Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2021auditor change● Neutral
This amendment adds Fiorello & Partners' letter dated October 20, 2021, which was awaited in the August 2021 report on the switch to AJSH & Co LLP. The filing's text is otherwise the same as the original and states no disagreements. The filing does not summarise the letter's content.
On July 30, 2021 the audit committee approved hiring AJSH & Co LLP, for the fiscal year ended September 30, 2020, and dismissing Fiorello & Partners, which was notified on August 4, 2021. The filing says Fiorello's report for fiscal 2019 was unqualified and there were no disagreements. Fiorello's confirming letter was still to come. The company had engaged Fiorello only a year earlier.
The company says it ended its relationship with auditor De Leon & Company on January 1, 2020 because of the death of Mr. Julio De Leon, and on July 10, 2020 engaged Fiorello & Partners, Inc. The filing says there were no disagreements and that De Leon's report carried going-concern doubt. This report came about six months after the dismissal.
This amendment corrects the cash portion of the Creative Land Management purchase from '$950,000,000' to $950,000; everything else in the August 2, 2017 agreement is unchanged, including the $2,600,000 price and the condition that the company raise sufficient funds. The deal is still conditional and not shown as closed.
On August 2, 2017 the company agreed to buy 100% of Florida-based Creative Land Management, LLC for $2,600,000, contingent on raising sufficient funds. Payment is two $25,000 non-refundable deposits, $1,600,000 through seller financing with a security interest, and cash described as '$950,000,000', which is almost certainly a typo for $950,000 since the amounts must add to $2.6M (inference); the next filing corrects it. The filing says there was no prior dealing with the seller beyond negotiating the deal.
On November 10, 2016 the company dismissed MaloneBailey LLP as auditor and engaged De Leon & Company P.A., the firm it had dismissed in 2014. The filing says there were no disagreements, and that MaloneBailey's reports for fiscal 2014 and 2015 carried going-concern doubt and noted that controls and procedures were not effective. No reason for the change is given.