Black Rock Petroleum shifts audit work to GreenGrowth
Black Rock Petroleum Company changed its independent accountant after Gries and Associates, LLC sold its business to GreenGrowth CPAs.
Rhea-AI Filing Summary
Black Rock Petroleum Company changed its independent accountant after Gries and Associates, LLC sold its business to GreenGrowth CPAs. On March 11, 2024, the company dismissed Gries and engaged GreenGrowth as the new independent accountant, a decision approved by the board of directors.
Gries’ reports on the company’s financial statements for the fiscal years ended April 30, 2022 and April 30, 2021 contained no adverse or disclaimed opinions and were not qualified, other than noting substantial doubt about the company’s ability to continue as a going concern. The company reports no disagreements or other reportable events with Gries, apart from ongoing material weaknesses in internal control over financial reporting that management discussed with Gries.
Positive
- None.
Negative
- Going concern uncertainty was highlighted in Gries’ audit reports for the fiscal years ended April 30, 2022 and 2021, noting substantial doubt about the company’s ability to continue as a going concern.
- Material weaknesses in internal control over financial reporting continued through March 11, 2024, as discussed between company management and the former auditor.
Filing Explained
The accountant replacement was completed on March 11, 2024, but the filing leaves the former accountant’s confirmation pending: it says Gries was asked to respond to the SEC and that its letter would be filed as an amendment.
8-K Event Classification
Item 4.01 — Changes in Registrant's Certifying Accountant
1 item
Item 4.01
Changes in Registrant's Certifying Accountant
Governance
The company changed its independent auditing firm, which may involve disagreements on accounting matters.
Key Figures
Change in accountant date: March 11, 2024
Most recent audited year-end: April 30, 2022
Prior audited year-end: April 30, 2021
3 metrics
Change in accountant date
March 11, 2024
Date Gries was dismissed and GreenGrowth CPAs was engaged as independent accountant
Most recent audited year-end
April 30, 2022
One of the two most recent fiscal years with audited financial statements by Gries
Prior audited year-end
April 30, 2021
Earlier of the two most recent fiscal years audited by Gries
Key Terms
going concern, material weaknesses in the Company’s internal control over financial reporting, reportable events, emerging growth company
4 terms
going concern financial
"indicate that there was substantial doubt about the Company’s ability to continue as a going concern"
Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.
material weaknesses in the Company’s internal control over financial reporting financial
"discussed with Gries the continued existence of material weaknesses in the Company’s internal control over financial reporting"
reportable events regulatory
"did not experience any reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K)"
Reportable events are significant incidents or changes a company is legally required to disclose to regulators and the public, such as major safety problems, legal actions, financial irregularities, or management changes. They matter to investors because these events can alter a company’s risk profile or future performance, much like a dashboard warning light signals a problem that could affect a car’s safety or reliability. Timely disclosure helps investors make informed decisions and maintain market fairness.
emerging growth company regulatory
"Emerging growth company If an emerging company, if the registrant has elected not to use"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What change in auditors did BKRP report in this 8-K?
Black Rock Petroleum Company (BKRP) reported that on March 11, 2024 it dismissed Gries and Associates, LLC as its independent accountant and engaged GreenGrowth CPAs as its new independent accountant, with the change approved by the board of directors.
Why did BKRP replace Gries and Associates, LLC as its independent accountant?
BKRP states that on March 11, 2024, Gries and Associates, LLC sold its business to GreenGrowth CPAs. Following that transaction, the company dismissed Gries and entered into an agreement to engage GreenGrowth CPAs as its new independent accountant.
Did BKRP and its former auditor Gries have any disagreements?
The company reports that during the fiscal years ended April 30, 2022 and 2021, and through March 11, 2024, it had no disagreements with Gries on accounting principles, financial statement disclosure, or audit scope or procedures as defined in Regulation S-K.
What did Gries’ audit reports for BKRP say about going concern risk?
Gries’ reports on BKRP’s financial statements for the years ended April 30, 2022 and 2021 were unqualified except that they indicated substantial doubt about the company’s ability to continue as a going concern, highlighting concerns about its financial condition.
Were there any material weaknesses in BKRP’s internal control over financial reporting?
Yes. BKRP discloses that, during the fiscal years ended April 30, 2022 and 2021 and through March 11, 2024, management and Gries discussed the continued existence of material weaknesses in the company’s internal control over financial reporting, which were considered a reportable matter.
Did BKRP consult GreenGrowth CPAs on specific accounting issues before engagement?
The company states it did not receive written reports or oral advice that were an important factor in decisions about accounting, auditing, or financial reporting issues, nor were there matters that were the subject of disagreements or reportable events in connection with the new accountant.
AI-generated analysis. How Rhea-AI works. Not financial advice.
