Form 8-K - Current report

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) June 3, 2024

 

Innovative Designs, Inc

(Exact name of registrant as specified in its charter)

 

Delaware		000-51791		03-0465528
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

124 Cherry Street, Pittsburgh, PA		15223
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code 412.799.0305

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered

 

1

 

 

Item 4.01 Change in Registrant’s Certifying Accountant

 

On June 3, 2024, the Registrants’ CEO dismissed RW Group. LLC (“RW Group”) as the Registrant’s independent registered public accounting firm. RW Group served as the Registrant’s independent public accounting firm since 2021. The Registrants Board of Directors neither recommended nor approved the decision to change accountants

 

The audit reports of RW Group on the Registrant’s financial statements for the fiscal years ended October 31, 2022, and 2023, did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle other than an explanatory paragraph regarding the Registrant’s ability to continue as a going concern.

 

During the Registrant’s fiscal years ended October 31, 2022 and 2023, and through. January 31, 2024, there was no disagreement(s) with RW Groupon any matter of accounting principles or practices, financial statement disclosure or procedure, which disagreement(s), if not resolved to the satisfaction of RW Group, would have caused it to make a reference to the subject matter of the disagreement(s) in connection with its report, nor were there any “reportable events”, as such term is described in Item304(a)(1)(v) of Regulation S-K promulgated under the Securities Act of 1934, as amended (the “1934 Act”).

 

The Registrant provided RW Group with a copy of this Form 8-K prior to filing with the U.S. Securities and Exchange Commission (“Commission”) and requested RW Group to furnish the Registrant with a letter addressed to the Commission stating whether it agrees with the above statements. A copy of RW Group’s letter, dated June 6, 2024, is attached as Exhibit 16.1 to this Form 8-K.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit 16.1	Letter from RW Group. LLC
Exhibit 104	Cover Page Data File (embedded within the Inline XBRL document)

  

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

DATE: June 6, 2024	Innovative Designs, Inc.
	By:	/s/ Joseph Riccelli
		Joseph Riccelli, Chief Executive Officer

 

3

 

 

 

 

EXHIBIT 16.1

 

 

June 6, 2024

 

Securities and Exchange Commission

100 F Street, NW

Washington, DC 20549

 

RE:

Innovative Designs, Inc., Change in auditor

 

We have been requested to respond to Innovative Designs, Inc.’s (Innovative) Form 8-K filing stating whether we agree with the statements contained in the letter, and if not, stating the respects in which we do not agree.

 

We agree with the statements contained in the Form 8-K filing regarding there not being any disagreements with RW Group regarding any matter of accounting principles or practices, financial statement disclosure or procedure, which disagreement(s), if not resolved to the satisfaction of RW Group, would have caused us to make a reference to the subject matter of the disagreement(s) in connection with its report, nor were there any “reportable events”, as such term is described in Item304(a)(1)(v) of Regulation S-K promulgated under the Securities Act of 1934, as amended (the “1934 Act”).

 

If further information is necessary, please do not hesitate to contact me.

 

Regards,

 

 

Richard Wortmann, CPA

Managing Member

RW Group, LLC

 

cc: John Thomas, Esq. Counsel for Innovative Designs, Inc.

 

400 Old Forge Lane	Phone: [phone]
Suite 401	Fax: [phone]
Kennett Square, PA 19348-1914	www.rwgroupllc.com

 

 

 

Cover	Jun. 03, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jun. 03, 2024
Entity File Number	000-51791
Entity Registrant Name	Innovative Designs, Inc
Entity Central Index Key	0001190370
Entity Tax Identification Number	03-0465528
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	124 Cherry Street
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15223
City Area Code	412
Local Phone Number	799.0305
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false

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