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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 OF 1934
Date
of Report (Date of earliest event reported): August 19, 2024
Presidio
Property Trust, Inc.
(Exact
name of registrant as specified in its charter)
Maryland |
|
001-34049 |
|
33-0841255 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
4995
Murphy Canyon Road, Suite 300
San
Diego, California 92123
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (760) 471-8536
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
|
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading Symbol(s) |
|
Name
of each exchange on which registered |
|
|
|
|
|
Series
A Common Stock, $0.01 par value per share |
|
SQFT |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
9.375%
Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share |
|
SQFTP |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
Series
A Common Stock Purchase Warrants to Purchase Shares of Common Stock |
|
SQFTW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
4.01 |
Changes
in Registrant’s Certifying Accountant. |
Dismissal
of Independent Registered Public Accounting Firm
On
August 19, 2024, the Audit Committee (the “Audit Committee”) of Presidio Property Trust, Inc. (the “Company”)
dismissed Baker Tilly US, LLP (“Baker Tilly”), the Company’s independent registered public accounting firm, effective
immediately.
The
reports of Baker Tilly on the Company’s audited consolidated financial statements for the years ended December 31, 2023 and 2022
(the “Baker Tilly Reports”) did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified
as to uncertainty, audit scope, or accounting principles. During the Company’s two years ended December 31, 2023 and 2022, and
during the subsequent interim period preceding Baker Tilly’s dismissal (the “Relevant Period”), there were no disagreements
with Baker Tilly on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedures,
which disagreements, if not resolved to the satisfaction of Baker Tilly would have caused Baker Tilly to make reference to the subject
matter of the disagreements in connection with its audit reports.
During
the Relevant Period, there were no reportable events of the type described in Item 304(a)(1)(v) of Regulation S-K except as set forth
below.
As
disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company’s management identified
the following material weaknesses in internal control over financial reporting, which relates to a non-recuring significant transaction
for income tax provision under ASC 740, Income Taxes:
|
● |
The
Company lacked a formal review and approval process in connection with the annual income tax provision, specifically related to real
estate investment trust (“REIT”) and non-REIT subsidiaries and the ownership of shares of Conduit Pharmaceuticals Inc.
(“Conduit”) received by the Company in Conduit’s de-SPAC transaction on September 22, 2023; and |
|
|
|
|
● |
The
Company did not design adequate internal controls under an appropriate financial reporting framework, including monitoring controls
and certain entity level controls with regards to the income tax provision. |
These
material weaknesses were discussed by the Company’s management and the Audit Committee with Baker Tilly.
The
Audit Committee has authorized Baker Tilly to respond fully to the inquiries of the Company’s new independent registered public
accounting firm, concerning this material weakness.
The
Company provided Baker Tilly with a copy of this Current Report on Form 8-K prior to its filing with the Securities and Exchange Commission
(“SEC”) and requested that Baker Tilly furnish the Company with a letter addressed to the SEC stating whether or not Baker
Tilly agrees with the above statements. A copy of the letter from Baker Tilly dated August 21, 2024 is filed with this Current Report
on Form 8-K as Exhibit 16.1.
Engagement
of New Independent Registered Public Accounting Firm
On
August 19, 2024, the Company’s Audit Committee approved the engagement of Moss Adams LLP (“Moss Adams”) as the Company’s
new independent registered public accounting firm to audit the Company’s consolidated financial statements commencing for the year
ending December 31, 2024.
During
the two most recent years ended December 31, 2023 and December 31, 2022 and during the subsequent interim period from January 1, 2024
through August 20, 2024, neither the Company, nor anyone acting on its behalf, consulted with Moss Adams on (i) any matters regarding
the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that
might be rendered with respect to the Company’s consolidated financial statements, and no written report or oral advice was provided
to the Company that Moss Adams concluded was an important factor considered by the Company in reaching a decision as to any accounting,
auditing or financial reporting issue, or (ii) any matter that was the subject of any disagreement (as described in Item 304(a)(1)(iv)
of Regulation S-K and the related instructions thereto) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).
Item
9.01 |
Financial
Statements and Exhibits. |
(d)
Exhibits.
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.
Date:
August 22, 2024 |
PRESIDIO
PROPERTY TRUST, INC. |
|
|
|
By: |
/s/
Ed Bentzen |
|
Name: |
Ed
Bentzen |
|
Title: |
Chief
Financial Officer |
Exhibit
16.1
August
22, 2024
Securities
and Exchange Commission
100
F Street, NE
Washington,
DC 20549
Dear
Ladies and Gentlemen:
We
are the former independent registered public accounting firm for Presidio Property Trust, Inc. (the “Company”). We
have read the Company’s disclosure set forth in Item 4.01 “Changes in Registrant’s Certifying Accountant” of
the Company’s Current Report on Form 8-K dated August 22, 2024 (the “Current Report”) and are in agreement with the
disclosure in the Current Report, insofar as it pertains to our firm.
Sincerely, |
|
|
|
/s/
Baker Tilly US, LLP |
|
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Entity Registrant Name |
Presidio
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Entity Central Index Key |
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Entity Tax Identification Number |
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|
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Entity Address, City or Town |
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