- --------------------------------------------------------------------------------
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 Earliest Event Reported: August 14, 1998
WORLDWIDE PETROMOLY, INC.
(Exact name of registrant as specified in its charter)
Colorado 000-24682 84-1125214
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
1300 Post Oak Boulevard, Suite 1985
Houston, Texas 77056
(Address of principal executive offices, including zip code)
(713) 892-5823
(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
Item 4. Changes in Registrant's Certifying Accountant
BDO Seidman, LLP ("BDO Seidman") audited the financial statements of the
Company for the year ended June 30, 1997, and were dismissed and replaced by
Jackson & Rhodes P.C. ("Jackson & Rhodes"), Certified Public Accountants on
August 14, 1998.
There were no disagreements between the Company and BDO Seidman whether
resolved or not resolved, on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which, if not
resolved, would have caused them to make reference to the subject matter of the
disagreement in connection with their report.
The report of BDO Seidman for the past fiscal year did not contain any
qualified opinion, adverse opinion or disclaimer of opinion, except for an
explanatory paragraph describing a going concern uncertainty, and was not
qualified or modified as to uncertainty, audit scope or accounting principles.
The decision to change principal accountants was submitted for approval to
the entire Board of Directors and made at their request.
Also, during the Company's most recent fiscal year, and since then, BDO
Seidman has not advised the Company that any of the following exist or are
applicable:
(1) That the internal controls necessary for the Company to develop
reliable financial statements do not exist, that information has come to their
attention that has lead them to no longer be able to rely on management's
representations, or that has made them unwilling to be associated with the
financial statements prepared by management;
(2) That the Company needs to expand significantly the scope of its audit,
or that information has come to their attention that if further investigated may
materially impact the fairness or reliability of a previously issued audit
report or the underlying financial statements or any other financial
presentation, or cause them to be unwilling to rely on management's
representations or be associated with the Company's financial statements for the
foregoing reasons or any other reason; or
(3) That they have advised the Company that information has come to their
attention that they have concluded materially impacts the fairness or
reliability of either a previously issued audit report or the underlying
financial statements for the foregoing reasons or any other reason.
Prior to the engagement of Jackson & Rhodes as independent auditors, the
Company had not consulted Jackson & Rhodes regarding the application of
accounting principles to a specified transaction, either completed or proposed;
or the type of audit opinion that might be rendered on the Company's financial
statements or any other financial presentation whatsoever.
The Company has requested that BDO Seidman provide a letter addressed to
the Securities and Exchange Commission as to whether BDO Seidman agrees with the
disclosure contained herein.
EXHIBITS
--------
16.1 Letter on change 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.
WORLDWIDE PETROMOLY, INC.
Date: August 18, 1998 By: /s/ Gilbert Gertner
-------------------------
Gilbert Gertner, Chairman