FLITWAYS TECHNOLOGY INC. (OTCMKTS:FTWS) Files An 8-K Changes in Registrant’s Certifying Accountant
|Changes in Registrant’s Certifying Accountant.|
On February 16, 2017, FlitWays Technology Inc. (formerly
known Cataca Resources Inc. or the Company) dismissed its
independent registered public accounting firm, Squar Milner
LLP (the Former Accountant). The Company’s decision to
dismiss the Former Accountant was approved by its Board of
Directors on March 1, 2017.
The reports of the Former Accountant on Flitways Technology Inc.s
(Flitways) financial statements for the years ended December 31,
2015 and 2014 (which became part of the Companys Form 8-K upon
Flitways reverse merger into the Company on October 17,
2016)contained no adverse opinion or disclaimer of opinion and
were modified as to uncertainty regarding Flitways ability to
continue as a going concern.
The Former Accountant identified several control deficiencies
which were deemed to be material weaknesses in the Companys
internal control by the Former Accountant. The material
weaknesses identified were the following:
Inadequate design of internal control over the preparation of
the financial statements being audited.
Inadequate design of internal control over a significant
account or process.
Inadequate documentation of the components of internal
|Insufficient control consciousness within the Company.|
Failure to identify material misstatement and assessing the
risk of material misstatement.
|Ineffective response to identified significant risks.|
Absence of segregation of duties within a significant account
|Absence of controls over the safeguarding of assets.|
Inadequate design of information technology (IT) general and
application controls that prevent the information system from
providing complete and accurate information consistent with
financial reporting objectives and current needs.
Lack of the qualifications and training to fulfill accounting
Inadequate design of monitoring controls used to assess the
design and operating effectiveness of the Companys internal
control over time.
|Absence of a risk assessment process within the Company.|
Since October 27, 2016 (the date of appointment of the Former
Accountant) through to February 16, 2017, the date of dismissal,
there have been no disagreements with the Former Accountant 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 the Former
Accountant, would have caused the Former Accountant to make
reference thereto in its report on the Companys financial
The Company has requested that the Former Accountant furnish it
with a letter addressed to the Securities and Exchange Commission
stating whether it agrees with the above statements. The
requested letter is attached as Exhibit 16.1 to this Form 8-K.
Effective March 3, 2017, the Company engaged Rose, Snyder
Jacobs LLP (Rose, Snyder Jacobs) to serve as the Companys new
independent registered public accounting firm. The engagement
of Rose, Snyder Jacobs as the Companys new independent
registered public accounting firm was approved by the
Companys Board of Directors. Neither the Company, nor anyone
on its behalf, consulted Rose, Snyder Jacobs during the
Companys two most recent fiscal years and any subsequent
interim period prior to the Companys engagement of Rose,
Snyder Jacobs regarding any of the matters set forth in Items
304(a)(2)(i) and (ii) of Regulation S-K.
|Item 9.01||Financial Statements and Exhibits.|
16.1 Letter from Squar Milner LLP dated March 8, 2017 regarding
change in certifying accountant
About FLITWAYS TECHNOLOGY INC. (OTCMKTS:FTWS)
FlitWays Technology, Inc., formerly Cataca Resources, Inc., is a travel technology company. The Company allows travelers to search and schedule the mode of mobility, and helps drivers utilize their equity. The Company offers pre-booked and on-demand ground transportation, including rideshares, taxis, black cars and airport shuttles. The Company offers global ground transportation solution. The Company connects airlines, online travel agents and travel distributors with over 400 airports with a fleet of approximately 15,000 vehicles. The Company provides security for both business and private travelers with secure booking. The FlitWays online booking engine and application allows travelers to choose and pre-book a preferred ride from a range of vehicles, such as taxi, executive cars, airports shuttles and transfers. The Company caters to approximately 170 cities globally, including North America, South America, Europe and Asia. FLITWAYS TECHNOLOGY INC. (OTCMKTS:FTWS) Recent Trading Information
FLITWAYS TECHNOLOGY INC. (OTCMKTS:FTWS) closed its last trading session up +0.001 at 0.130 with shares trading hands.