On April 1, 2026, NetBrands Corp. (the "Company") filed an 8-K report detailing significant changes in its auditing arrangements. Effective March 31, 2026, the Company dismissed Aloba Awomolo & Partners as its independent registered public accounting firm. This decision was made following a recommendation from the Company's board of directors. Aloba Awomolo & Partners had been serving as the Company's auditor since April 10, 2025, during which they conducted an audit of the 2024 consolidated financial statements and performed unaudited reviews of the Company's consolidated financial statements for the first three quarters of 2025. Notably, their reports did not contain any adverse opinions or disclaimers, although they did include explanatory paragraphs regarding the Company's ability to continue as a going concern due to accumulated losses and negative cash flows from operations.

In conjunction with this dismissal, the Company has engaged Shah Teelani & Associates as its new independent auditor. This transition comes at a critical time as the Company seeks to stabilize its financial reporting and governance practices. The change in auditors is often viewed as a strategic move to enhance the credibility of financial statements, especially in light of the previous auditor's comments on the Company's financial viability.

The filing also indicates that there were no disagreements between the Company and Aloba Awomolo & Partners regarding accounting principles or practices, which is a positive sign for stakeholders. The Company has also confirmed that there were no reportable events during the interim period leading up to this report. This transition reflects the Company's ongoing efforts to improve its financial oversight and governance, which is crucial for maintaining investor confidence and ensuring compliance with regulatory standards.

Press Release distribution

National Press Distribution across U.S. Media. Direct Access to Key Decision Making Editors.