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Marvion Inc. (OTC: MVNC), a company specializing in finance services, has announced a change in its independent registered public accountant. On Monday, the company’s Board of Directors accepted the resignation of Olayinka Oyebola & Co. (OO) and appointed Victor Mokuolu, CPA PLLC (VM) as its new auditor.
The resignation of OO took effect immediately on March 21, 2025. The reports by OO on Marvion Inc.’s consolidated financial statements for the fiscal years ending December 31, 2023, and December 31, 2022, did not contain any adverse opinion or a disclaimer of opinion, and were not modified in terms of uncertainty, audit scope, or accounting principles.
However, OO’s reports for the year ended December 31, 2023, included explanatory paragraphs regarding the company’s financial challenges. The paragraphs highlighted the substantial doubt about the company’s ability to continue as a going concern, referencing an accumulated deficit and net loss of $51,840,444. According to InvestingPro data, the company’s current financial health shows concerning metrics, including a low current ratio of 0.04 and negative EBITDA of $25.5 million. InvestingPro analysis reveals 11 additional key financial indicators that could impact investment decisions.
Throughout the fiscal years 2023 and 2022, there were no disagreements between Marvion Inc. and OO on matters of accounting principles, practices, financial statement disclosure, or auditing scope or procedures that, if unresolved, would have warranted a reference in their financial reports.
Marvion Inc. has not consulted VM on any accounting principles or transactions prior to their engagement, and there were no disagreements or reportable events with OO that would have impacted the company’s financial statements or the type of audit opinion that might be rendered.
The company has provided a letter from OO to the Securities and Exchange Commission (SEC) confirming their agreement with the statements made in the 8-K filing. This change in certifying accountant comes as Marvion Inc. prepares for the audit of its consolidated financial statements for the fiscal year ending December 31, 2024.
This announcement is based on a press release statement and reflects the latest developments in Marvion Inc.’s financial oversight processes. For investors seeking comprehensive analysis of Marvion’s financial position, InvestingPro offers detailed insights into the company’s debt structure, profitability metrics, and market performance indicators.
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