Item 4.01 Change in Registrant's Certifying Accountant
Dismissal of J&S Associate and Engagement of Olayinka Oyebola & Co.
On March 3, 2023, the Board of Directors of Bonanza Goldfields Corp., a Nevada
corporation ("we" or "us"), approved the resignation of J&S Associates ("J&S")
as our independent registered public accountant, effective immediately. Except
as noted in the paragraph immediately below, the reports of J&S on the Company's
consolidated financial statements for the years ended December 31, 2021 and
2020, did not contain an adverse opinion or disclaimer of opinion, and such
reports were not qualified or modified as to uncertainty, audit scope, or
accounting principle.
The reports of J&S on the Company's consolidated financial statements as of and
for the year ended December 31, 2021, contained explanatory paragraphs which
noted that the Company suffered from an accumulated deficit of $16,157,367 and
net loss of $2,121,074, which raised doubt about its ability to continue as a
going concern.
During the years ended December 31, 2021 and 2020, the Company has not had any
disagreements with J&S on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to J&S' satisfaction, would have caused them to
make reference thereto in their reports on the Company's consolidated financial
statements for such periods.
During the years ended December 31, 2021 and 2020, there were no reportable
events, as defined in Item 304(a)(1)(v) of Regulation S-K.
We have requested that J&S furnish us with a letter addressed to the Commission
stating whether it agrees with the above statements. A copy of this letter is
included herewith as Exhibit 16.2.
Concurrently therewith, we retained the firm of Olayinka Oyebola & Co. ("OO"),
to audit our consolidated financial statements for our fiscal year ending
December 31, 2022.
During the fiscal years ended December 31, 2021 and 2020, and through the date
of this Form 8-K, neither the Company nor anyone acting on its behalf consulted
OO regarding (1) the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Company's consolidated financial statements, and OO did
not provide either a written report or oral advice to the Company that was an
important factor considered by the Company in reaching a decision as to any
accounting, auditing, or financial reporting issue, (2) any matter that was
either the subject of a disagreement with J&S on accounting principles or
practices, financial statement disclosure or auditing scope or procedures,
which, if not resolved to the satisfaction of J&S, would have caused J&S to make
reference to the matter in their report, or a "reportable event" as described in
Item 304(a)(1)(v) of Regulation S-K of the SEC's rules and regulations.
Item - 9.01 Financial Statements and Exhibits.
(d) Exhibits
Number Exhibit
16.1 Consent of J&S *
104 Cover Page Interactive Data File (formatted in iXBRL, and included in
exhibit 101)
*Filed herewith.
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