SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15 (d)
of The Securities Act of 1934
Date of Report (Date of earliest event reported) July 15, 1996
(July 15, 1996).
ADVANCED FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 84-1069415
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5425 Martindale, Shawnee, Kansas 66218
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (913) 441-2466
Item 4. Changes in Registrant's Certifying Accountant
(a)(l)(i) On July 15, 1996, the Registrant and its certifying accountant,
KPMG Peat Marwick LLP, mutually agreed to terminate their accountant-client
relationship. Pursuant to such mutual decision, KPMG Peat Marwick LLP resigned
as certifying accountant on July 15,1996.
ii For the Registrant's most recent year end financial statements, for the
years ended March 31, 1996 and 1995, KPMG Peat Marwick LLP rendered an audit
opinion letter modified as to an uncertainty as follows:
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in note 2 to the
consolidated financial statements, the Company has incurred net losses of
$3,184,577 and $3,963,497 during the years ended March 31, 1996 and 1995. These
losses, along with other matters as set forth in note 2, raise substantial doubt
about its ability to continue as a going concern. Management's plans in regard
to these matters are also described in note 2. The consolidated financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.
iii Since KPMG Peat Marwick LLP resigned, there was no such decision made
by Registrant to change accountants.
At the time KPMG Peat Marwick LLP resigned, there were no disagreements
between Registrant and KPMG Peat Marwick LLP on any matter of accounting
principles or practices, financial statement disclosure, or audit scope or
procedures, which disagreements if not resolved to their satisfaction, would
have caused them to make reference to the subject matter of the disagreement in
connection with their reports.
2. No new accountant has been engaged by the Registrant as of the date of
this report.
Item 7. Financial Statements and Exhibits
a. Financial Statements
none
b. Proforma Financial Statements
none
c. Exhibits
16.1 Letter on Changes in Certifying Accountant
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.
ADVANCED FINANCIAL, INC.
(Registrant)
/s/ Norman L. Peterson
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Norman L. Peterson
President
July 19, 1996
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Advanced Financial, Inc. and under
the date of June 30, 1996, we reported on the consolidated financial statements
of Advanced Financial, Inc. and subsidiaries as of and for the years ended March
31, 1996 and 1995. On July 15, 1996, we resigned. We have read Advanced
Financial, Inc.'s statements included under Item 4 of its Form 8-K dated July
15, 1996, and we agree with such statements.
/s/ KPMG Peat Marwick LLP
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KPMG Peat Marwick LLP