Each one in plain English, with the numbers worked through for a shareholder.
12 Aug 2009auditor change▼ Bad
Moore & Associates, the auditor appointed only weeks earlier, ceased operations as of August 7, 2009, and on August 11 the company engaged Seale and Beers, CPAs as its new auditor. The filing notes the 2008 annual report's financial statements carried a going concern qualification, and attaches a letter from Moore.
This amendment repeats the July 20 auditor change (Moore & Associates replacing Cole & Reed) and adds the Cole & Reed letter to the SEC as an exhibit, which the original filing lacked. No new facts about the change itself are stated in the text.
On July 20, 2009 the board appointed Moore & Associates, Chartered as auditor for 2009, replacing Cole & Reed LLP, whose dismissal is stated as effective April 1, 2009. The filing says Cole & Reed's reports had no adverse opinion and there were no disagreements; Cole & Reed's confirming letter was not yet available.
The company (then named UTEC, Inc.) agreed on April 30, 2009 to sell all its assets to Energetic Systems Inc. LLC, except the Ceramatec Agreement and the waste destruction business built on that technology. In payment, Energetic Systems will return the 22,500,000 UTEI common shares it holds.