Black Rock Petroleum Co 8-K

What Happened
Black Rock Petroleum Co announced under Item 4.01 of Form 8-K that on March 11, 2024 it dismissed Gries and Associates, LLC ("Gries") after Gries sold its business, and engaged GreenGrowth CPAs ("GreenGrowth") as its new independent accountant. The company's board approved the change.

Key Details

• Effective date of change: March 11, 2024.
• Former accountant: Gries and Associates, LLC; Gries sold its business to GreenGrowth.
• New accountant: GreenGrowth CPAs engaged and agreement executed on March 11, 2024.
• Prior audit reports (fiscal years ended April 30, 2022 and 2021) from Gries contained no adverse or qualified opinions, but did note substantial doubt about the company's ability to continue as a going concern.
• No disagreements with Gries on accounting, disclosure or audit scope for the periods covered, and no reportable events except management’s discussion with Gries about continuing material weaknesses in internal control over financial reporting.
• The company requested Gries provide a letter to the SEC stating whether it agrees with the company’s disclosures; that letter will be attached to an amended 8-K.

Why It Matters
A change of independent auditor is material because it affects who reviews and reports on the company’s financial statements. Investors should note (1) the change resulted from Gries selling its business and was approved by the board, (2) prior audits were unqualified except for going-concern language, and (3) management and the former auditor discussed existing material weaknesses in internal controls. Watch for the amended 8-K attachment (the auditor’s letter) and future audit reports from GreenGrowth for any changes in audit opinion or disclosures.