8-K: Synaptogenix Changes Accounting Firms as Morison Cogen Resigns

Synaptogenix, Inc. has changed its independent registered public accounting firm from Morison Cogen LLP to Stephano Slack LLC, effective October 4, 2024.

Summary

• Synaptogenix, Inc. announced that Morison Cogen LLP resigned as their independent registered public accounting firm on September 30, 2024.
• This resignation was due to Morison Cogen exiting the business of providing audit services to publicly traded companies.
• Morison Cogen's reports on Synaptogenix's financial statements for the fiscal years ended December 31, 2023 and 2022 did not contain any adverse opinions or disclaimers.
• There were no disagreements between Synaptogenix and Morison Cogen regarding accounting principles or auditing procedures during the fiscal years ended December 31, 2023 and 2022, and the subsequent interim period through September 30, 2024.
• On October 4, 2024, Synaptogenix engaged Stephano Slack LLC as their new independent registered public accounting firm for the fiscal year ending December 31, 2024.
• Synaptogenix did not consult with Stephano Slack on any accounting or auditing matters prior to their engagement.

Sentiment

Score: 7

Explanation: The document reports a routine change of auditors with no indication of any issues. The sentiment is neutral to slightly positive as the transition appears smooth.

Positives

• The transition to a new auditor was smooth with no reported disagreements or issues with the previous auditor.
• Morison Cogen's audits for the past two fiscal years did not raise any concerns.

Risks

• The change in auditors could potentially lead to increased scrutiny or questions from investors.
• There is a risk of disruption during the transition to the new auditor.

Industry Context

Changes in auditors are not uncommon, but the reason for the change, Morison Cogen exiting the public company audit business, is unusual. This may reflect broader trends in the accounting industry.

Comparison to Industry Standards

• The change of auditors is a normal business process, however, the reason for the change is unusual.
• Most auditor changes are due to performance or cost reasons, not the auditor exiting the market.

Stakeholder Impact

• Shareholders may have questions about the change in auditors, but the smooth transition should alleviate concerns.
• The company will need to ensure a smooth transition for the new auditor to maintain financial reporting integrity.

Key Dates

Keywords

auditor, accounting firm, Morison Cogen, Stephano Slack, financial statements, audit, Synaptogenix