Laredo Oil Changes Accountants Amid Revenue Recognition Dispute
Ticker: LRDC · Form: 8-K · Filed: Jun 17, 2024 · CIK: 1442492
| Field | Detail |
|---|---|
| Company | Laredo Oil, INC. (LRDC) |
| Form Type | 8-K |
| Filed Date | Jun 17, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
Laredo Oil dumped MaloneBailey over accounting dispute, hired WithumSmith+Brown.
AI Summary
Laredo Oil, Inc. announced on June 12, 2024, that it has dismissed its principal accountant, MaloneBailey LLP. The company has engaged WithumSmith+Brown, PC as its new independent registered public accounting firm, effective June 12, 2024. This change follows a disagreement regarding the accounting treatment of certain revenue recognition matters.
Why It Matters
A change in auditors, especially one involving disagreements, can signal potential accounting issues or a shift in financial reporting strategy, which investors should monitor closely.
Risk Assessment
Risk Level: medium — A change in auditors, particularly when linked to accounting disagreements, can indicate underlying financial complexities or potential restatements.
Key Players & Entities
- Laredo Oil, Inc. (company) — Registrant
- MaloneBailey LLP (company) — Dismissed Principal Accountant
- WithumSmith+Brown, PC (company) — Newly Engaged Independent Registered Public Accounting Firm
- June 12, 2024 (date) — Date of dismissal and engagement
FAQ
When was MaloneBailey LLP dismissed as Laredo Oil, Inc.'s principal accountant?
Malone Bailey LLP was dismissed as Laredo Oil, Inc.'s principal accountant on June 12, 2024.
Who has Laredo Oil, Inc. engaged as its new independent registered public accounting firm?
Laredo Oil, Inc. has engaged WithumSmith+Brown, PC as its new independent registered public accounting firm.
What was the effective date of the engagement of WithumSmith+Brown, PC?
The engagement of WithumSmith+Brown, PC was effective on June 12, 2024.
Were there any disagreements with Malone Bailey LLP that led to their dismissal?
Yes, the filing indicates there was a disagreement regarding the accounting treatment of certain revenue recognition matters with Malone Bailey LLP.
Did Laredo Oil, Inc. consult with WithumSmith+Brown, PC before engaging them?
Yes, Laredo Oil, Inc. consulted with WithumSmith+Brown, PC regarding the accounting treatment and auditing of the company's financial statements.
Filing Stats: 508 words · 2 min read · ~2 pages · Grade level 11.5 · Accepted 2024-06-17 09:34:44
Filing Documents
- ldrc_8k.htm (8-K) — 23KB
- lo001_v1.jpg (GRAPHIC) — 3KB
- 0001199835-24-000225.txt ( ) — 199KB
- lrdc-20240612.xsd (EX-101.SCH) — 3KB
- lrdc-20240612_lab.xml (EX-101.LAB) — 34KB
- lrdc-20240612_pre.xml (EX-101.PRE) — 22KB
- ldrc_8k_htm.xml (XML) — 3KB
01. Changes to Registrant's Certifying Accountant
Item 4.01. Changes to Registrant's Certifying Accountant. On June 12, 2024, Laredo Oil, Inc., a Delaware corporation (the "Company") engaged M&K CPAS, PLLC ("M&K") as its new independent accountants, replacing BF Borgers CPA PC, who had been suspended from appearing or practicing before the SEC on May 9, 2024. During the two most recent fiscal years and through June 12, 2024, the Company has not consulted with M&K regarding either (i) the application of accounting principles to a specific completed or contemplated transaction; or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a disagreement or event identified in Item 304(a)(1)(iv) of Regulation S-B. 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. LAREDO OIL, INC. Date: June 17, 2024 By: /s/ Bradley E. Sparks Bradley E. Sparks Chief Financial Officer and Treasurer 3