Dallas-based Blackboxstocks Inc. (NASDAQ:BLBX), a company specializing in computer programming services currently valued at $6.3 million, has announced a change in its certifying accountant. The transition comes as the company faces significant challenges, with InvestingPro data showing an 18.5% revenue decline in the last twelve months. The transition, approved by the company's audit committee, took place on Monday, December 20, 2024.
The company dismissed Turner, Stone & Company, L.L.P., its former independent registered public accounting firm, which had been responsible for auditing the company's financial statements. Turner Stone & Company's audit reports for the fiscal years ending December 31, 2023, and December 31, 2022, did not contain any adverse opinion or disclaimer and were not qualified regarding the company's accounting principles. However, the reports included an explanatory paragraph about the company's ability to continue as a going concern.
Blackboxstocks reported no disagreements with Turner Stone & Company on any accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the fiscal years or the interim periods leading up to September 30, 2024. Furthermore, no reportable events were identified within the meaning of the SEC regulations.
Following the dismissal, Blackboxstocks engaged Victor Mokuolo CPA PLLC as its new independent registered public accounting firm on the same date. The company has confirmed that there were no consultations with Victor Mokuolo CPA PLLC regarding the audit or the company's financial statements during the two most recent fiscal years or in the subsequent interim periods up to September 30, 2024.
The company has provided Turner Stone & Company with the disclosures required under the SEC regulations and has requested a letter from the former firm to the SEC stating whether it agrees with the statements made by Blackboxstocks. The letter from Turner Stone & Company, dated December 23, 2024, is included as an exhibit to the SEC filing.
This announcement is based on the information contained in a Current Report on Form 8-K filed by Blackboxstocks Inc. with the Securities and Exchange Commission. Despite the stock's challenging performance, having declined by 37.6% over the past six months, InvestingPro's Fair Value analysis suggests the stock may be currently undervalued.
Investors can explore detailed valuation metrics and additional insights by visiting the Most Undervalued Stocks list on InvestingPro.
In other recent news, Blackboxstocks Inc. has announced the date for its 2024 Annual Meeting of Stockholders, which is set for December 27, 2024. Eligible stockholders, determined by the close of business on October 28, 2024, will receive notice and be able to vote at the meeting, as per the company's recent 8-K filing with the Securities and Exchange Commission.
The filing also outlined the deadlines for stockholder proposals and nominations for directorship, which were due by September 30, 2024, in accordance with SEC rules and Blackboxstocks' Amended and Restated Bylaws. Specifics regarding the time and location of the 2024 Annual Meeting will be provided in the company's proxy statement, to be filed prior to the meeting date.
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