QUOTEMEDIA INC : Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits (form 8-K)
October 03, 2022 at 03:06 pm
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Item 4.01 Changes in Registrant's Certifying Accountant.
On September 27, 2022, Quotemedia, Inc. (the "Company") received notification
from its independent registered public accounting firm, Moss Adams LLP ("Moss
Adams"), that Moss Adams was resigning as the Company's independent registered
public accounting firm upon completion of the review of the Company's unaudited
financial statements for the quarter ended September 30, 2022. Moss Adams's
reports on the financial statements for the years ended December 31, 2021 and
2020 did not contain an adverse opinion or a disclaimer of opinion, nor was it
qualified or modified as to uncertainty, audit scope, or accounting principles.
During the fiscal years ended December 31, 2021 and 2020, and the subsequent
interim periods preceding Moss Adams's resignation on September 27, 2022, there
were no disagreements with Moss Adams on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which
disagreement(s), if not resolved to the satisfaction of Moss Adams, would have
caused it to make reference to the subject matter of the disagreement(s) in
connection with its report. Additionally, during this time period, there were no
reportable events as described in Item 304(a)(1)(v) of Regulation S-K, except
that, as previously disclosed in the Company's Quarterly Reports on Form 10-Q
for the quarterly period ended June 30, 2022, the Company identified material
weaknesses in its internal control over financial reporting related to
management review controls that were not designed and implemented to operate at
an appropriate level of precision and lack sufficient personnel resources to
detect and identify potential material errors relating to (i) the valuation and
accounting for complex financial instruments, including the Company's warrant
agreements and (ii) account reconciliations and financial reporting relating to
the accounting for revenue and leases.
The Company provided Moss Adams with a copy of the disclosures that the Company
is making in response to Item 4.01 on this Form 8-K and requested that Moss
Adams furnish it with a letter addressed to the Securities and Exchange
Commission stating whether it agrees with the above statements and, if not,
stating the respects in which it does not agree. A copy of the letter furnished
by Moss Adams in response to that request is filed as Exhibit 16.1 to this
Current Report on Form 8-K.
The Company is in the process of selecting a successor independent registered
public accounting firm. The Company will provide information on the selection on
a Current Report on Form 8-K once such successor is identified.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description of Exhibit
16.1 Letter to the U.S. Securities and Exchange Commission from Moss Adams
LLP, dated October 3, 2022.
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document.
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QuoteMedia, Inc. provides financial data, market research information, analytics, news feeds, and financial software solutions to online brokerages, banks, clearing firms, financial service companies, media portals, and public corporations. It offers an array of market information and services: streaming stock market data feeds, research and analysis information, content applications, portfolio management systems, software products, corporate investor relations provisioning, news services, mobile apps, and custom development. Its products and services are divided into three main categories: Data Feed Services; Interactive Web Content and Data APIs; and Portfolio Management and Real-Time Quote Systems. It offers its clients a range of data, information, and services, including streaming real-time data feeds, dynamic content Web displays, news feed aggregation and delivery, mobile app solutions and others. Its portfolio management products are provided on a software as a service model.