American CryoStem Corporation (OTCMKTS:CRYO) Files An 8-K Changes in Registrant’s Certifying AccountantITEM 4.01. CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT.
Resignation of independent registered public accounting firm:
On December 6, 2017, the Registrant was notified by its independent auditor, Leigh J. Kremer, Certified Public Accountant (“Kremer”) that Kremer was discontinuing providing its public company accounting practice to CRYO and was therefore resigning as CRYO’s independent auditor. A copy of the resignation letter is attached as Exhibit 99.1 to this Current Report on Form 8-K
The report of Kremer on CRYO’s consolidated financial statements for the two most recent fiscal years ended September 30, 2016 and 2015 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle, except that the reports contained an explanatory paragraph stating that there was substantial doubt about the company’s ability to continue as a going concern.
During the two most recent fiscal years ended September 30, 2016 and 2015 through December 6, 2017, (i) no disagreements with Kremer on any matter of accounting principles or practices, financial statement disclosures or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Kremer would have caused Kremer to make reference to the subject matter of the disagreements in connection with its reports, and (ii) no reportable events of the type listed in paragraphs (A) through (D) of Item 304(a)(1)(v) of Regulation S-K.
The Registrant provided Kremer with a copy of this Current Report on Form 8-K prior to its filing with the Securities and Exchange Commission (the “SEC”) and requested that Kremer furnish the SEC with a letter to the SEC stating whether or not Kremer agrees with the above statements. Kremer has provided such a confirming letter dated December 6, 2017 and it is attached as Exhibit 16.1 to this Current Report on Form 8-K.
New independent registered public accounting firm
On December 6, 2017, CRYO engaged Fruci & Associates II, PLLC (“Fruci”) as the Registrant’s independent accountants to report on the Registrant’s fiscal year ending September 30, 2017. The decision to appoint Fruci was approved by the Registrant’s Board of Directors. During the Registrant’s two most recent fiscal years and any subsequent interim period prior to the engagement of Fruci, neither the Registrant nor anyone on the Registrant’s behalf consulted with Fruci 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 the Registrant’s financial statements and neither a written report not oral advice was provided that Fruci concluded was an important factor considered by the Registrant in reaching a decision as to the accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a disagreement between the Registrant and its predecessor auditor as described in Item 304(a)(1)(iv) of Regulation S-K or a reportable event as described in Item 304(a)(1)(v) of Regulation S-K.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 16.1 Letter from Leigh J. Kremer, CPA to the Securities and Exchange Commission dated December 6, 2017.
Exhibit 99.1 Letter from Leigh J. Kremer, CPA to the Registrant dated December 6, 2017.
AMERICAN CRYOSTEM Corp Exhibit…To view the full exhibit click here
About American CryoStem Corporation (OTCMKTS:CRYO)
American CryoStem Corporation is a developer and marketer of adipose tissue-based cellular technologies and related services. The Company focuses on clinical processing, commercial bio-banking and application development of cellular tools and applications using autologous adipose (fat) tissue and adipose derived stem cells (ADSCs). The Company’s products and services include CELLECT, ATGRAFT, ATCELL, ACSELERATE, ACS Laboratories and International Licensing. The Company is in the business of collecting adipose tissue, processing it to separate the adult stem cells, and preparing such stem cells for long-term storage. The Company’s ACSelerate product is a cell culture media product for growing human stromal cells. Its certain ACSelerate cell culture media lines are available in animal serum free, which is suitable for human clinical and therapeutic uses, and a low serum version for application development and research purposes is also available.
