8-K
filed December 3, 2024, 6:59 PM ET
ticker COOT
CIK 0001959994
other material
confidence high
sentiment negative
materiality 0.80
Australian Oilseeds Holdings Ltd (COOT): auditor change — Australian Oilseeds restates FY2022-2023 financials; equity down AUD$373K and AUD$329K
Australian Oilseeds Holdings Ltd
- Previously issued financials for years ended June 30, 2022 and 2023 can no longer be relied upon due to re-audit by BDO.
- Restatement reduces equity by AUD$372,670 (2022) and AUD$328,826 (2023); net profit after tax decreased AUD$372,671 (2022) and increased AUD$43,844 (2023).
- Estimated non-cash errors include understatement of cost of sales (AUD$295K in 2022) and overstatement of cost of goods sold (AUD$172K in 2023), plus bad debt provision adjustments.
- No impact on cash balances; company expects to file Form 10-K for FY2024 within the coming week incorporating corrections.
- Audit Committee and management have discussed matters with successor auditor BDO.
Key facts
Extracted from this filing and checked against the source text.
Auditor Changes
SEC 8-K Item 4.01/4.02
confidence 0.9
Australian Oilseeds Holdings Ltd dismissed BF Borgers CPA PC as its auditor.
- Action
- dismissal
- Auditor
- BF Borgers CPA PC
Exact text from the filing
Australian Oilseeds Holdings Limited (the “Company”) dismissed BF Borgers CPA PC (“BF Borgers”), as its independent registered public accounting firm following the entry of a cease-and-desist order by the SEC against BF Borgers.
View on SEC.gov
Auditor Changes
SEC 8-K Item 4.01/4.02
confidence 0.9
Australian Oilseeds Holdings Ltd reported that prior financial statements should not be relied upon.
- Action
- non reliance
Exact text from the filing
une 30, 2023 and 2022 contained in the Form F-4 of the Company can no longer be relied upon. The restatement of the consolidated financial statements for the annual periods referred to above will result in a material decrease of AUD$372,670 in equity in 2022 and a material decrease of AUD$328,826 in equity in 2023. The Audit Committee of the Company and its management concluded that the Company’s previously issued financial statements for the years ended June 30, 2023 and 2022 should be restated to correct the aforementioned financial statements. Related press releases, investor presentations or other communications describing the Company’s financial statements for these periods should no longer be relied upon to that extent. The estimated accounting errors currently include non-cash items that (i) correct historical accounting for AUD$294,733 of understatement
View on SEC.gov
Auditor Changes
SEC 8-K Item 4.01/4.02
confidence 0.9
Australian Oilseeds Holdings Ltd engaged BDO Audit Pty Ltd. as its auditor.
- Action
- engagement
- Auditor
- BDO Audit Pty Ltd.
Exact text from the filing
reviously reported on Form 6-K filed with the SEC on July 26, 2024, on July 23, 2024, the Company appointed BDO Audit Pty Ltd. (“BDO”) as its successor auditor and commenced the re-audit of the Company’s consolidated financial statements for the years ended June
View on SEC.gov
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