Yunhong Green CTI Ltd. Files 8-K on Accountant Change

TL;DR

Yunhong Green CTI Ltd. (YGR) filed an 8-K on 4/1/24, mainly about a change in their auditor.

AI Summary

On April 1, 2024, YUNHONG GREEN CTI LTD. filed an 8-K report. The filing primarily concerns changes in the registrant's certifying accountant and includes financial statements and exhibits. The company, formerly known as CTI INDUSTRIES CORP, is incorporated in Illinois and has its principal executive offices in Lake Barrington, IL.

Why It Matters

This filing signals a change in the company's auditor, which could impact financial reporting and investor confidence.

Risk Assessment

Risk Level: low — The filing is a standard disclosure regarding a change in certifying accountant and does not indicate immediate financial distress or significant operational changes.

Key Numbers

• 000-23115 — SEC File Number (Identifies the company's filing history with the SEC.)
• 36-2848943 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• YUNHONG GREEN CTI LTD. (company) — Registrant
• CTI INDUSTRIES CORP (company) — Former Company Name
• April 1, 2024 (date) — Date of earliest event reported
• Illinois (jurisdiction) — State of incorporation
• Lake Barrington, IL (location) — Address of principal executive offices

FAQ

Filing Documents

• form8-k.htm (8-K) — 45KB
• ex16-1.htm (EX-16.1) — 8KB
• 0001493152-24-013301.txt ( ) — 223KB
• yhgj-20240401.xsd (EX-101.SCH) — 3KB
• yhgj-20240401_lab.xml (EX-101.LAB) — 33KB
• yhgj-20240401_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 3KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 1, 2024 YUNHONG GREEN CTI LTD. (Exact name of registrant as specified in charter) Illinois 000-23115 36-2848943 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 22160 N. Pepper Road , Lake Barrington , IL 60010 (Address of principal executive offices) (Zip Code) (847) 382-1000 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock YHGJ The Nasdaq Stock Market LLC (The Nasdaq Capital Market) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 4.01 Change in Registrant's Certifying Accountant. (a) Dismissal of Independent Registered Public Accountant The Audit Committee of the Board of Directors (the "Audit Committee") of Yunhong Green CTI Ltd. (the "Company"), instructed the Company's CEO to terminate the engagement with BF Borgers CPA PC (BFB), the Company's independent registered public accounting firm, on April 1, 2024. The audit relationship began during December 2022. The Audit Committee has selected Wolf & Company, PC as the Company's independent registered public accounting firm. The audit reports for the years ended December 31, 2023 and December 31, 2022 did not contain any adverse opinion or disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope or accounting principles, except that the audit report on the Company's financial statements contained a paragraph indicating that there was substantial doubt about the ability of the Company to continue as a going concern. There were no disagreements between the Company and BFB with respect to any accounting treatment. During the Company's two most recent fiscal years through April 1, 2024, there were (i) no disagreements under Item 304(a)(1)(iv) of Regulation S-K between the Company and its prior auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to its prior auditor's satisfaction, would have caused its prior auditor to make reference to the subject matter of such disagreement in connection with its reports and (ii) no events of the types listed in paragraphs (A) through (D) of Item 304(a)(1)(v) of Regulation S-K. As disclosed in Item 9A of the Company's Annual Reports on Form 10-K for the years ended December 31, 2023 and December 31, 2022, management determined a material weakness in internal control over financial reporting related to the Company's capabilities, processes, and controls related to limited staffing and over-reliance on certain personnel, as well as related employee turnover. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Management determined that these deficiencies constitute a material weakness that was not identified and remediated as of December 31, 2023 and December 31, 2022, respectively. Based on this material weakness, management concluded that at December 31, 2023 and December 31, 2022, internal control over financial reporting was not effective. During the years ended December 31, 2023 and December 31, 2022, there were no "reportable events" (as that term is defined in Item 304(a)(1)(v) of Regulation S-K), except as discussed above. T

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View this 8-K filing on SEC EDGAR