<HTML>
<head><title>UNITED STATES</title> </head> <body style="MARGIN-TOP:0px; FONT-FAMILY:Times New Roman; COLOR:#000000; FONT-SIZE:10pt"><a name=filing_1 /><a name=doc_1_1 /> <div style=WIDTH:697px> <p style=MARGIN:0px><br></p><a name=part_1_2_1 /><a name=item_1_26_1 /> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>UNITED STATES</b></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>SECURITIES AND EXCHANGE COMMISSION</b></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>Washington, D.C. 20549</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:14pt" align=center><b>FORM 8-K</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><b>CURRENT REPORT</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center>Date of Report (Date of earliest event reported): <b>August 10, 2012</b></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:16pt" align=center><b>ACCELPATH, INC</b></p> <p style=MARGIN:0px align=center>(Exact name of registrant as specified in its charter)</p> <p style=MARGIN:0px align=center><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=206> <td width=39> <td> <td width=39> <td width=206 /> </tr><tr> <td width=206 style="BORDER-BOTTOM:#000000 2px solid; MARGIN-TOP:0px" valign=top> <p style=MARGIN:0px align=center><b>Delaware</b></p></td> <td width=39 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px><b>&nbsp;</b></p></td> <td style="BORDER-BOTTOM:#000000 2px solid; MARGIN-TOP:0px" valign=top> <p style=MARGIN:0px align=center><b>000-27023</b></p></td> <td width=39 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px><b>&nbsp;</b></p></td> <td width=206 style="BORDER-BOTTOM:#000000 2px solid; MARGIN-TOP:0px" valign=top> <p style=MARGIN:0px align=center><b>45-5151193</b></p></td></tr> <tr> <td width=206 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=center>(State or other jurisdiction<br>of incorporation)</p></td> <td width=39 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=center>(Commission File Number)</p></td> <td width=39 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>&nbsp;</p></td> <td width=206 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=center>(IRS Employer<br>Identifica&shy;tion No.)</p></td></tr></table> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td> <td width=232> <td width=232 /> </tr><tr> <td style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=232 style=MARGIN-TOP:0px> <p style=MARGIN:0px align=center><b>352A Christopher Avenue, <br>Gaithersburg, Maryland 20879</b></p></td> <td width=232 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=232 style=MARGIN-TOP:0px> <p style=MARGIN:0px align=center>(Address of Principal Executive<br>Offices)</p></td> <td width=232 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr></table> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><b>(301) 767-2810</b></p> <p style=MARGIN:0px align=center>Registrant&#146;s telephone number, including area code</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=justify>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:</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Wingdings" align=justify>&#168;<font style="FONT-FAMILY:Times New Roman">&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Wingdings" align=justify>&#168;<font style="FONT-FAMILY:Times New Roman">&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Wingdings" align=justify>&#168;<font style="FONT-FAMILY:Times New Roman">&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Wingdings" align=justify>&#168;<font style="FONT-FAMILY:Times New Roman">&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p><a name=pgbrk /><a name=ftr /><a name=glftr /> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center>1</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style=MARGIN:0px><b>Item&nbsp;4.01 Changes in Registrant&#146;s Certifying Accountant.</b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">On August 13, 2012, AccelPath, Inc. (formerly Technest Holdings, Inc., the &#147;Company&#148;) dismissed Wolf &amp; Company, P.C. (&#147;Wolf&#148;), as its independent accountant, effective as of August 10, 2012. This change in independent accountant was approved by the Company&#146;s Board of Directors.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">The reports of Wolf on the Company&#146;s financial statements for the years ended June 30, 2011 and 2010 contained no adverse opinion or disclaimer of opinion, and such reports were not qualified or modified as to uncertainty, audit scope or accounting principles, other than the expression of doubt that the Company can continue as a going concern in its report on the financial statements for the year ended June 30, 2011.