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GENIE ENERGY LTD.

(GNE)
  Report
Real-time Estimate Cboe BZX  -  12:48 2022-12-01 pm EST
9.660 USD   -3.11%
11/30Genie Energy Acquires Retail Customer Portfolio From Mega Energy
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11/30Genie Energy Ltd. acquired Portfolio of residential and small commercial customer contracts from Mega Energy LLC.
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11/10GENIE ENERGY LTD. : Ex-dividend day for
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GENIE ENERGY LTD. : Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits (form 8-K)

08/30/2022 | 04:42pm EST

Item 4.01 Changes in Registrant's Certifying Accountant.

(a) On August 24, 2022, BDO USA, LLP ("BDO") informed Genie Energy Ltd. (the "Company") that it was resigning as the Company's independent registered public accounting firm.

BDO's report on the Company's consolidated financial statements as of December 31, 2021 and 2020 did not contain an adverse opinion or a disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles.

During the years ended December 31, 2021 and 2020, and the subsequent interim period through August 24, 2022, there were no disagreements between the Company and BDO on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BDO, would have caused BDO to make reference to the subject matter of the disagreements in connection with its report on the Company's financial statements for such periods.

Other than as set forth below, during the years ended December 31, 2021 and 2020, and the subsequent interim period through August 24, 2022, there were no "reportable events", as defined in Regulation S-K Item 304(a)(1)(v).

As previously disclosed, in evaluating the effectiveness of disclosure controls and procedures and the Company's internal control over financial reporting, management concluded that deficiencies in the design and operating effectiveness of the Company's internal controls represented a material weakness in the Company's internal control over financial reporting and, therefore, that the Company did not maintain effective disclosure controls and procedures or internal control over financial reporting as of December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022. The reported material weakness was as follows:

The Company reported in its Annual Report on Form 10-K as of December 31, 2020, a material weakness in internal control specifically related to management's review of the income tax provision. During 2021, the Company implemented certain remediation measures related to the material weakness, however, the Company concluded that its internal control over financial reporting was ineffective as of December 31, 2021. The weakness will not be considered remediated, until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. The Company expects that the remediation of this material weakness will be completed in 2022.

The Company has provided BDO with a copy of the above disclosures and is requesting that BDO furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the foregoing statements and, if not, stating the respects in which it does not agree. A copy of BDO's letter, dated August 30, 2022, is attached as Exhibit 16.1 to this Form 8-K.

Item 9.01 Financial Statements and Exhibits.




(d) Exhibits.



Exhibit No   Document
16.1           Letter from BDO USA, LLP to the Securities and Exchange Commission
104          Cover Page Interactive Data File (embedded within the Inline XBRL document)




                                       1

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Financials (USD)
Sales 2021 364 M - -
Net income 2021 29,2 M - -
Net cash 2021 95,1 M - -
P/E ratio 2021 5,30x
Yield 2021 1,35%
Capitalization 258 M 258 M -
EV / Sales 2020 0,40x
EV / Sales 2021 0,14x
Nbr of Employees 186
Free-Float 72,9%
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Managers and Directors
Michael Menachem Stein Chief Executive Officer
Avi Goldin CFO, Treasurer & Principal Accounting Officer
Howard S. Jonas Chairman
William Wesley Perry Lead Independent Director
Allan Sass Independent Outside Director
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