Golden-based Truleum, Inc. has shared updates regarding changes to its auditing firm and progress on its S-1 registration statement. The company’s previous auditing firm, BF Borgers CPA PC, was the subject of an SEC Enforcement action on May 3, 2024, consequently barring Borgers from practicing as an accountant or auditor before the SEC.
Although this action has no impact on the company’s past public filings, where Borgers delivered audits and opinions, it has affected Truleum’s first quarter 2024 financials and the status of its S-1 registration statement. In response to these developments, Truleum has severed ties with Borgers and requested the return of its audit files.
Truleum has hired Barton CPA, a respectable auditing firm, to ensure the integrity of its financial statements. Barton CPA has been engaged to deliver an audit letter for the first quarter of 2024 and re-audit the prior two years’ financials. Truleum expresses confidence in Barton CPA’s ability to facilitate this transition smoothly. The company anticipates that the S-1 registration statement will be modified following the completion of the re-audit by Barton CPA.
“We are pleased to engage Barton CPA to complete the audit work previously handled by BF Borgers. Given the SEC’s recent enforcement action against BF Borgers, it was highly unlikely that the SEC would declare effective our S-1 registration statement,” said Jay Leaver, Truleum’s president.
Truleum managed to obtain a copy of Borgers’ independent audit of their procedures. As of now, no indication has been given that the SEC’s allegations against Borgers involved Truleum’s financials. Still, the company is making comprehensive efforts to ensure its financial statements uphold the highest standards of accuracy and compliance.
Despite these circumstances, Truleum, Inc. remains focused on securing an effective registration statement, pursuing an uplist onto the NYSE: American Stock Exchange, and furthering its business strategy. Truleum’s overarching commitment is to deliver value to shareholders and meet strategic objectives.
Truleum, Inc. is an energy-focused company dedicated to the exploration, development, and production of oil and gas reserves. The company employs advanced technologies to optimize extraction processes and maximize resource efficiency. For additional information, please visit www.truluem.com.
Source: Press Release