PEN INC. (OTCMKTS:PENC) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01 Change in Registrant’s Certifying Accountant.
| (a) | Dismissal of Independent Registered Public Accounting Firm |
At the request of the Board of directors, we initiated a competitive process to select an independent accounting firm. The results of that process were reviewed with the Board on December 5, 2018, and the Audit Committee was empowered to make the final selection. On December 7, 2018 the Audit Committee approved the engagement of Tama Budaj Raab. On that day we informed Salberg & Company, P.A. (“Salberg & Co”) that it was being dismissed as our independent, registered public accounting firm.
The reports of Salberg & Co on our consolidated financial statements for the two most recent fiscal years ended December 31, 2017 and December 31, 2016 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainly, audit scope or accounting principles except that Salberg & Co’s reports for both years included a paragraph indicating there was substantial doubt about our ability to continue as a going concern.
During our two most recent fiscal years referred to above and during the subsequent interim reporting periods through December 7, 2018, there were (1) no disagreements with Salberg & Co 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 Salberg & Co would have caused Salberg & Co to make reference to the subject matter of the disagreements in connection with its reports, and (2) no events of the type listed in paragraphs (A) through (D) of Item 301(a)(1)(v) of Regulation S-K.
We provided Salberg & Co with a copy of this Current Report on Form 8-K prior to its filing with the Securities Exchange Commission and requested that Salberg & Co furnish us with a letter addressed to the Commission stating whether Salberg & Co agrees with the above statements. The letter from Salberg & Co is filed as Exhibit 16.1.
| (b) | Engagement of New Independent Registered Public Accounting Firm |
As set forth above, on December 7, 2018, the audit Committee approved the engagement of Tama Budaj Raab as our new independent registered public accounting firm.
During our two most recent fiscal years ended December 31, 2017 and December 31, 2016 and during the subsequent interim reporting periods through December 7, 2018, neither we nor anyone acting on our behalf has consulted Tama Budaj Raab with respect to (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 our consolidated financial statements, and neither a written report was provided by us nor oral advice was provided to us that Tama Budaj Raab concluded was an important factor considered by us in reaching a decision as to the accounting, auditing or financial reporting issue, or any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation SK and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation SK).
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
PEN INC. Exhibit
EX-16.1 2 ex16-1.htm December 10,…
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About PEN INC. (OTCMKTS:PENC)
PEN Inc. is engaged in the marketing and sale of products enabled by nanotechnology. The Company develops and sells products based on its portfolio of intellectual property and its products include a portfolio of nano-layer coatings, nano-based cleaners, printable inks and pastes and thermal management materials. Its segments include Product Segment, which is engaged in the development of specialty products utilizing nanotechnology to deliver performance attributes at the surfaces of a range of substrates, and Research and Development Segment, which performs research services. The Company’s products encompass liquid and towelette formulations; anti-fogging liquid and towelette formulations; mar resistant and stain resistant coatings; protective coatings used on display panels and touch screens; protective and water repelling coatings on interior glass, decorated glass panels and shower doors, and coatings for ceramic insulators used in transit and underground subways systems.