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">During the years ended June 30, 2011 and 2010, and through August 10, 2012, (i) there were no disagreements with Wolf 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 Wolf, would have caused it to make reference thereto in connection with its reports on each of the Company&#146;s financial statements for such years, and (ii) there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K, except as follows: </p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">In connection with its audit of the Company&#146;s financial statements for the year ended June 30, 2011, Wolf advised the Company&#146;s Board of Directors and management, by letter dated October 13, 2011, that it noted certain deficiencies involving internal control over financial reporting that it considered to be material weaknesses under standards of the Public Company Accounting Oversight Board. &nbsp;Specifically, Wolf advised the Company&#146;s Board of Directors and management that it considered the following two items to be material weaknesses:</p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=46> <td width=32> <td /> </tr><tr> <td width=46 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=32 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">1)</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">Lack of accounting resources (including the lack of centralized accounting and lack of formally documented policies and procedures); and</p></td></tr> <tr> <td width=46 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=32 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">2)</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">Inadequate segregation of duties due to limited staff.</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">The Company&#146;s Board of Directors discussed the subject matter of these weaknesses with Wolf.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">The Company has authorized Wolf to respond fully to the inquiries of the successor accountant concerning the subject matter of the material weaknesses cited by Wolf.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">The Company requested that Wolf furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of such letter, dated August 15, 2012, is filed as Exhibit 16.1 to this Current Report.</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt"><i>Engagement of New Independent Accountant</i></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">On August 10, 2012, our Board of Directors engaged MaloneBailey, LLP (&#147;MaloneBailey&#148;) as its independent accountant to audit its financial statements for the fiscal year ending June 30,</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>2</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">2012. &nbsp;The Company did not consult with MaloneBailey during the years ended June 30, 2011 and 2010, and through August 10, 2012, regarding any of the matters or reportable events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><b>Item&nbsp;9.01 Financial Statements and Exhibits</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px>(d)&nbsp;Exhibits</p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=89> <td width=11> <td /> </tr><tr> <td width=89 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; PADDING-LEFT:17px; FONT-SIZE:8pt"><b>Exhibit&nbsp;No.</b></p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style="MARGIN:0px; FONT-SIZE:8pt">&nbsp;</p></td> <td style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom><p style="MARGIN:0px; FONT-SIZE:8pt"><b>Description</b></p></td></tr> <tr> <td width=89 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td></tr> <tr> <td width=89 style=MARGIN-TOP:0px valign=top> <p style="TEXT-INDENT:17px; MARGIN:0px">16.1</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>Letter from Wolf &amp; Company, P.C. dated August 15, 2012</p></td></tr> <tr> <td width=89 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=89 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=89 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=89 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td width=89 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>&nbsp;</p></td> <td width=11 style=MARGIN-TOP:0px valign=bottom> <p style=MARGIN:0px>&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>&nbsp;</p></td></tr></table> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><b>[SIGNATURE PAGE FOLLOWS]</b></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center>3</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px" align=center><br></p> <p style=MARGIN:0px align=center><b>SIGNATURES</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px>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.</p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td> <td width=29> <td width=47> <td width=222> <td width=92 /> </tr><tr> <td style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>&nbsp;</p></td> <td width=299 colspan=3 style=MARGIN-TOP:0px> <p style=MARGIN:0px><b>ACCELPATH, INC.