Concrete Leveling Systems Changes Auditor Amidst Going Concern Warning
Summary
Concrete Leveling Systems announced a change in its independent auditor, Stephano Slack LLC, to Sadler, Gibb & Associates, LLC, with the previous auditor having issued a going concern warning.
Key Events
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Auditor Change
Concrete Leveling Systems mutually agreed to part ways with Stephano Slack LLC and appointed Sadler, Gibb & Associates, LLC as its new independent registered public accounting firm.
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Going Concern Warning Highlighted
The previous auditor's report for the fiscal year ended July 31, 2025, contained an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern, which was the only reportable event.
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No Accounting Disagreements
The company stated there were no disagreements on accounting principles or practices with the former auditor.
Analysis
The company changed its independent registered public accounting firm, Stephano Slack LLC, replacing them with Sadler, Gibb & Associates, LLC. While there were no disagreements on accounting principles, the previous auditor's report included a "going concern" warning, which was noted as the sole reportable event. This change occurs as the company faces severe financial challenges, including a previously disclosed cash runway that expired in April 2026.
At the time of this filing, CLEV was trading at $0.59 on OTC in the Technology sector, with a market capitalization of approximately $8.3M. The 52-week trading range was $0.07 to $4.00. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.