Flexible Solutions International (NYSE:FSI) Inc. (NYSE American: FSI), a player in the miscellaneous chemical products industry with a market-leading YTD return of 119%, has reported a change in its independent registered public accounting firm, according to a recent SEC filing. According to InvestingPro data, the company has demonstrated strong financial performance, with its stock price surging 166% over the past year.
During the fiscal years mentioned and up until the resignation date, there were no disagreements between the company and Smythe on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Similarly, there were no reportable events as defined by Regulation S-K.
In compliance with regulatory requirements, Flexible Solutions provided Smythe with the disclosure made in the 8-K filing and Smythe has submitted a letter to the SEC, which is included as an exhibit in the report, stating whether it agrees with the company's statements.
Subsequently, on November 23, 2024, Flexible Solutions engaged Assure CPA, LLC of Spokane, WA, as the new auditors for the company starting with the fiscal year ending December 2024. The company enters this transition with strong operational performance, generating $38.49 million in revenue over the last twelve months and maintaining an EBITDA of $8.06 million.
Prior to this engagement, the company had not consulted with Assure on any accounting principles or transactions, audit opinions, disagreements, or reportable events.
The NanoChem division, accounting for 70% of FSI's revenue, is on the brink of commercializing five food products, a development anticipated to significantly boost the company's revenue by early 2025. Despite a one-time accounting loss from the sale of an LLC, FSI remains optimistic about its future growth, particularly in the food sector, which has the potential to double the company's size.
The company also reported that it is recovering over $1 million in tariffs and negotiating price increases due to stable but high shipping costs. FSI is also streamlining operations with R&D consolidation and planning a new drug compounding production line.
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