</b></p></td> <td width=92 style=MARGIN-TOP:0px> <p style=MARGIN:0px>&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=299 colspan=3 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=92 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px> <p style=MARGIN:0px>Date: August 16, 2012</p></td> <td width=29 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>By:</p></td> <td width=270 colspan=2 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px"> <p style=MARGIN:0px>/s/ Shekhar Wadekar</p></td> <td width=92 style=MARGIN-TOP:0px> <p style=MARGIN:0px>&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px> <p style=MARGIN:0px>&nbsp;</p></td> <td width=29 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=47 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>Name:</p></td> <td width=222 style=MARGIN-TOP:0px> <p style=MARGIN:0px>Shekhar Wadekar</p></td> <td width=92 style=MARGIN-TOP:0px> <p style=MARGIN:0px>&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px> <p style=MARGIN:0px>&nbsp;</p></td> <td width=29 style=MARGIN-TOP:0px> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=47 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px>Title:</p></td> <td width=222 style=MARGIN-TOP:0px> <p style=MARGIN:0px>Chief Executive Officer</p></td> <td width=92 style=MARGIN-TOP:0px> <p style=MARGIN:0px>&nbsp;</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center>4</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p></div></body>
<!-- EDGAR Validation Code: 9DBA9742 -->
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "tn_8k.htm", "description": "ACCELPATH, INC. - 8-K", "secsgml_size_bytes": 16498}]
{"company-data": {"conformed-name": "AccelPath, Inc.", "cik": "0001077800", "assigned-sic": "3829", "irs-number": "880357272", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27023", "film-number": "121040409"}, "business-address": {"street1": "352A CHRISTOPHER AVENUE", "city": "GAITHERSBURG", "state": "MD", "zip": "20879", "phone": "301-767-2810"}, "mail-address": {"street1": "352A CHRISTOPHER AVENUE", "city": "GAITHERSBURG", "state": "MD", "zip": "20879"}, "former-company": [{"former-conformed-name": "TECHNEST HOLDINGS INC", "date-changed": "20010808"}, {"former-conformed-name": "FINANCIAL INTRANET INC/NY", "date-changed": "19990128"}]}
UNITED STATES
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 10, 2012
ACCELPATH, INC
(Exact name of registrant as specified in its charter)
Delaware
000-27023
45-5151193
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identifica­tion No.)
352A Christopher Avenue,
Gaithersburg, Maryland 20879
(Address of Principal Executive
Offices)
(301) 767-2810
Registrant's telephone number, including area code
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))
1
Item 4.01 Changes in Registrant's Certifying Accountant.
On August 13, 2012, AccelPath, Inc. (formerly Technest Holdings, Inc., the "Company") dismissed Wolf & Company, P.C. ("Wolf"), as its independent accountant, effective as of August 10, 2012. This change in independent accountant was approved by the Company's Board of Directors.
The reports of Wolf on the Company's financial statements for the years ended June 30, 2011 and 2010 contained no adverse opinion or disclaimer of opinion, and such reports were not qualified or modified as to uncertainty, audit scope or accounting principles, other than the expression of doubt that the Company can continue as a going concern in its report on the financial statements for the year ended June 30, 2011.
During the years ended June 30, 2011 and 2010, and through August 10, 2012, (i) there were no disagreements with Wolf 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 Wolf, would have caused it to make reference thereto in connection with its reports on each of the Company's financial statements for such years, and (ii) there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K, except as follows:
In connection with its audit of the Company's financial statements for the year ended June 30, 2011, Wolf advised the Company's Board of Directors and management, by letter dated October 13, 2011, that it noted certain deficiencies involving internal control over financial reporting that it considered to be material weaknesses under standards of the Public Company Accounting Oversight Board.  Specifically, Wolf advised the Company's Board of Directors and management that it considered the following two items to be material weaknesses:
1)
Lack of accounting resources (including the lack of centralized accounting and lack of formally documented policies and procedures); and
2)
Inadequate segregation of duties due to limited staff.
The Company's Board of Directors discussed the subject matter of these weaknesses with Wolf.
The Company has authorized Wolf to respond fully to the inquiries of the successor accountant concerning the subject matter of the material weaknesses cited by Wolf.
The Company requested that Wolf furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of such letter, dated August 15, 2012, is filed as Exhibit 16.1 to this Current Report.
Engagement of New Independent Accountant
On August 10, 2012, our Board of Directors engaged MaloneBailey, LLP ("MaloneBailey") as its independent accountant to audit its financial statements for the fiscal year ending June 30,
2
2012.  The Company did not consult with MaloneBailey during the years ended June 30, 2011 and 2010, and through August 10, 2012, regarding any of the matters or reportable events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No.
Description
16.1
Letter from Wolf & Company, P.C. dated August 15, 2012
[SIGNATURE PAGE FOLLOWS]
3
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.
ACCELPATH, INC.
Date: August 16, 2012
By:
/s/ Shekhar Wadekar
Name:
Shekhar Wadekar
Title:
Chief Executive Officer
4