Psychemedics Corp Changes Independent Accountants
Ticker: PMDI · Form: 8-K · Filed: Jun 12, 2024 · CIK: 806517
| Field | Detail |
|---|---|
| Company | Psychemedics Corp (PMDI) |
| Form Type | 8-K |
| Filed Date | Jun 12, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.005 |
| Sentiment | neutral |
Sentiment: neutral
Topics: accounting-change, auditor-change
TL;DR
Psychemedics dumped BDO USA and hired Weaver and Associates as their new accountants.
AI Summary
On June 6, 2024, Psychemedics Corporation announced a change in its principal accounting firm. The company's former independent registered public accounting firm, BDO USA, P.A., resigned, and the company has appointed Weaver and Associates, LLP as its new independent registered public accounting firm, effective June 6, 2024.
Why It Matters
A change in accounting firms can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors should monitor.
Risk Assessment
Risk Level: low — This filing reports a routine change in accounting firms, which typically does not carry significant immediate risk.
Key Players & Entities
- Psychemedics Corporation (company) — Registrant
- BDO USA, P.A. (company) — Former independent registered public accounting firm
- Weaver and Associates, LLP (company) — New independent registered public accounting firm
- June 6, 2024 (date) — Effective date of change in accounting firm
FAQ
When did the change in Psychemedics Corporation's principal accounting firm become effective?
The change became effective on June 6, 2024.
Who was Psychemedics Corporation's former independent registered public accounting firm?
The former firm was BDO USA, P.A.
Who has been appointed as Psychemedics Corporation's new independent registered public accounting firm?
Weaver and Associates, LLP has been appointed as the new firm.
Did the former accounting firm resign?
Yes, the filing states that BDO USA, P.A. resigned.
What is the principal business of Psychemedics Corporation?
Psychemedics Corporation is in the Medical Laboratories industry (SIC code 8071).
Filing Stats: 717 words · 3 min read · ~2 pages · Grade level 10.8 · Accepted 2024-06-12 16:52:44
Key Financial Figures
- $0.005 — nge on which registered Common stock. $0.005 par value PMD The Nasdaq Stock Market
Filing Documents
- f8k_061224.htm (8-K) — 29KB
- exh_16.htm (EX-16) — 2KB
- 0001171843-24-003414.txt ( ) — 201KB
- pmd-20240606.xsd (EX-101.SCH) — 3KB
- pmd-20240606_lab.xml (EX-101.LAB) — 33KB
- pmd-20240606_pre.xml (EX-101.PRE) — 22KB
- f8k_061224_htm.xml (XML) — 4KB
01
ITEM 4.01. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT. (a) Information required by Item 304(a)(1) of Regulation S-K. (i) On June 6, 2024 the Audit Committee of Psychemedics Corporation (the "Company") dismissed BDO USA, P.C. ("BDO") as the Company's independent registered public accounting firm. (ii) The audit reports of BDO on the financial statements of the Company for the fiscal years ended December 31, 2023 and December 31, 2022, did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. (iii) During the Company's two most recent fiscal years and the subsequent interim period from January 1, 2024 through June 6, 2024, (i) there were no disagreements between the Company and BDO on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BDO, would have caused BDO to make reference to the subject matter of the disagreement in its report on the Company's consolidated financial statements, and (ii) there were no "reportable events" as that term is defined in Item 304(a)(1)(v) of Regulation S-K. (b) Information required by Item 304(a)(2) of Regulation S-K. (i) On June 12, 2024 the Audit Committee of the Company engaged Whitley Penn LLP as the Company's independent registered public accounting firm. (iv) During Psychemedics Corporation's fiscal years ended December 31, 2022 and 2023 and the subsequent interim period through June 12, 2024, the Company did not consult with Whitley Penn LLP with respect to any of the matters described in Regulation S-K Item 304(a)(2)(i) or (ii). (c) Information required by Item 304(a)(3) of Regulation S-K. The Company has provided BDO with a copy of the foregoing statements and has requested and received from BDO a copy of the letter addressed to the Securities and Exchange Commission stating that BDO
FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits EXHIBIT NO. DESCRIPTION 16 Letter from BDO USA, P.C. to the Securities and Exchange Commission dated June 11, 2024. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. PSYCHEMEDICS CORPORATION Dated: June 12, 2024 By: /s/ Daniella Mehalik Daniella Mehalik, Vice President of Finance EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 16 Letter from BDO USA, P.C. to the Securities and Exchange Commission dated June 11, 2024.