SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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):
March 24, 2003 and March 27, 2003
THE SINGING MACHINE COMPANY, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-24968 95-3795478
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(Commission File Number) (IRS Employer Identification No.)
6601 Lyons Road, Bldg. A-7
Coconut Creek, FL 33073
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(Address of Principal Executive Offices) (Zip Code)
(954) 596-1000
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Change Since Last Report)
ITEM 4. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
On March 24, 2003, The Singing Machine Company, Inc. (the "Company")
dismissed Salberg & Company, P.A. (the "Former Accountant"), as its independent
certified public accountant. On March 27, 2003, the Company engaged Grant
Thornton LLP (the "New Accountant"), as its independent certified public
accountant. The Company's decision to change accountants was approved by its
Audit Committee on March 24, 2003.
The report of the Former Accountant on the financial statements of the
Company for the two most recent fiscal years and all subsequent interim periods,
did not contain an adverse opinion or disclaimer of opinion and was not
qualified or modified as to uncertainty, audit scope or accounting principles
for the two most recent fiscal years and all subsequent interim periods.
Furthermore, the Former Accountant has not advised the Company that:
1) internal controls necessary to develop reliable financial
statements do not exist, or
2) information has come to the attention of the Former Accountant
which made it unwilling to rely upon management's
representations or made it unwilling to be associated with the
financial statement prepared by management, or
3) the scope of the audit should be expanded significantly, or
information has come to the attention of the Former Accountant
that they have concluded will, or if further investigated
might, materially impact the fairness or reliability of a
previously issued audit report or the underlying financial
statements, or the financial statements issued or to be issued
covering the fiscal periods subsequent to March 31, 2002
(including information that may prevent it from rendering an
unqualified audit report on those financial statements) or
made in unwilling to rely on management's representations or
to be associated with the financial statements prepared by
management or,
4) information has come to the attention of the Former Accountant
that they have concluded will, or if further investigated
might, materially impact the fairness or reliability of a
previously issued audit report or the underlying financial
statements or the financial statements issued or to be issued
covering the fiscal periods subsequent to March 31, 2002
through the date of this Form 8-K that has not been resolved
to the Former Accountant's satisfaction or which would have
prevented the Former Accountant from rendering an unqualified
audit report on such financial statements.
During the Company's two most recent fiscal years and all subsequent
interim periods, there were no disagreements with the Former Accountant on any
matters of accounting principles or practices, financial statement disclosure or
auditing scope or procedure, which, if not resolved to the satisfaction of the
Former Accountant would have caused it to make reference to the subject matter
of the disagreements in connection with its reports on these financial
statements for those periods.
The Company did not consult with the New Accountant regarding the
application of accounting principles to a specific transaction, either completed
or proposed, or the type of audit
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opinion that might be rendered on the Company's financial statements, and no
written or oral advice was provided by the New Accountant that was a factor
considered by the Company in reaching a decision as to the accounting, auditing
or financial reporting issues.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
16.1 Letter dated March 27, 2003 from Salberg & Company, P.A.
regarding the disclosures in this Current Report on Form 8-K.
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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 hereto duly authorized.
THE SINGING MACHINE COMPANY, INC.
Date:March 27, 2003 By: /s/ April Green
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April Green
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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16.1 Letter from Salberg & Company, P.A. dated March 27, 2003
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