8-K: Bioxytran Inc. Changes Independent Auditor from BF Borgers to Fruci & Associates

Bioxytran Inc. has replaced its independent auditor, BF Borgers CPA PC, with Fruci & Associates II, PLLC, effective May 7, 2024.

Summary

• Bioxytran, Inc. dismissed BF Borgers CPA PC as their independent public accountants on May 7, 2024.
• Fruci & Associates II, PLLC was appointed as the new independent accountant on the same day.
• The decision was recommended by the company's Audit Committee and approved by the Board of Directors.
• BF Borgers' reports for the years ended December 31, 2023 and 2022 did not contain any adverse opinions or disclaimers.
• There were no disagreements between Bioxytran and BF Borgers regarding accounting principles, financial statement disclosures, or auditing procedures during the relevant periods.
• Bioxytran has received a letter from BF Borgers confirming their agreement with the statements made in the Form 8-K regarding their dismissal.

Sentiment

Score: 7

Explanation: The document indicates a routine change of auditors with no apparent issues, suggesting a neutral to slightly positive sentiment.

Positives

• The transition of auditors appears to be smooth, with no reported disagreements or issues.
• BF Borgers provided clean audit opinions for the past two fiscal years.
• The company has secured a new auditor, Fruci & Associates II, PLLC, without any apparent complications.

Risks

• The change in auditors could potentially raise questions from investors or regulators, although no issues were reported.
• Any future disagreements with the new auditor could lead to complications.

Management Comments

• The decision to dismiss BF Borgers and retain Fruci was recommended by the Company's Audit Committee and approved by its Board of Directors.

Industry Context

Changes in auditors are not uncommon, but they can sometimes signal underlying issues. In this case, the transition appears to be routine, with no reported disagreements or concerns.

Comparison to Industry Standards

• The change of auditors is a common practice in the industry, and the process followed by Bioxytran appears to be standard.
• Many companies change auditors periodically for various reasons, including rotation policies or cost considerations.
• The fact that there were no disagreements with the previous auditor is a positive sign, as it suggests that the change was not due to any accounting or auditing issues.

Stakeholder Impact

• The change in auditors is unlikely to have a significant impact on stakeholders, as it appears to be a routine administrative matter.

Key Dates

Keywords

auditor, independent accountant, BF Borgers, Fruci & Associates, accounting, audit, financial statements