Boumarang Inc. announced on October 12, 2026, that its Board of Directors has dismissed LAO Professionals as the company's independent registered public accounting firm, effective immediately. The decision was made following discussions with LAO, which indicated it is transitioning audit clients with principal executive offices in California to U.S.-based firms. The Board determined that engaging a U.S.-based firm would provide direct access to management and operations.
According to the filing, LAO audited the company's consolidated financial statements for the years ended December 31, 2025, and 2024, as well as the period from July 26, 2024 (inception) through December 31, 2024. The firm's report did not contain an adverse opinion or disclaimer, though it included an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern. The filing also notes that there were no disagreements with LAO regarding accounting principles or auditing scope, aside from previously disclosed material weaknesses in internal controls over financial reporting.
On the same date, the Board approved the engagement of Simon & Edward, LLP (S&E) as the new independent registered public accounting firm. S&E is a PCAOB-registered firm located in Rowland Heights, California, with PCAOB ID 2485. The firm will audit the company's consolidated financial statements for the fiscal year ending December 31, 2026, and review interim financial statements for the quarter ending September 30, 2026. The company stated that neither it nor its representatives consulted S&E regarding accounting principles or audit opinions prior to the engagement.
