Item 4.01 - Changes in Registrant's Certifying Accountant
(a) Dismissal of Current Auditor
On September 1, 2021, Kreido Biofuels, Inc. (the "Company") dismissed it current
auditor, Pinnacle Accountancy Group of Utah ("Pinnacle").
The reports of Pinnacle on our Company's financial statements for each of the
two fiscal years ended December 31, 2019, and December 31, 2018, did not contain
any adverse opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope or accounting principles, other than the
statements related to our Company's ability to continue as a going concern for
the fiscal year ended December 31, 2019.
In addition, during the fiscal years ended December 31, 2010, and December 31,
2018, as well as during the subsequent interim period preceding December 21,
2020, there were no "disagreements" (as that term is defined in Item
304(a)(1)(iv) of Regulation S-K and related instructions) between our Company
and Pinnacle with respect to any matter relating to accounting principles,
financial statement disclosure or auditing scope or procedures which, if not
resolved to the satisfaction of Pinnacle, would have caused Pinnacle to make
reference to the subject matter of the disagreement in its reports on our
Company's financial statements with respect to such periods.
Furthermore, no reportable events occurred within the periods covered by
Pinnacle's reports on our Company's financial statements, or subsequently up to
the date of Pinnacle's dismissal. As used herein, the term "reportable event"
means any of the items listed in paragraphs (a)(1)(v)(A)-(D) of Item 304 of
Regulation S-K.
Our Company has provided Pinnacle with a copy of the foregoing disclosures, and
has requested that Pinnacle review such disclosures and provide a letter
addressed to the Securities and Exchange Commission ("SEC") stating whether they
agree with the statements made herein. Attached as Exhibit 16.1 is a copy of
Pinnacle's letter addressed to the SEC relating to the statements made by our
Company in this report on Form 8-K.
(b) Engagement of New Independent Registered Public Accounting Firm
Effective September 1, 2021, our Company engaged Olayinka Oyebola & Co.,
Chartered Accountants as our new independent registered public accounting firm.
During the years ended December 31, 2020 and 2019, and through September 1,
2021, the date our Company engaged Olayinka Oyebola & Co., Chartered
Accountants, our Company did not consult with Olayinka Oyebola & Co., Chartered
Accountants regarding any of the matters or events set forth in Item
304(a)(2)(i) and (ii) of Regulation S-K.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 7, 2021, the Board of Directors Board of Directors accept the
resignation of Wai Lim Wong, the current director and CEO.
There were no disagreement with the resigning director with regards to
management of the Company. The Company has:
(i) provided the director with a copy of the disclosures it is making in
response to this Item 5.02 no later than the day the registrant files the
disclosures with the Commission;
(ii) provided the director with the opportunity to furnish the Company as
promptly as possible with a letter addressed to the Company stating whether he
agrees with the statements made by the Company in response to this Item 5.02
and, if not, stating the respects in which he does not agree; and
(iii) agreed to file any letter received by the Company from the director with
the Commission as an exhibit by an amendment to the previously filed Form 8-K
within two business days after receipt by the Company.
On September 7, 2021, the Company appointed CHAN Kwok Wai Davy as a new member
of the Board of Directors and CEO. From 2001 until 200, CHAN Kwok Wai Davy was
the sole investor in Hong Kong style local restaurants in various Provinces in
China. From 2009 until 2011, CHAN Kwok Wai Davy was an independent investment
consultant in China. Since 2012, CHAN Kwok Wai Davy established the Evergreen
Group for soliciting China enterprises or high-worth investors to invest in Hong
Kong securities markets and or China business projects.
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