SECTION 4. MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS
ITEM 4.01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
The Registrant reports in this current report on Form 8-K a change in certifying
accountants. Effective July 8, 2015, the Registrant's certifying accountant, Li
and Company, P.C. ("Li & Co.") resigned as the Registrant's independent
registered public accounting firm.
(A)(1) PREVIOUS INDEPENDENT ACCOUNTANT
(i) The Registrant reports a change in certifying accountants, which involved Li
& Co. resigning as the Registrant's independent registered public accounting
firm effective July 10, 2015.
(ii) Li & Co. issued reports on the Registrant's consolidated financial
statements for the fiscal years ended June 30, 2014. This report did not contain
an adverse opinion or disclaimer of opinion, and were not modified as to
uncertainty, audit scope, or accounting principles.
(iii) The decision to change accountants was recommended and approved by the
board of directors of the Registrant on July 10, 2015.
(iv) In connection with the audits of the Registrant's consolidated financial
statements for the years ended June 30, 2014 and any subsequent interim period
through the date of declining to stand for re-election, there were no
disagreements, resolved or not, with Li & Co. on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure which disagreement(s), if not resolved to the satisfaction of Li &
Co., would have caused them to make reference to the subject matter of the
disagreement(s) in connection with its reports on the Registrant's consolidated
financial statements; and there were no reportable events as defined in Item
304(a)(1)(v) of Regulation S-K.
(A)(2) ENGAGEMENT OF NEW INDEPENDENT ACCOUNTANT
On July 10, 2015, the Registrant's board of directors recommended and approved
the engagement of M&K CPAS, PLLC ("M&K") as its independent accountant to audit
the Registrant's consolidated financial statements for its fiscal year ended
June 30, 2015.
Prior to July 10, 2015, the date that M&K was retained as the principal
independent accountants of the Registrant:
(i) The Registrant did not consult M&K regarding either the application of
accounting principles to a specified transaction, either completed or proposed,
or the type of audit opinion that might be rendered on Registrant's financial
statements;
(ii) Neither a written report nor oral advice was provided to the Registrant by
M&K that they concluded was an important factor considered by the Registrant in
reaching a decision as to the accounting, auditing or financial reporting issue;
and
(iii) The Registrant did not consult M&K regarding any matter that was either
the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation
S-K and the related instructions) or any of the reportable events set forth in
Item 304(a)(1)(v) of Regulation S-K.
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(A)(3) The Registrant has provided R Li & Co. with a copy of the disclosures it
is making in response to this Item. The Registrant has requested Li & Co. to
furnish a letter addressed to the Commission stating whether it agrees with the
statements made by the Registrant in (a)(1)(i) and (ii) above and, if not,
stating the respects in which Li & Co. does not agree. The Registrant has filed
the letter as exhibit 16.1 to this current report containing this disclosure.