Yunhong CTI dismisses auditor LJSA over ERTC income recognition disagreement

YUNHONG GREEN CTI LTD.

Audit Committee terminated LJSA on Nov 8, 2022; disagreement over recognition of Employee Retention Tax Credit (ERTC) income.
LJSA asserted ERTC should have been income in 2021; company believed uncertainty unresolved until returns processed.
Prior auditor's reports for FY2020 and FY2021 contained going-concern qualification but no adverse opinion.
Material weakness in internal control over financial reporting due to limited staffing and over-reliance on personnel continues.
Company intends to engage a new independent accounting firm; LJSA letter provided as Exhibit 16.1.

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