SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
Date of Report (Date of earliest event reported): August 1, 2014
INNOVATIVE
PRODUCT OPPORTUNITIES, INC.
(Exact name of registrant as specified in its
charter)
Delaware |
333-167667 |
42-1770123 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
33 Davies Ave, Level 1 Toronto, Ontario Canada M4M 2A9 |
M4M 2A9 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant's telephone number, including area code: (347) 789-7131
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 4 – MATTERS RELATED TO ACCOUNTANTS AND FINANCIALS
STATEMENTS
ITEM 4.01 CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT
On August 1, 2014, Silberstein Ungar, PLLC (the “Former Accountant”)
notified the Company that its principals joined the accounting firm of KLJ & Associates, LLP. As a result of the transaction,
on August 1, 2014, the Former Accountant resigned as the Company’s independent registered public accounting firm and the
Company engaged KLJ & Associates, LLP (the “New Accountant”) as the Company’s independent registered public
accounting firm. The engagement of the New Accountant was approved by the Company’s Board of Directors.
The Former Accountant’s audit reports on the financial statements
of the Company for the fiscal years ended December 31, 2013 and 2012 contained no adverse opinion or disclaimer of opinion, nor
were they qualified or modified as to uncertainty, audit scope or accounting principles, except that
the audited financial statements contained in our Annual Reports on Form 10-K for the fiscal years ended December 31, 2012
and December 31, 2013 contained a going concern qualification.
During the fiscal years ended December 31, 2013 and 2012, and through
the interim period ended July 31, 2013, there were no “disagreements” (as such term is defined in Item 304 of Regulation
S-K) with the Former Accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing
scope or procedures, which disagreements if not resolved to the satisfaction of the Former Accountant would have caused them to
make reference thereto in their reports on the financial statements for such periods.
During the fiscal years ended December 31, 2013 and 2012, and through
the interim period ended July 31, 2013, there were the following “reportable events” (as such term is defined in Item
304 of Regulation S-K). As disclosed in Part I, Item 4 of the Company’s Form 10-Q for the quarterly period ended March 31,
2014, the Company’s management determined that the Company’s internal controls over financial reporting were not effective
as of the end of such period due to the existence of material weaknesses related to the following:
(i) inadequate segregation of duties and effective risk assessment;
and
(i) insufficient written policies and procedures for accounting
and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.
These material weaknesses have not been remediated as of the date
of this Current Report on Form 8-K.
Other than as disclosed above, there were no reportable events during
the fiscal years ended December 31, 2013 and 2012, and through the interim period ended July 31, 2014. The Company’s Board
of Directors discussed the subject matter of each reportable event with the Former Accountant. The Company authorized the Former
Accountant to respond fully and without limitation to all requests of the New Accountant concerning all matters related to the
audited period by the Former Accountant, including with respect to the subject matter of each reportable event.
Prior to retaining the New Accountant, the Company did not consult
with the New Accountant regarding either: (i) the application of accounting principles to a specified transaction, either contemplated
or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements; or (ii) any matter
that was the subject of a “disagreement” or a “reportable event” (as those terms are defined in Item 304
of Regulation S-K).
On July 31, 2014, the Company provided the Former Accountant with
its disclosures in the Current Report on Form 8-K disclosing the dismissal of the Former Accountant and requested in writing that
the Former Accountant furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether or
not they agree with such disclosures. The Former Accountant’s response is filed as an exhibit to this Current Report on Form
8-K.
SECTION 9 – FINANCIAL STATEMENTS
AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. |
Document |
Location |
16.1
|
Letter from Silberstein Ungar, PLLC CPAs dated August 1, 2014. |
Filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 8, 2014
INNOVATIVE PRODUCT OPPORTUNITIES, INC.
By: /s/ Nadav Elituv
Nadav Elituv
Chief Executive Officer |
Silberstein Ungar, PLLC CPAs and Business Advisors
Phone (248) 203-0080
Fax (248) 281-0940
30600 Telegraph Road, Suite 2175
Bingham Farms, MI 48025-4586
www.sucpas.com
August 1, 2014
Board
of Directors
Innovative Product
Opportunities Inc.
Sent via email
To
the Board of Directors:
Effective
immediately, the CPA firm of Silberstein Ungar, PLLC is resigning as independent auditor for Innovative Product Opportunities,
Inc., as most of our clients have been acquired by KLJ & Associates, LLP and KLJ has also hired our staff.
We
have had no disagreements with Company management over accounting issues or accounting policies.
/s/ Silberstein
Ungar, PLLC
Silberstein Ungar,
PLLC
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