Filing Analysis
Goldenwell Biotech, Inc. announced the resignation of its independent auditor, KCCW Accountancy Corp., and the subsequent appointment of Michael Gillespie & Associates, PLLC. Notably, the departing auditor had previously issued a going concern warning in their reports for fiscal years 2023 and 2024.
🚩 Red Flags
- Going concern warning in previous audit reports for 2023 and 2024.
- Auditor change (resignation) combined with existing going concern language.
- The new auditor is a firm that previously served the company for a very brief period (~2 months), suggesting potential instability in auditor relationships.
📋 Key Facts
- KCCW Accountancy Corp. resigned as independent auditor on July 24, 2025.
- The departing auditor (KCCW) issued a report stating there is 'substantial doubt about the Company’s ability to continue as a going concern' for years ended Dec 31, 2024 and 2023.
- Michael Gillespie & Associates, PLLC was appointed as the new independent auditor on August 14, 2025.
- The company claims no disagreements with KCCW regarding accounting principles or auditing scope.
- The new auditor (Michael Gillespie & Associates) previously served the company from Nov 14, 2024, to Jan 23, 2025.
Goldenwell Biotech, Inc. has dismissed its independent auditor, Michael Gillespie & Associates, PLLC, and appointed KCCW Accountancy Corp. as its new registered public accounting firm.
🚩 Red Flags
- Extremely short tenure of previous auditor (less than 3 months: Nov 14, 2024 - Jan 23, 2025).
- Rapid turnover in auditing firm is a classic red flag for potential disagreements or internal control issues, despite management's claims to the contrary.
- The dismissal occurred shortly after the review of one Form 10-Q (quarter ended Sept 30, 2024).
📋 Key Facts
- Dismissal of Michael Gillespie & Associates, PLLC effective January 23, 2025.
- Appointment of KCCW Accountancy Corp. as the new independent auditor on January 23, 2025.
- The former auditor served from November 14, 2024, until January 23, 2025.
- The company claims there were no disagreements with the outgoing auditor regarding accounting principles or auditing scope.
Goldenwell Biotech, Inc. has dismissed its independent auditor, Yusufali & Associates, LLC, following the PCAOB's revocation of the firm's registration. The company has appointed Michael Gillespie & Associates, PLLC as its new auditor.
🚩 Red Flags
- Auditor change combined with existing 'going concern' warnings in previous audit reports.
- Former auditor (Yusufali & Associates) had its PCAOB registration revoked, which is a significant regulatory red flag for the firm and potentially the client.
- The company has been operating under substantial doubt regarding its ability to continue as a going concern.
📋 Key Facts
- Dismissal of Yusufali & Associates, LLC effective November 13, 2024.
- The SEC notified the Company that the PCAOB revoked Yusufali & Associates' registration.
- Appointment of Michael Gillespie & Associates, PLLC as the new independent auditor on November 14, 2024.
- Previous audits for fiscal years ending Dec 31, 2023 and 2022 contained 'substantial doubt about the Company’s ability to continue as a going concern.'
- The company claims no disagreements with the former auditor regarding accounting principles or auditing scope.
Goldenwell Biotech, Inc. has dismissed its independent auditor, BF Borgers CPA PC, and appointed Yusufali & Associates, LLC as its new accounting firm. Notably, the outgoing auditor had previously issued reports expressing substantial doubt regarding the company's ability to continue as a going concern.
🚩 Red Flags
- Auditor change combined with existing going concern language (Red Flag Escalator).
- Substantial doubt about ability to continue as a going concern for fiscal years 2022 and 2023.
- High risk of financial instability or liquidity issues.
📋 Key Facts
- Dismissal of BF Borgers CPA PC effective May 14, 2024.
- Engagement of Yusufali & Associates, LLC effective May 15, 2024.
- Previous auditor (BF Borgers) issued reports for years ended Dec 31, 2023 and 2022 containing 'substantial doubt' about the company's ability to continue as a going concern.
- The Company claims there were no disagreements with the former auditor regarding accounting principles or practices.