.2) — 3KB
- 0000950170-24-086491.txt ( ) — 51KB
01. Change in Registrant’s Certifying Accountant
Item 4.01. Change in Registrant’s Certifying Accountant. (a) On July 19, 2024, Generation Income Properties, Inc. (the “Company”) determined that MaloneBailey LLP (“MaloneBailey”) would no longer serve as the Company’s independent registered public accounting firm and would be dismissed effective as of July 19, 2024. The decision to change independent registered public accounting firms was approved by the Board of Directors and the Audit Committee of the Company on July 19, 2024. During the Company’s fiscal years ended in December 31, 2023 and 2022, and the subsequent period through the date of this Current Report on Form 8-K, there were no “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K) between MaloneBailey and the Company on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which disagreements, if not resolved to the satisfaction of MaloneBailey, would have caused MaloneBailey to make reference thereto in its reports on the financial statements for such years. Also, there have been no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K). In accordance with Item 304(a)(3) of regulation S-K, the Company provided MaloneBailey a copy of the disclosures in this Form 8-K on July 23, 2024 and requested that MaloneBailey furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not MaloneBailey agrees with the Company’s statements in this Item 4.01(a). A copy of the letter furnished by MaloneBailey in response to that request is filed as Exhibit 16.1 to this report. (b) On July 19, 2024, the Board of the Company ratified the appointment of CohnReznick LLP (“CohnReznick”) as its new independent registered public accounting firm to audit and review the Company’s financial statements. During the fiscal years ended December
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit 16.1 Letter from MaloneBailey LLP to the Securities and Exchange Commission. Exhibit 16.2 Letter from CohnReznick LLP to the Securities and Exchange Commission.
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. GENERATION INCOME PROPERTIES, INC. Date: July 25, 2024 By: /s/ Ron Cook Ron Cook Principal Finance and Accounting Officer 2