Filing Analysis
🔍 Auditor Change
Filed Dec 13, 2024
🟠 HIGH
Balance Labs, Inc. has dismissed its independent auditor, Assurance Dimensions, LLC, and appointed M&K CPAS, PLLC as its new accounting firm for the fiscal year ending December 31, 2024. The dismissal follows previous audit reports that included explanatory paragraphs regarding substantial doubt about the company's ability to continue as a going concern.
🚩 Red Flags
- Going concern language in previous audit reports (FY 2022, FY 2023, and interim 2024).
- Auditor change occurring amidst ongoing going concern uncertainty.
- Potential risk of delayed financial filings if the new auditor requires significant review of prior periods.
📋 Key Facts
- Dismissed Assurance Dimensions, LLC effective immediately on December 11, 2024.
- Appointed M&K CPAS, PLLC as the new independent registered public accounting firm for FY ending Dec 31, 2024.
- Previous auditor (Assurance) issued reports with an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern for fiscal years 2022 and 2023.
- The company stated there were no disagreements with the outgoing auditor regarding accounting principles, practices, or auditing scope.
🚪 Officer Departure
Filed Jul 10, 2024
🟡 MEDIUM
Balance Labs, Inc. announced the immediate resignation of Chief Financial Officer Ari Feldman and the subsequent appointment of Joel Kleiner as the new CFO effective July 8, 2024.
🚩 Red Flags
- Immediate resignation of a CFO can sometimes signal internal friction, though the company explicitly denies any disagreement in this filing.
📋 Key Facts
- Ari Feldman resigned as CFO effective July 3, 2024; company states resignation was not due to disagreements regarding operations or policies.
- Joel Kleiner appointed as CFO on July 8, 2024.
- Kleiner is a CPA with experience at PwC and the SEC, and has previously held finance roles at Torii Software, Stella Connect, and R2Net Inc.
- Kleiner's compensation is set at $2,000 per month.
Disclaimer: This analysis is generated by AI and is for informational purposes only.
It does not constitute financial advice, investment recommendations, or an offer to buy or sell securities.
Always review the original SEC filings and consult a financial advisor before making investment decisions.