Filing Analysis
Mag Magna Corp. announced the resignation of its independent auditor, Mac Accounting Group & CPAs, LLP, effective November 14, 2025. The company has appointed Boladale Lawal & Co. as its new independent registered public accounting firm.
🚩 Red Flags
- Auditor change in a micro-cap company can sometimes precede financial restatements or internal control issues, though no disagreements were explicitly reported here.
- The resignation was effective immediately (per the text), which is often viewed with caution by analysts.
📋 Key Facts
- Former Auditor: Mac Accounting Group & CPAs, LLP resigned on November 14, 2025.
- New Auditor: Boladale Lawal & Co. was appointed on December 2, 2025.
- The former auditor stated there were no disagreements regarding accounting principles, practices, or auditing scope/procedures during their tenure.
- Mac Accounting Group reviewed the quarterly report for the period ended July 31, 2025.
Mag Magna Corp. underwent a significant change in control effective June 4, 2025, where Wang Gang acquired approximately 79.65% of the company's common stock. This transaction resulted in a complete overhaul of the company's leadership, with the previous CEO and Director resigning and being replaced by Mr. Wang.
🚩 Red Flags
- Concentrated control: A single individual (Wang Gang) now holds nearly 80% of voting power.
- Total leadership turnover: The entire previous executive suite and board have been replaced.
- Low transaction value relative to company scale: The acquisition of controlling interest was completed for a relatively small cash amount ($564k), which may suggest significant dilution or distressed valuation.
📋 Key Facts
- Wang Gang acquired 4,500,000 shares (77.20% of outstanding stock) from Oleg Bilinski for $564,380.50 in cash.
- An additional 142,372 shares were acquired by Wang Gang from 18 shareholders for $17,846.50.
- Oleg Bilinski resigned as President, CEO, Treasurer, Secretary, and Director.
- Tomasz Anczok resigned as a Director.
- Wang Gang appointed as the Sole Director, President, CEO, Treasurer, and Secretary.
- Total beneficial ownership of Wang Gang is 4,642,772 shares (79.65% of 5,829,047 total shares outstanding).
- The new CEO will devote at least 20 hours per week to the company until operations increase.
Mag Magna Corp announced the appointment of Tomasz Anczok as an Independent Director, effective February 21, 2025. The new director brings technical expertise in API architectures and AI-driven solutions.
📋 Key Facts
- Appointment of Tomasz Anczok as Independent Director effective February 21, 2025.
- Mr. Anczok has 8 years of experience building tech startups.
- Expertise includes complex API architectures and AI-driven solutions for data analysis/automation.
- No material interests or family relationships reported regarding the appointment.
Mag Magna Corp. has appointed Mac Accounting Group & CPAs, LLP as its new independent registered public accounting firm, effective June 27, 2024.
🚩 Red Flags
- Auditor change in a micro-cap context can sometimes signal underlying financial reporting issues, though the filing claims no disagreement exists.
📋 Key Facts
- New auditor: Mac Accounting Group & CPAs, LLP.
- Effective date of appointment: June 27, 2024.
- The new auditor will audit financial statements for the balance sheet as of April 30, 2024 and 2023.
- The company explicitly states there were no disagreements with the predecessor regarding accounting principles or audit opinions.
Mag Magna Corp. announced the dismissal of its independent registered public accounting firm, BF Borgers CPA PC, effective May 20, 2024.
🚩 Red Flags
- Auditor change: The dismissal of an auditor is often a signal of potential future disagreements or difficulties in maintaining financial reporting standards.
- Micro-cap context: Auditor changes in small-cap companies are frequently scrutinized by investors for underlying governance issues.
📋 Key Facts
- Dismissal of BF Borgers CPA PC as the Registrant's independent registered public accounting firm on May 20, 2024.
- The company claims no disagreements with the auditor regarding accounting principles, financial statement disclosure, or auditing scope/procedures for fiscal years ended April 30, 2023, 2022, and interim periods through May 20, 2024.
- BF Borgers CPA PC was requested to provide a letter to the SEC regarding whether they agree with the company's statements (Exhibit 16.1).