OneSolution Technology Inc. (NA:KRFG), a Delaware-based manufacturer specializing in power distribution and specialty transformers, has announced a change in its certifying accountant.
The Board of Directors approved the resignation of J&S Associate PLT as the independent registered public accountant effective Monday, and concurrently engaged Olayinka Oyebola & Co. to audit the company's consolidated financial statements for the fiscal year ending March 31, 2025.
The company's financial statements for the years ended March 31, 2024, and 2023, audited by J&S, did not bear any adverse opinion or disclaimer of opinion.
However, both reports included explanatory paragraphs regarding the company's working capital deficit of $3,045,587 and net loss of $1,507,469, casting doubt about its ability to continue as a going concern.
OneSolution Technology reported no disagreements with J&S on any accounting principles, practices, financial statement disclosure, or auditing scope or procedure that would have warranted a mention in their reports for the specified periods.
In compliance with SEC requirements, J&S has been asked to provide a letter to the SEC confirming their agreement with these statements.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.