Supa Consolidated Inc. announced on October 7, 2026, that its Board of Directors approved the dismissal of Lao Professionals as the Company’s independent registered public accounting firm, effective immediately. The Company stated that the decision followed discussions with Lao, during which the firm indicated it was transitioning audit clients with principal executive offices in California to U.S.-based firms. Supa determined that engaging a U.S.-based firm with direct access to its management and operations is in the best interests of the Company and its stockholders.
Lao audited the Company’s consolidated financial statements for the fiscal years ended December 31, 2025, and 2024. The firm’s report on those statements did not contain an adverse opinion or disclaimer, nor was it qualified regarding uncertainty, audit scope, or accounting principles. However, the report included an explanatory paragraph noting substantial doubt about the Company’s ability to continue as a going concern.
The Company reported no disagreements with Lao regarding accounting principles, financial statement disclosure, or auditing scope or procedure. The only exceptions noted were material weaknesses in internal control over financial reporting, which were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. These weaknesses related to a lack of segregation of duties, inadequate governance, and insufficient internal control documentation.
Simultaneously, 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 the interim consolidated financial statements for the quarter ending September 30, 2026.
