POWERVERDE, INC. (OTCMKTS:PWVI) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01 Changes in Registrant’s Certifying Accountant
By telephone on June 26, 2020, Powerverde, Inc. (the “Company”) received notice from its independent registered public accounting firm, Cherry Bekaert LLP (“CB”), that CB would decline to stand for re-appointment as the Company’s certifying accountant for fiscal year 2020 and would terminate their services to the Company upon completion of their review of the Company’s unaudited financial statements for the second quarter of 2020. The Company is in the process of seeking to retain new auditors.
None of CB’s audit reports for the years ended December 31, 2019 or 2018 contained an adverse opinion or a disclaimer of opinion, nor was any such report qualified or modified, except that the reports included an Emphasis of Matter regarding the Company’s ability to continue as a going concern.
In addition, during the years ended December 31, 2019 and 2018, and through June 26, 2020 (the date of resignation), there were (i) no disagreements between the Company and CB on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to CB’s satisfaction, would have caused CB to make reference to the subject matter of the disagreement in connection with its report for such years, and (ii) no “reportable events” as defined in Item 304(a)(1)(v) of Regulation S-K for such years and subsequent interim periods through June 26, 2020.
The Company has provided CB with a copy of the disclosure set forth in this report and requested that CB furnish the Company with a letter addressed to the SEC stating whether it agrees with the statements made herein and, if not, stating the respects in which it does not agree, as required by SEC rules. A copy of CB’s letter, dated July 2, 2020, stating its agreement with the above statements, is attached as Exhibit 16.1 to this report.
Item 9.01 Financial Statements and Exhibits
POWERVERDE, INC. Exhibit
EX-16.1 2 ex16_1.htm EXHIBIT 16.1 Exhibit 16.1 Cherry Bekaert LLP 1111 Metropolitan Avenue Suite 900 Charlotte,…
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About POWERVERDE, INC. (OTCMKTS:PWVI)
PowerVerde, Inc., formerly Vyrex Corporation, operates as a research and development-stage company. The Company is seeking to discover and develop pharmaceuticals, nutraceuticals and cosmeceuticals for the treatment and prevention of respiratory, cardiovascular and neurodegenerative diseases and conditions associated with aging (the Biotech Business). The Company was formed in order to develop, commercialize and market a series of electric generating power systems designed to produce electrical power with zero emissions or waste byproducts, based on a pressure-driven motor and related organic pressure-driven cycle component. The Company has two separate product lines: waste heat/solar organic rankine cycle powered systems and gas pipeline/wellhead waste energy recovery systems. It has manufactured over three 25/50 kilowatt (kW) motors and additional motors or drivers as well. It has been testing these devices on organic pressure-driven cycle (OPDC) referred to as the Liberator.