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):May 13, 2002
PAWNBROKERS EXCHANGE, INC.
(Exact name of registrant as specified in its charter)
Utah 000-30105 84-1421483
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification Number)
Industrial Zone Erez
P.O. Box 779
Ashkelon, Israel 78101
(Address of principal executive offices)
Registrant's telephone number, including area code: 011-972-8-689-1611
Not applicable
(Former name or former address, if changed since last report)
Item 4. Changes in Registrant's Certifying Accountant
Effective, May 3, 2002, Pawnbrokers Exchange, Inc. (the "Company"),
dismissed Smith & Company ("S&C"), as the Company's independent accountants.
Effective May 15, 2002, the Company engaged Weinberg & Company, P.A. ("W&C") as
the Company's new independent accountants. The dismissal of S&C and the
engagement of W&C were approved by the Company's Board of Directors.
Prior to the engagement of W&C, neither the Company nor anyone on its
behalf consulted with such firm regarding the application of accounting
principles to a specified transaction, either completed or uncompleted, or type
of audit opinion that might be rendered on the Company's financial statements.
S&C audited the Company's financial statements for the period from
inception July 9, 1997 to December 31, 2001. S&C's report for this period did
not contain an adverse opinion or a disclaimer of opinion, nor was the report
qualified or modified as to uncertainty, audit scope or accounting principles.
During the period from July 9, 1997 to May 13, 2002, there were no
disagreements with S&C 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 S&C, would have caused
such firm to make reference to the subject matter of the disagreements in
connection with its report on the Company's financial statements. In addition,
there were no such events as described under Item 304(a)(1)(IV)(B) of Regulation
S-B during the period from July 9, 1997 to May 13, 2002.
The Company has provided S&C with a copy of the disclosures contained
herein, and has requested that it furnish the Company with a letter addressed to
the Securities and Exchange Commission stating whether it agrees with the
statements made by the Company in response to Item 304(a) regarding its
involvement with the Company as independent accountants and, if not, stating the
respects in which it does not agree. A copy of S&C's letter is attached as an
exhibit to this Current Report on Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements. None
(b) Pro Forma Financial Statements. None
(c) Exhbits
Exhibit No. Description
16.1 Letter from Smith & Company
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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.
PAWNBROKERS EXCHANGE, INC.
Date: May 20, 2002 By: /s/ Joseph Fostbinder
--------------------------------
Name: Joseph Fostbinder
Title: Chief Executive Officer
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