UNITED STATES
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
February 10, 2003
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Date of Report
(Date of Earliest Event Reported)
COMPUTERIZED THERMAL IMAGING, INC.
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(Exact name of registrant as specified in its charter)
Nevada 87-0458721
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(State or Other Jurisdiction of (I.R.S. Employer Identification
Incorporation or Organization) Number)
000-23955
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(Commission File Number)
TWO CENTERPOINTE DRIVE, SUITE 450
LAKE OSWEGO, OR 97035
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(Address of principal executive offices)
(503) 594-1210
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(Registrant's telephone number)
Not Applicable
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(Former Name and Address of Principal Executive Offices)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On February 4, 2003, Deloitte & Touche LLP ("D&T") resigned as the independent
auditors of Computerized Thermal Imaging, Inc. (the "Company").
The audit reports of D&T on the consolidated financial statements of
the Company as of and for the years ended June 30, 2001 and 2002, did
not contain any adverse opinion or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit scope or accounting
principles, except that D&T's report on the consolidated financial
statements of the Company as of and for the year ending June 30, 2002
contained a separate paragraph stating:
"The accompanying consolidated financial statements have been prepared
assuming the Company will continue as a going concern. As discussed in
Note 1 to the consolidated financial statements, the Company is in the
development stage and the Company's recurring losses from operations,
negative cash flows from operations, pending shareholder class-action
lawsuits and denial of coverage for any resulting claims by the
Company's provider of directors and officers insurance, forced
redemption of the convertible debentures, the need for additional
working capital, and the possibility that the Company may not receive
FDA approval for its primary product raise substantial doubt about the
Company's ability to continue as a going concern. Management's plans
concerning these matters are also described in Note 1. The consolidated
financial statements do not include any adjustments that might result
from the outcome of this uncertainty."
During the Company's two most recent fiscal years ended June 30, 2001 and 2002
and in the interim period from July 1, 2002 through February 10, 2003, there
were no disagreements with D&T on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of D&T, would have caused
them to make reference thereto in their report on the Company's financial
statements.
We have provided D&T with a copy of the disclosure provided under this caption
of this Report, and requested D&T to provide us with a letter addressed to the
Securities and Exchange Commission as to whether D&T agrees or disagrees with
the disclosures made in the preceding paragraphs. D&T's response is filed with
this Form 8K as Exhibit 16.1.
On February 7, 2003, the Company's audit committee engaged HJ & Associates LLC
as the Company's independent auditors for the fiscal year ended June 30, 2003.
HJ & Associates LLC, served as the Company's independent auditors for the fiscal
year ended June 30, 2000 and was reappointed by the Company on February 7, 2003,
to audit the Company's consolidated financial statements for the fiscal year
ending June 30, 2003. During the Company's two most recent fiscal years and the
subsequent interim period preceding the appointment as independent accountants,
neither the Company nor anyone on its behalf consulted HJ & Associates LLC
regarding either 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, nor has HJ & Associates
LLC provided to the Company a written report or oral advice regarding such
principles or audit opinion.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
16.1 Letter from Deloitte & Touche LLP regarding absence of
disagreement with statements contained herein.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
COMPUTERIZED THERMAL IMAGING, INC.
Date: February 10, 2003 By: /s/ Bernard J. Brady
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Bernard J. Brady
Chief Financial Officer,
Secretary & Treasurer