Exhibt 16.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 4.01 Change in Registrant’s Certifying Accountant
On December 23, 2021 Legacy Education Alliance, Inc. (the “Company”) engaged Ram Associates, Certified Public Accountants (“Ram Associates”) to serve as the Company’s independent registered accounting firm. As a result of the engagement of Ram Associates, the Company on December 27, 2021 dismissed MaloneBailey, LLP, (“MaloneBailey”), as its independent registered accountant. The decision to change accountants was approved by the Board of Directors of the Company. MaloneBailey’s audit report on the Company’s financial statements for the fiscal years ended December 31, 2020 and 2019 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that, the audit report included an explanatory paragraph with respect to the uncertainty as to the Company’s ability to continue as a going concern. During the years ended December 31, 2020 and 2019 and during the subsequent interim period preceding the date of MaloneBailey’s dismissal, there were (i) no disagreements with MaloneBailey on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, and (ii) no reportable events (as that term is defined in Item 304(a)(1)(v) of Regulation S-K). Notwithstanding the foregoing, the Company communicated to MaloneBailey that it has material weaknesses in internal controls over financial reporting as described in Item 9A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Prior to engaging Ram Associates, the Company did not consult with Ram Associates regarding the application of accounting principles to a specific completed or contemplated transaction, or the type of audit opinion that might be rendered on the Company’s financial statements.
The Company has requested MaloneBailey to furnish it with a letter addressed to the SEC stating whether it agrees with the statements made above by the Company. The Company has filed this letter as an exhibit to this 8-K.
Item 9.01 Financial Statements and Exhibits.
| Exhibit | Description | |
| 16.1 | Letter from MaloneBailey LLP | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| LEGACY EDUCATION ALLIANCE, INC. | ||
| Date: December 30, 2021 | By: | /s/ Barry Kostiner |
| Name: | Barry Kostiner | |
| Title: | Interim Chief Executive Officer | |
Exhibt 16.1