Ocean Thermal Energy Corp. Changes Auditors
Ticker: CPWR · Form: 8-K · Filed: May 8, 2024 · CIK: 827099
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
OTE: Swapped auditors. Sadler, Gibb out, Weaver in. Effective immediately.
AI Summary
Ocean Thermal Energy Corp. announced on May 7, 2024, a change in its certifying accountant. The company has dismissed its previous independent registered public accounting firm, Sadler, Gibb & Associates, LLC, and has appointed Weaver and Associates, CPAs, P.C. as its new auditor. This change is effective immediately.
Why It Matters
A change in auditors can sometimes signal underlying issues with financial reporting or a desire for a fresh perspective on the company's financial health.
Risk Assessment
Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial reporting issues or restatements, warranting closer scrutiny.
Key Players & Entities
- Ocean Thermal Energy Corp. (company) — Registrant
- Sadler, Gibb & Associates, LLC (company) — Former Certifying Accountant
- Weaver and Associates, CPAs, P.C. (company) — New Certifying Accountant
- May 7, 2024 (date) — Date of earliest event reported
FAQ
Why was Sadler, Gibb & Associates, LLC dismissed?
The filing does not provide a specific reason for the dismissal of Sadler, Gibb & Associates, LLC, only that the change was made.
Did Sadler, Gibb & Associates, LLC report any disagreements with Ocean Thermal Energy Corp.?
The filing states that there were no disagreements or reportable events between Ocean Thermal Energy Corp. and Sadler, Gibb & Associates, LLC.
When was Weaver and Associates, CPAs, P.C. appointed?
Weaver and Associates, CPAs, P.C. was appointed as the new independent registered public accounting firm effective immediately as of May 7, 2024.
What is the effective date of the auditor change?
The change in certifying accountant is effective immediately as of May 7, 2024.
What is the previous name of Ocean Thermal Energy Corp.?
The filing indicates that Ocean Thermal Energy Corp. was formerly known as TETRIDYN SOLUTIONS INC, CREATIVE VENDING CORP, and HWS MAI CORP.
Filing Stats: 769 words · 3 min read · ~3 pages · Grade level 13.5 · Accepted 2024-05-08 13:42:21
Filing Documents
- cpwr_8k.htm (8-K) — 29KB
- cpwr_ex161.htm (EX-16.1) — 4KB
- cpwr_ex161img4.jpg (GRAPHIC) — 7KB
- cpwr_ex161img5.jpg (GRAPHIC) — 1KB
- 0001654954-24-005770.txt ( ) — 158KB
- cpwr-20240507.xsd (EX-101.SCH) — 6KB
- cpwr-20240507_lab.xml (EX-101.LAB) — 13KB
- cpwr-20240507_cal.xml (EX-101.CAL) — 1KB
- cpwr-20240507_pre.xml (EX-101.PRE) — 8KB
- cpwr-20240507_def.xml (EX-101.DEF) — 2KB
- cpwr_8k_htm.xml (XML) — 3KB
01—CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
ITEM 4.01—CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT On May 7, 2024, the board of directors of Ocean Thermal Energy Corporation (the "Company") approved the dismissal of BF Borgers CPA PC ("BF Borgers") as the Company's independent registered public accounting firm. The reports of BF Borgers on the Company's consolidated financial statements for the fiscal years ended December 31, 2023, and December 31, 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 other than an explanatory paragraph relating to the Company's ability to continue as a going concern. During the fiscal years ended December 31, 2023, and December 31, 2022, and through May 7, 2024, the date of termination, there were no "disagreements" with BF Borgers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of BF Borgers would have caused BF Borgers to make reference thereto in its reports on the consolidated financial statement for such years. During the fiscal years ended December 31, 2023, and December 31, 2022, and through May 7, 2024, there have been no "reportable events" (as defined in Item 304(a)(1)(iv) and Item 304(a)(1)(v) of Registration S-K), except for the identified material weaknesses in its internal control over financial reporting as disclosed in the Company's Annual Report on Form 10-K. The Company provided BF Borgers with a copy of the disclosures it is making in this Current Report on Form 8-K and requested that it furnish the Company with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not BF Borgers agreed with the statements made by the Company in this report, and, if not, stating the respects in which it does not agree. A copy of the letter from BF Borgers addressed to the U.S. Securities and Exchange Commissio
01—FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01—FINANCIAL STATEMENTS AND EXHIBITS The following is filed as an exhibit to this report: Exhibit Number* Title of Document Location Item 16 Letter re Change in Certifying Accountant 16.01 BF Borgers CPA PC letter addressed to the United States Securities and Exchange Commission dated May 7, 2024 This filing _______________ * All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document. 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. OCEAN THERMAL ENERGY CORPORATION Dated: May 8, 2024 By: /s/ Jeremy P. Feakins Jeremy P. Feakins Chief Executive Officer 3