Medinotec Inc. Changes Certifying Accountant

TL;DR

Medinotec Inc. swapped auditors, filing an 8-K on July 10, 2024.

AI Summary

Medinotec Inc. filed an 8-K on July 10, 2024, reporting a change in its certifying accountant. The company, incorporated in Nevada, has its principal executive offices in Johannesburg, South Africa. This filing indicates a transition in their auditing firm, which is a standard procedural update for public companies.

Why It Matters

A change in a company's auditor can sometimes signal underlying issues or a strategic shift, though it is often a routine event.

Risk Assessment

Risk Level: low — This filing is a routine procedural update regarding a change in the company's auditor and does not inherently present new financial or operational risks.

Key Players & Entities

• Medinotec, Inc. (company) — Registrant
• July 8, 2024 (date) — Date of earliest event reported
• July 10, 2024 (date) — Date of report
• Nevada (jurisdiction) — State of incorporation
• Johannesburg, South Africa (location) — Address of principal executive offices

FAQ

Filing Documents

• mdnc8k_070824.htm (8-K) — 32KB
• ex16_1.htm (EX-16.1) — 6KB
• image_001.jpg (GRAPHIC) — 2KB
• image_003.jpg (GRAPHIC) — 2KB
• 0001663577-24-000179.txt ( ) — 216KB
• mdnc-20240708.xsd (EX-101.SCH) — 3KB
• mdnc-20240708_lab.xml (EX-101.LAB) — 33KB
• mdnc-20240708_pre.xml (EX-101.PRE) — 22KB
• mdnc8k_070824_htm.xml (XML) — 4KB

01 Changes in Registrant's Certifying Accountant

Item 4.01 Changes in Registrant's Certifying Accountant. On July 8, 2024, we dismissed BDO South Africa Inc. (the "Former Accountant") as our independent registered public accounting firm and, on July 8, 2024, we engaged Mercurius & Associates LLP (the "New Accountant") as our independent registered public accounting firm. The engagement of the New Accountant was approved by our Audit Committee (the "Audit Committee") of the Board of Directors. The Former Accountant's audit report on our financial statements for the year ended February 29, 2024 contained no adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles. For the year ended February 29, 2024, and through the interim period ended July 8, 2024, there were no "disagreements" (as such term is defined in Item 304 of Regulation S-K of the rules and regulations of the U.S. Securities Exchange Commission (the "SEC")) with the Former Accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to the satisfaction of the Former Accountant would have caused them to make reference thereto in their reports on the financial statements for such periods. For the year ended February 29, 2024, and through the interim period ended July 8, 2024, there were the following "reportable events" (as such term is defined in Item 304 of Regulation S-K of the rules and regulations of the SEC). As disclosed in Part II, Item 9A of the Company's Form 10-K for the year ended February 29, 2024, the Company's management determined that the Company's internal controls over financial reporting were not effective as of the end of such period due to the existence of material weaknesses related to the following: The Company does not have written documentation of its internal control policies and procedures. Written documentation of key internal controls over financi

controls and procedures and has concluded that the control deficiency that resulted represented

controls and procedures and has concluded that the control deficiency that resulted represented a material weakness. Effective control s over the control environment were not maintained. Specifically, a formally adopted written code of business conduct and ethics that governs the Company's employees, officers, and directors was not in place. Additionally, management has not developed and effectively communicated to employees its accounting policies and procedures. This has resulted in inconsistent practices and represented a material weakness. These material weaknesses have not been remediated as of the date of this Current Report on Form 8-K. Other than as disclosed above, there were no reportable events for the year ended February 29, 2024, and through the interim period ended July 8, 2024. The Company's Board of Directors discussed the without limitation to all requests of the New Accountant concerning all matters related to the audited period by the Former Accountant, including with respect to the subject matter of each reportable event. 2 The New Accountant was our independent auditor for the years ended February 28, 2023 and 2022. Aside from the prior work conducted, prior to retaining the New Accountant, we did not consult with the New Accountant regarding either: (i) the application of accounting principles to a specified transaction, either contemplated or proposed, or the type of audit opinion that might be rendered on our financial statements; or (ii) any matter that was the subject of a "disagreement" or a "reportable event" (as those terms are defined in Item 304 of Regulation S-K). On July 8, 2024, we provided the Former Accountant with our disclosures in the Current Report on Form 8-K disclosing the resignation of the Former Accountant and requested in writing that the Former Accountant furnish us with a letter

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 16.1 Letter from BDO South Africa Inc. to the Securities and Exchange Commission 3

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. Medinotec, Inc. /s/ Pieter van Niekerk Pieter van Niekerk Chief Financial Officer Date: July 10, 2024 4

View Full Filing

View this 8-K filing on SEC EDGAR