MoneyOnMobile, Inc. (OTCMKTS:MOMT) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim ReviewItem 4.02(b) Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On September 13, 2018, the Company's predecessor independent accountant, Liggett & Webb, P.A. ("L&W") issued a letter to the Company in response to the Company's filing of its 8-K filed with the SEC on September 12, 2018 (the "L&W Letter"). L&W audited and issued audit reports on the financial statements of the Company for the fiscal years ended March 31, 2017, March 31, 2016, March 31, 2015 and March 31, 2014 (the "L&W Financial Statements").
The L&W Letter recommended the Company should file a Current Report on SEC Form 8-K disclosing that the Company's previous L&W Financial Statements, and L&W's reports thereon, as well as any other financial statements or financial information issued by the Company during the periods of L&W's engagements, should not be relied upon.
The Company believes the filing of this non-reliance periodic filing to be premature and temporary as the Company's audit committee investigation is not complete. Additionally, the Company has not had the opportunity to complete its analysis of the facts, circumstances, literature, and materiality of the allegations noted in the RBSM letter sent to the Company on July 21, 2018, which was filed as exhibit 16.1 in the Company's periodic filing with the SEC on September 12, 2018. A copy of the Liggett & Webb Letter is attached to this report as Exhibit 99.1 and incorporated herein by reference.
Item 8.01 Other Events
On September 25, 2018, the Company issued another Letter to Shareholders from its Chairman and CEO Harold H. Montgomery to address the Company's 8-K filed with the SEC on September 12, 2018. The letter provided an update on how the Company is addressing their predecessor auditor concerns. A copy of the Letter to Shareholders is attached to this report as Exhibit 99.2 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
|
Exhibit No. |
Description |
|
99.1 |
Letter from Liggett & Webb, P.A. |
|
99.2 |
Letter to Shareholders from CEO |
MoneyOnMobile, Inc. ExhibitEX-99.1 2 letterfromliggettwebb.htm EXHIBIT 99.1 LETTER FROM LIGGETT & WEBB,…To view the full exhibit click here
About MoneyOnMobile, Inc. (OTCMKTS:MOMT)
MoneyOnMobile, Inc., formerly Calpian, Inc., is an early-stage company. The Company operates through the MoneyOnMobile segment, which is a mobile wallet service used to pay for goods and services from a mobile phone and to make other financial transactions. MoneyOnMobile allows consumers, to deposit funds into their mobile wallet or to perform a financial transaction through its agent network of approximately 313,541 retail locations as of April 30, 2016. Consumers use their mobile phones to make certain routine payments for utilities or to transfer currency to other consumers using text-messaging and mobile application technology. MoneyOnMobile offers electronic wallet services (M-wallet), similar to carrying a prepaid debit card, however using the consumer’s mobile phone. MoneyOnMobile has a multi-lingual application. By using this application, customers, through its agent network, can pay for goods and services and send money anytime and anywhere.
