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American Clean Resources Group, Inc. (OTC:ACRG), a Nevada-based company specializing in nonmetallic mineral mining with a market capitalization of $72.83 million, announced a change in its certifying accountant, according to a recent SEC filing. According to InvestingPro data, the company currently faces profitability challenges with a negative EPS of $0.15. Effective February 12, 2025, the company has dismissed Turner Stone & Co. as its independent registered public accounting firm upon completion of the audits for the fiscal years ending December 31, 2023, and December 31, 2024.
The decision, recommended by management and approved by the Board of Directors, follows an evaluation of audit fees and costs. Turner Stone’s reports on American Clean Resources Group’s financial statements for the year ended December 31, 2022, did not contain any adverse opinions or disclaimers and were not modified concerning audit scope or accounting principles. However, there were material weaknesses identified in the company’s internal control over financial reporting, leading to an agreement to restate its financial statements for the year ended December 31, 2023. InvestingPro analysis reveals concerning metrics, including a current ratio of 0.01 and short-term obligations exceeding liquid assets.
Concurrently, the Board of Directors has appointed M&K CPAS PLLC as the new independent registered public accounting firm for the audits of the company’s financial statements for the fiscal years 2022, 2023, and 2024, as well as related interim periods. Prior consultations with M&K regarding the matters described in Items 304(a)(2)(i) and (ii) of Regulation S-K have not been reported during the two most recent fiscal years or any subsequent interim periods leading up to February 12, 2025.
The transition of auditors comes at a time when the company is addressing its internal financial controls. Turner Stone has provided a letter to the Securities and Exchange Commission, filed as Exhibit 16.1 in the 8-K report, confirming their agreement with the statements made by American Clean Resources Group in the filing. Despite these challenges, InvestingPro data shows the company maintains a GOOD overall Financial Health Score of 2.69, suggesting resilience in its operational framework. The company’s decision reflects its ongoing efforts to manage costs while maintaining the integrity of its financial reporting.
This corporate update is based on information from a press release statement.
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