Fellazo, Inc. (FLLC) Finally Gets a New Auditor
(And it’s their Previous Auditor)
Fellazo, Inc. (FLLC), which has been working through a number of issues with the Nasdaq regarding their listing requirements, as well as putting in place a new “Sponsor Transfer Agreement” with TKK Capital Holdings, announced tonight that they have appointed Marcum LLP, as their new independent registered public accounting firm, effective February 21, 2020.
If you recall, Marcum was Fellazo’s previously appointed auditor of roughly 3 weeks, ending on December 4th, when Marcum resigned. At Marcum’s resignation they stated that they were unable to conclude their review of the company. Specifically because…
“Marcum advised the Company that it resigned because Marcum was unable to conclude its review with respect to the Company’s interim financial statements for the quarterly period ended September 30, 2019 pursuant to AS 4105. Marcum further advised the Company that it had not received satisfactory responses and explanations to its inquiries regarding certain related party transactions, including an advance of $250,000 to the Company’s Sponsor, as well as advances or payments to the Company’s CEO and compensation to the Company’s non-independent directors, who serve as the Company’s management. In addition, Marcum questioned a management agent agreement with a third party, given the Company previously entered into an administrative services agreement for similar services with the Sponsor. As a result of these matters, Marcum concluded it could not rely on the representations of management.”
Fellazo has been without an auditor ever since and has still not filed their 10-Q, which was due in November. However, it seems that now that Fellazo has essentially swapped out the SPAC team and sponsor (you can read about that HERE), Marcum is back on board. Hopefully, we get a 10-Q shortly, or maybe even a 10-Q and a 10-K (since they are now that late), but more importantly, this should satisfy the Nasdaq regarding Fellazo’s listing. There was a risk that Fellazo would get de-listed to the Bulletin Board, but now that Marcum has re-engaged, this SPAC looks to be back on track.
New filings should be forthcoming.