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Fusion Fuel Green PLC 6-K Report: Auditor Transition & Financial Outlook

$HTOO
Form 6-K
Filed on: 2025-02-24
Source
Fusion Fuel Green PLC 6-K Report: Auditor Transition & Financial Outlook

Key Information Extracted from the Financial Report:

  1. Company Overview:
  • Name: Fusion Fuel Green PLC
  • Type: Public limited company based in Ireland
  • Address: 15-18 Earlsfort Terrace, Saint Kevin’s, Dublin 2, Ireland
  1. Report Type:
  • Form: 6-K (Report of Foreign Private Issuer)
  • Filing Date: February 24, 2025
  • Commission File Number: 001-39789
  1. Auditor Changes:
  • New Auditor: Bush and Associates CPA LLC appointed as the independent registered public accounting firm effective February 21, 2025.
  • Outgoing Auditor: KPMG, Dublin, Ireland resigned effective February 20, 2025.
  • Reason for Change: The decision to change auditors was influenced by the acquisition of approximately 69.36% of Quality Industrial Corp., for which Bush and Associates is the auditor.
  1. Audit Committee Actions:
  • The Audit Committee approved the appointment of Bush and Associates after a careful evaluation process.
  • No disagreements or reportable events were noted during the tenure of KPMG.
  1. Financial Statements:
  • KPMG’s audit reports for the fiscal years ended December 31, 2022, and 2023 did not contain an adverse opinion or disclaimer, but included a paragraph indicating substantial doubt about the Company's ability to continue as a going concern.
  1. Consultation:
  • There was no prior consultation with Bush and Associates regarding accounting principles or audit opinions prior to their appointment.
  1. Disclosure to SEC:
  • The Company provided KPMG with the disclosures made in this report and requested a letter to the SEC regarding their agreement or disagreement with the disclosures.
  1. Integration with Other Filings:
  • This report is incorporated by reference into the Company's registration statements on Form F-3 and Form S-8.
  1. Signatures:
  • Signed by John-Paul Backwell, Chief Executive Officer, on the filing date.

Insights:

  • The change in auditors indicates a strategic shift, likely influenced by recent acquisitions aimed at aligning the Company’s auditing processes with its new operational structure.
  • The mention of substantial doubt regarding going concern raises potential red flags for investors and may require closer scrutiny of the Company's financial health and operational stability.
  • The lack of disagreements with KPMG may suggest a smooth transition, but the previous auditor's concerns about going concern should be addressed in future filings.