other material
confidence high
sentiment negative
materiality 0.75
FitLife Brands dismisses auditor Weaver and Tidwell; cites restatements and material weaknesses
FITLIFE BRANDS, INC.
- Audit committee dismissed Weaver and Tidwell effective Oct 14, 2022; no disagreements on accounting principles.
- Reportable event: Company restated financial statements for 2019-2021 due to errors in revenue recognition, inventory, and AR.
- Material weaknesses in internal control over financial reporting were identified and disclosed in prior filings.
- Successor accountant had been engaged per a separate 8-K filed Oct 7, 2022; former auditor provided a letter to the SEC.
- Weaver and Tidwell's letter agreeing with disclosures is attached as Exhibit 16.1.