AERWINS Technologies Inc. has reported a significant change in its financial oversight structure. On May 14, 2024, the company's Audit Committee approved the dismissal of TAAD LLP as its independent registered public accounting firm. The dismissal follows TAAD's audit report for the fiscal years ended December 31, 2023, and 2022, which included an explanatory paragraph about AERWINS Technologies' ability to continue as a going concern. This concern was due to recurring losses and negative cash flows from operating activities, as well as the bankruptcy proceedings of its wholly owned subsidiary, A.L.I. Technologies Inc., which filed for bankruptcy on December 27, 2023. The report emphasized that AERWINS no longer controls A.L.I. for accounting purposes as of January 10, 2024. Concurrently, AERWINS Technologies engaged GreenGrowth...Show More

AERWINS Technologies Inc. has reported a significant change in its financial oversight structure. On May 14, 2024, the company's Audit Committee approved the dismissal of TAAD LLP as its independent registered public accounting firm. The dismissal follows TAAD's audit report for the fiscal years ended December 31, 2023, and 2022, which included an explanatory paragraph about AERWINS Technologies' ability to continue as a going concern. This concern was due to recurring losses and negative cash flows from operating activities, as well as the bankruptcy proceedings of its wholly owned subsidiary, A.L.I. Technologies Inc., which filed for bankruptcy on December 27, 2023. The report emphasized that AERWINS no longer controls A.L.I. for accounting purposes as of January 10, 2024. Concurrently, AERWINS Technologies engaged GreenGrowth CPAs as the new independent registered public accounting firm on May 14, 2024. The company has provided TAAD with the disclosures made in this report and has requested TAAD to furnish a letter to the SEC stating whether it agrees with the statements made. A letter from TAAD dated May 22, 2024, is attached as an exhibit to the report.