Q&A with Greg Rotman:
Nbhitter22: Agreed, good buying time, but you plan on still posting today? Or is this a misconception and could be weeks?
Greg: No hoping to be wrapped up today.
Nbhitter22: Okay perfect. Thanks a ton for all the responses. Means a lot!
Nbhitter22: Can I ask why you would need the past auditors signature? That doesn’t make any sense just saying from a Accounting aspect. Once you leave that auditor they transfer all data over and sign-off with the new auditors.
Greg: Here is what’s needed, to re-issue our audit report on the financial statements of Vystar Corporation (the Company) as of and for the year ended December 31, 2017 for filing on Form 10-K with the Securities and Exchange Commission (SEC). This letter is to explain our understanding of the terms of the arrangements under which we will agree to re-issue our audit report as your former independent accountants. We ask that you confirm this understanding.
Before we agree to re-issue our report in the filing with the Securities and Exchange Commission (SEC), we will perform certain subsequent events procedures required by professional standards, including obtaining updated written representations from certain members of the Company’s management regarding the financial statements previously audited by us.
We have previously performed an audit of Vystar Corporation’s financial statements as of and for the year ended December 31, 2017. These financial statements are the responsibility of the Company’s management. Management also is responsible for making all financial records and related information available to us upon request.
We understand that the Company intends to include our report in Form 10-K to be filed with the SEC and make reference to us in such documents as auditors. The Company agrees to provide us with printer’s proofs or masters of all such documents for our review and approval before printing, and with a copy of the final reproduced material for our approval before it is filed or distributed. The Company also agrees to obtain our permission prior to including our reports or making reference to us in any other document used in a public or private offering of equity or debt securities.
That’s the shorten version, but this is required for any public company year over year with a change in auditors.
You can also only have an auditor for 5 years. It can’t be the same auditor over five years. Can be the same firm if they have that kind of depth.
Nbhitter22: Am I able to share this information?
Greg: Sure
