FITLIFE BRANDS, INC. : Changes in Holder’s Chartered Accountant, Financial Statements and Supporting Documentation (Form 8-K)

Item 4.01 Registrant Certifying Accountant Changes

On October 14, 2022the audit committee (the “Audit Committee”) of the Board of Directors (the “Board”) of Brands FitLife, Inc. (the “Company”) recommended, and the Board approved, the dismissal of Weaver and Tidwell, LLP (“Weaver”) as the Company’s registered independent public accounting firm.

During the Company’s fiscal years ended December 31, 2020 and 2021, and until
October 14, 2022 (the date of Weaver’s termination), there was no (i) disagreement with Weaver on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, s ‘it had not been resolved to Weaver’s satisfaction, would have caused Weaver to refer to the subject matter of the disagreements in its reports on the company’s consolidated financial statements for those years, and (ii) reportable events, as defined in Regulation SK Section 304(a)(1)(v), except that, as reported on
October 13, 2022the Company has filed Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2020and the company’s annual report on Form 10-K for the fiscal year ended December 31, 2021 to restate its financial statements for the years ended December 31, 2019 and 2020, and to restate the interim financial statements for each of the quarterly periods in 2019, 2020 and 2021 included in its quarterly reports on Form 10-Q for the periods ending March 31, 2019, June 30, 2019, September 30, 2019, March 31, 2020, June 30, 2020, September 30, 2020, March 31, 2021and June 30, 2021
(collectively, the “Restated Periods”) to correct historical errors related to revenue recognition, expensing of costs of inventory, inventory, accounts receivable and financial reporting and internal controls related to these arrangements ( “reprocessing”). As noted in Part II, Item 9A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and on Form 10-K/A for years ended December 31, 2019 and 2020, the Company reported material weaknesses arising from deficiencies in its control environment, risk monitoring measures, control activities, information processing and reporting and our monitoring systems, resulting in the restatements of its financial statements during the restated periods.

The Audit Committee has authorized Weaver to fully respond to the successor accountant’s requests (described in the company’s current report on Form 8-K filed separately on October 7, 2022) regarding the event to be reported. The Company has provided Weaver with a copy of this Form 8-K and has instructed Weaver to provide the Company with a letter addressed to the US Securities and Exchange Commission indicating whether it agrees with the above disclosures. A copy of Weaver’s letter, dated October 17, 2022is attached as Exhibit 16.1 to Form 8-K.

Item 9.01 Financial statements and supporting documents.

(d) Exhibits

Exhibit Number   Description
     16.1        Letter from Weaver and Tidwell, LLP dated October 17, 2022, filed
                 electronically herewith
     104         Cover Page Interactive Data File (embedded within the Inline XBRL
                 document)





————————————————– ——————————

© Edgar Online, source Previews

Comments are closed.