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): May 29, 2002
CARESIDE, INC.
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(Exact name of issuer as specified in charter)
DELAWARE 001-15051 23-2863507
(State or Other Jurisdiction Commission (I.R.S. Employer
of Incorporation or Organization) file number Identification Number)
6100 Bristol Parkway
Culver City, CA 90230
(Address of principal executive offices)
(310) 338-6767
(Registrant's telephone number, including area code)
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Item 4. Changes in Registrants Certifying Accountant
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On May 29, 2002, the Company elected to dismiss its Certifying Accountant,
Arthur Andersen LLP as a consequence of Andersen's current market place issues
and the question concerning their ongoing ability to serve their clients and as
a result of the Company's ongoing efforts to reduce general and administrative
expenses.
The audit reports from Arthur Andersen LLP on the financial statements of the
Registrant as of and for each of the three years in the period ended December
31, 2001 contained a modified opinion as to the Registrant's ability to continue
as a going concern. Except for this statement, the audit reports of Arthur
Andersen as of and for each of the three years in the period ended December 31,
2001 did not contain any adverse opinion or disclaimer of opinion, nor were they
qualified as to audit scope or accounting principles. During the Registrant's
quarter ended March 31, 2002, Arthur Andersen LLP advised the Registrant that,
if prior to the completion of the December 31, 2002 audit, the Registrant was
unable to demonstrate its ability to fund operations and repay debt as it
becomes due for the following 12 months, their audit report on the financial
statements as of December 31, 2002 would be modified to include a contingency
relating to the Registrant's ability to continue as a going concern.
During the Registrant's three most recent fiscal years and the subsequent
interim period preceding the dismissal, there were no disagreements with Arthur
Andersen LLP on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of Arthur Andersen LLP, would have caused them
to make reference to the subject matter of the disagreements in connection with
their reports.
The Registrant has provided a copy of this disclosure to Arthur Andersen LLP,
and the Registrant requested that Arthur Andersen LLP furnish the Registrant
with a letter addressed to the Securities and Exchange Commission stating
whether or not Arthur Andersen LLP agrees with the statements made by the
Registrant, and if not, stating the respects in which Arthur Andersen LLP does
not agree. A copy of the response from Arthur Andersen LLP indicating their
agreement with the statements is included as Exhibit 16.1 to this report.
On May 29, 2002 as a result of a Board resolution dated May 17,2002 the company
engaged the accounting firm Singer Lewak Greenbaum & Goldstein LLP as its
principal accountant to audit the company's financial statements. During the
period of engagement with Arthur Andersen LLP the Company has not consulted with
Singer Lewak Greenbaum & Goldstein LLP on items concerning the application of
accounting principles to a specified transaction or the type of audit opinion
that might be rendered by the new accountants nor on any subject matter of a
disagreement or a reportable event with Arthur Andersen LLP.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits 16.1 Letter of Arthur Andersen LLP regarding change in certifying
accountant.
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SIGNATURE
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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.
CARESIDE, INC.
Date: May 29, 2002 By: /s/ W. Vickery Stoughton
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Name: W. Vickery Stoughton
Title: Chief Financial Officer
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