other material
confidence high
sentiment negative
materiality 0.75
ALTEROLA BIOTECH INC.: auditor change — Alterola Biotech converts $2.35M debt to equity; replaces auditor Gries with GreenGrowth CPAs
ALTEROLA BIOTECH INC.
- Three holders converted $2.35M of debt into common shares at $0.004/share; issuance exempt under Section 4(2)/Reg D.
- Dismissed Gries & Associates after it sold its business; engaged GreenGrowth CPAs as new independent accountant.
- No disagreements with former auditor; prior reports contained going-concern qualification and material weaknesses in internal controls.
- Debt conversion significantly dilutes existing shareholders; no additional cash proceeds to the company.