Usio, Inc. Appoints New Auditor, BDO USA, P.A.
Ticker: USIO · Form: 8-K · Filed: Apr 17, 2024 · CIK: 1088034
| Field | Detail |
|---|---|
| Company | Usio, Inc. (USIO) |
| Form Type | 8-K |
| Filed Date | Apr 17, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
Usio swapped auditors from WithumSmith+Brown to BDO USA, effective April 12.
AI Summary
Usio, Inc. filed an 8-K on April 17, 2024, reporting a change in its certifying accountant. The company has dismissed its previous independent registered public accounting firm, WithumSmith+Brown, PC, and has appointed BDO USA, P.A. as its new principal accountant. This change was effective April 12, 2024.
Why It Matters
A change in a company's auditor can signal shifts in financial reporting scrutiny or strategic direction, potentially impacting investor confidence.
Risk Assessment
Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial irregularities or a desire for a fresh perspective on financial statements, warranting closer investor attention.
Key Players & Entities
- Usio, Inc. (company) — Registrant
- WithumSmith+Brown, PC (company) — Former certifying accountant
- BDO USA, P.A. (company) — New certifying accountant
- April 12, 2024 (date) — Effective date of change in accountant
- April 17, 2024 (date) — Filing date of the 8-K
FAQ
Why was WithumSmith+Brown, PC dismissed as Usio, Inc.'s certifying accountant?
The filing does not state a specific reason for the dismissal of WithumSmith+Brown, PC, only that the decision was made by the Audit Committee of the Board of Directors.
Did WithumSmith+Brown, PC have any disagreements with Usio, Inc.?
No, the filing explicitly states that there were no disagreements or reportable events between Usio, Inc. and WithumSmith+Brown, PC.
When did the change in certifying accountant become effective?
The change in certifying accountant became effective on April 12, 2024.
What is the name of Usio, Inc.'s new principal accountant?
Usio, Inc. has appointed BDO USA, P.A. as its new principal accountant.
Has BDO USA, P.A. been informed of the prior accounting firm's dismissal and related matters?
Yes, BDO USA, P.A. has been informed of the dismissal of the former accountant and has reviewed the relevant information provided by Usio, Inc.
Filing Stats: 844 words · 3 min read · ~3 pages · Grade level 12.7 · Accepted 2024-04-17 16:52:19
Key Financial Figures
- $0.001 — ch registered Common stock , par value $0.001 per share USIO The Nasdaq Stock Mark
Filing Documents
- usio20240417_8k.htm (8-K) — 27KB
- ex_655115.htm (EX-16.1) — 3KB
- adkf2.jpg (GRAPHIC) — 20KB
- image01.jpg (GRAPHIC) — 2KB
- 0001437749-24-012341.txt ( ) — 191KB
- usio-20240412.xsd (EX-101.SCH) — 3KB
- usio-20240412_def.xml (EX-101.DEF) — 11KB
- usio-20240412_lab.xml (EX-101.LAB) — 15KB
- usio-20240412_pre.xml (EX-101.PRE) — 11KB
- usio20240417_8k_htm.xml (XML) — 3KB
01
Item 4.01 Changes in Registrant's Certifying Accountant (a) The Audit Committee of the Board of Directors of Usio, Inc., (the "Company") has selected Pannell Kerr Forster of Texas, P.C. ("PKF") as the Company's independent registered public accounting firm for the year ending December 31, 2024. The Company was informed by its long-standing independent registered public accounting firm, ADKF, P.C. ("ADKF"), that it declined to stand for re-appointment as the Company's independent registered public accounting firm because it had made a strategic decision to focus their audit practice on non-issuer entities. In anticipation of the possibility of ADKF's declining to stand for re-appointment, the Company undertook a selection process to determine an appropriate independent registered public accounting firm to serve as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. On April 12, 2024, the Audit Committee approved the engagement of PKF as the Company's independent registered public accounting firm effective immediately. The audit reports of ADKF on the consolidated financial statements of the Company and subsidiaries as of and for the years ended December 31, 2023, and 2022 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the fiscal years ended December 31, 2023 and 2022, and through April 12, 2024, there were no: (i) disagreements with ADKF on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to ADKF's satisfaction, would have caused ADKF to make reference to the subject matter thereof in its reports for such years; or (ii) reportable events, as described under Item 304(a)(1)(v) of Regulation S-K. The Company provided ADKF with a copy of the disclosures it is making in this Current Report on Form 8
Financial Statements and Exhibits
Financial Statements and Exhibits. 16.1 Letter from ADKF, dated April 17, 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, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 17, 2024 USIO, INC. By: /s/ Louis A. Hoch Name: Louis A. Hoch Title: Chief Executive Officer and President