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Westlake Village, CA-based Neonc Technologies Holdings, Inc. (NASDAQ:NTHI), a company specializing in pharmaceutical preparations, has announced changes in its certifying accountant, according to a recent SEC filing. The company, which has seen its stock surge over 10% in the past week according to InvestingPro data, currently maintains a modest revenue stream of $80,000 over the last twelve months. Effective today, CBIZ (NYSE:CBZ) CPAs P.C. has been engaged as the new independent registered public accounting firm for the fiscal year ending December 31, 2025.
This change comes after the company’s previous accounting firm, Marcum LLP, resigned on Sunday, March 31, 2025. The resignation followed the acquisition of Marcum’s attest business by CBIZ on November 1, 2024. The decision to appoint CBIZ was approved by the Audit Committee of Neonc Technologies’ Board of Directors.
Marcum’s reports for the fiscal years ending December 31, 2024, and December 31, 2023, did not contain any adverse opinion or disclaimer of opinion. However, they included an explanatory paragraph regarding the company’s ability to continue as a going concern. This concern appears warranted, as InvestingPro data reveals the company’s current ratio of 0.25 indicates significant liquidity challenges, with short-term obligations exceeding liquid assets. The company also reported a negative EPS of $0.69 for the last twelve months.
During the tenure of Marcum, up until their resignation, there were no disagreements on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures that would have required Marcum to reference in its report. However, material weaknesses in internal controls were identified as of December 31, 2024, relating to segregation of duties, entity level controls, controls over transaction classes, related party transactions, and information technology general controls. Despite these challenges, InvestingPro analysis shows the company achieved 17.79% revenue growth in the last twelve months, though analysts anticipate a sales decline in the current year. For deeper insights into NTHI’s financial health and additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools.
Neonc Technologies had not consulted with CBIZ on any accounting principles or auditing matters prior to their engagement. Furthermore, the company provided Marcum with a copy of the 8-K filing and requested a letter from Marcum addressed to the SEC stating whether it agrees with the statements made. Marcum’s letter, dated April 1, 2025, is included as an exhibit to the filing.
The company has not disclosed any further details regarding the transition or the reasons behind Marcum’s resignation. This announcement is based on a press release statement filed with the U.S. Securities and Exchange Commission.
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