Presidential Realty Corporation (OTCMKTS:PDNLB) Files An 8-K Changes in Registrant’s Certifying AccountantItem 4.01. Change in Registrant’s Certifying Accountant.
On March 27, 2018, Presidential Realty Corporation (the “Company”), was notified that it’s principal independent accountant, Baker Tilly Virchow Krause, LLP (“Baker Tilly”) had resigned its engagement with the Company, effective immediately.
Baker Tilly’s report on the Company’s financial statements for the fiscal years ended December 31, 2016 and 2015 contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, other than to state that there is substantial doubt about the Company’s ability to continue as a going concern.
During the Company’s fiscal years ended December 31, 2016 and 2015 there were: i) no “disagreements” (within the meaning of Item 304(a) of Regulation S-K) with Baker Tilly on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which disagreements, if not resolved to Baker Tilly’s satisfaction, would have caused it to make reference to the subject matter of the disagreement in connection with its reports on the financial statements of the Company; and (ii) no “reportable events” (as such term is defined in Item 304(a)(1)(v) of Regulation S-K).
The Company has provided Baker Tilly with a copy of the disclosure contained in this Current Report on Form 8-K, and requested Baker Tilly to furnish a letter addressed to the Securities and Exchange Commission stating whether it agrees with the above statements made by the Company herein and, if not, stating the respects in which it does not agree. A copy of this letter is filed as Exhibit 16.1 to this Current Report on Form 8-k.
Item 9.01. Financial Statements and Exhibits.
| 16.1 | Letter of Baker Tilly Virchow Krause, LLP |
PRESIDENTIAL REALTY CORP/DE/ ExhibitEX-16.1 2 s109505_ex16-1.htm EXHIBIT 16.1 Exhibit 16.1 Baker Tilly Virchow Krause,…To view the full exhibit click here
About Presidential Realty Corporation (OTCMKTS:PDNLB)
Presidential Realty Corporation is a self-administrated, self-managed real estate investment trust. The Company holds, directly or indirectly, interests in real estate and interests in entities that own real estate. The Company’s segment includes investments in real estate related assets. The Company holds interests in the Mapletree Industrial Center located in Palmer, Massachusetts. The Mapletree Industrial Center is a multi-tenant rental facility. The Mapletree Industrial Center property consists of approximately 30 buildings located on over 50 acres. The property offers traditional office space and industrial/warehouse space, along with vacant land with rail access ready for development. The buildings comprise a total of approximately 418,680 square feet, with over 393,488 square feet of rentable space.