Item 4.01. Changes in Registrant’s Certifying Accountant.
(a) Former Independent Registered Public Accounting Firm
On May 26, 2021, RBSM LLP (“RBSM”) informed the Company that RBSM declined to stand for reappointment as the Company’s independent auditor. The Audit Committee (the “Audit Committee”) of the Board of Directors of the Company has accepted RBSM’s resignation. Effective as of May 26, 2021, RBSM is no longer the Company’s independent auditor.
The reports of RBSM on the financial statements of the Company for the past two fiscal years ended March 31, 2020 and 2019 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During two most recent fiscal years ended March 31, 2020 and 2019, and through the date of this Form 8-K, there have been no (i) disagreements with RBSM on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of RBSM, would have caused RBSM to make reference thereto in its report on the financial statements for such years; or (ii) “reportable events” as described in Item 304(a)(1)(v) of Regulation S-K.
The Company provided RBSM with a copy of the foregoing disclosures and has requested that RBSM furnish a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of RBSM’s letter furnished pursuant to that request is filed as Exhibit 16.1 to this Form 8-K.
(b) New Independent Registered Public Accounting Firm
Following a review of the qualifications OUM & Co. LLP (“OUM”) to act as the Company’s independent auditor, the Audit Committee recommended the engagement of OUM as the Company’s independent auditor for the fiscal year ended March 31, 2021, including the review of the Company’s interim condensed financial statements for the quarters ending June 30, 2021, September 30, 2021, and December 31, 2021, and of the financial information for the quarter ending March 31, 2022. Upon the recommendation of the Audit Committee, effective May 26, 2021, the Board of Directors of the Company approved the engagement of OUM.
During the fiscal years ended March 31, 2020 and 2019, and through the date of this Form 8-K, neither the Company nor anyone on its behalf has consulted with OUM regarding: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that OUM concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; (ii) any matter that was the subject of a “disagreement” within the meaning of Item 304(a)(l)(iv) of Regulation S-K and the related instructions; or (iii) any “reportable event” within the meaning of Item 304(a)(l)(v) of Regulation S-K.