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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Ocean Power Technologies, Inc.    OPTT

OCEAN POWER TECHNOLOGIES, INC.

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OCEAN POWER TECHNOLOGIES, INC. : Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits (form 8-K)

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09/18/2020 | 05:03pm EDT

Item 4.01. Change in Registrant's Certifying Accountant.

(a) Dismissal of Previous Independent Registered Public Accounting Firm.

On September 16, 2020, the Audit Committee (the "Audit Committee") of the Board of Directors of Ocean Power Technologies, Inc. (the "Company") dismissed KPMG LLP ("KPMG") as the Company's independent registered public accounting firm, effective immediately. The decision by the Audit Committee was made on the basis of reducing ongoing costs related to the Company's annual auditor services.

During the Company's two most recent fiscal years ended April 30, 2020 and April 30, 2019 and during the subsequent interim period through September 16, 2020, there were (i) no disagreements (as described in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which if not resolved to KPMG's satisfaction, would have caused KPMG to make reference to the subject matter of the disagreements in its reports on the Company's consolidated financial statements for such years, and (ii) no "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K.

KPMG's audit reports on the Company's consolidated financial statements for each of the two most recent fiscal years ended April 30, 2020 and April 30, 2019 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that



  (i)  KPMG's report on the consolidated financial statements of the Company as of
       and for the year ended April 30, 2020, contained separate paragraphs
       stating that "As discussed in Note 2(n) to the consolidated financial
       statements, the Company has changed its method of accounting for leases as
       of May 1, 2019 due to the adoption of Accounting Standards Update (ASU) No.
       2016-02, Leases (Topic 842), and the related amendments" and "The
       accompanying consolidated financial statements have been prepared assuming
       that the Company will continue as a going concern. As discussed in Note
       1(b) to the consolidated financial statements, the Company has suffered
       recurring losses from operations and has an accumulated deficit that raise
       substantial doubt about its ability to continue as a going concern.
       Management's plans in regard to these matters are also described in Note
       1(b). The consolidated financial statements do not include any adjustments
       that might result from the outcome of this uncertainty"; and

  (ii) KPMG's report on the consolidated financial statements of the Company as of
       and for the year ended April 30, 2019, contained separate paragraphs
       stating that "The accompanying consolidated financial statements have been
       prepared assuming that the Company will continue as a going concern. As
       discussed in Note 1(b) to the consolidated financial statements, as of
       April 30, 2019 the Company has cash and cash equivalents of $16.7 million,
       and the Company has suffered recurring losses from operations and has an
       accumulated deficit. These factors raise substantial doubt about its
       ability to continue as a going concern. Management's plans in regard to
       these matters are also described in Note 1(b). The consolidated financial
       statements do not include any adjustments that might result from the
       outcome of this uncertainty" and "As discussed in Note 1(o) to the
       consolidated financial statements, effective May 1, 2018, the Company
       adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts
       with Customers, and several related amendments, issued by the Financial
       Accounting Standards Board (FASB). This change was adopted using the
       modified retrospective method."










The Company provided KPMG with a copy of the disclosures in this Current Report on Form 8-K (this "Report") prior to filing this Report with the Securities and Exchange Commission (the "SEC"). The Company has requested that KPMG furnish a letter addressed to the SEC stating whether or not KPMG agrees with the statements above. A copy of KPMG's letter dated September 18, 2020 is filed as Exhibit 16.1 to this Report.

(b) Appointment of New Independent Registered Public Accounting Firm.

The Audit Committee, effective as of September 18, 2020, appointed EisnerAmper LLP ("EisnerAmper") as the Company's independent registered public accounting firm for the Company's fiscal year ended April 30, 2021. During the Company's two most recent fiscal years ended April 30, 2020 and April 30, 2019 and during the subsequent interim period through September 18, 2020, neither the Company nor anyone acting on its behalf has consulted with EisnerAmper, regarding either: (i) the application of accounting principles to a specific transaction, completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and neither a written report nor oral advice was provided to the Company that EisnerAmper concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a "reportable event" (as described in Item 304(a)(1)(v) of Regulation S-K).

Item 9.01 Financial Statements and Exhibits.

*16.1 Letter from KPMG LLP to the Securities and Exchange Commission dated

September 18, 2020.

© Edgar Online, source Glimpses


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Financials (USD)
Sales 2020 1,68 M - -
Net income 2020 -10,4 M - -
Net cash 2020 8,76 M - -
P/E ratio 2020 -0,31x
Yield 2020 -
Capitalization 42,9 M 42,9 M -
EV / Sales 2019 -14,2x
EV / Sales 2020 -2,75x
Nbr of Employees -
Free-Float 99,9%
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Managers
NameTitle
George H. Kirby President, CEO & Executive Director
Terence James Cryan Chairman
Matthew T. Shafer CFO, Treasurer & Vice President
Dean J. Glover Vice Chairman
Steven M. Fludder Independent Non-Executive Director