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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): September 5, 2000
TECHNOLOGY FUNDING VENTURE CAPITAL FUND VI, LLC.
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(Exact name of Registrant as specified in its charter)
Commission File No. 814-124
Delaware 94-3266666
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
2000 Alameda de las Pulgas, Suite 250
San Mateo, California 94403
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(Address of principal executive offices) (Zip Code)
(650) 345-2200
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(Registrant's telephone number, including area code)
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Item 4. Changes in Registrant's Certifying Accountant.
(a) Resignation of Independent Accountants
(i) On September 5, 2000, the Fund received notice that KPMG LLP
resigned as the Fund's independent accountant.
(ii) The reports of KPMG LLP on the financial statements of the
Fund for each of the past two fiscal years, ended December
31, 1998 and 1999, contained no adverse opinion or
disclaimer of opinion and were not qualified or modified as
to uncertainty, audit scope or accounting principles.
(iii) KPMG LLP resigned without providing the Fund any opportunity
to approve or disapprove their resignation. The Fund is
engaged in the process of selecting new independent
accountants and has authorized KPMG LLP to respond fully to
any inquiries made by any successor accountants, including
with respect to the event described in paragraph (a) (v)
below.
(iv) During the Fund's two most recent fiscal years and through
September 5, 2000, the Fund has had no disagreement with
KPMG LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope
or procedure, which disagreement, if not resolved to the
satisfaction of KPMG LLP, would have caused it to make
reference to the subject matter of the disagreement in its
report on the financial statements of the Fund for such
years.
(v) During the Fund's two most recent fiscal years and through
September 5, 2000, the Fund has had no reportable events (as
defined in Item 304 (a)(1)(v) of Regulation S-K), except as
follows:
KPMG LLP did not complete their review of the June 30, 2000
financial statements included in the Registrant's 10-Q filed
on August 14, 2000. On Saturday, August 12, 2000, KPMG LLP
orally advised the Investment Managers that they would be
unable to complete their review of the June 30, 2000
financial statements unless they were provided a copy of an
independent third party's report used by the Investment
Managers in determining the fair value of investments in
good faith; they further advised that the report must be
addressed to KPMG LLP and specifically state that they be
allowed to rely upon said report. Prior to August 12, 2000,
KPMG LLP had not informed the Registrant that such
documentation was needed by them to complete their quarterly
review. Similar documentation has not been requested in
connection with any previous KPMG LLP audit or quarterly
review of the Registrant's financial statements. KPMG LLP
read a draft copy of the report and was advised that while
every attempt would be made to have it issued in final,
signed form prior to the 10-Q due date of August 14, 2000,
it was unlikely that would happen due to the vacation
schedule of the independent third party. At that time, the
KPMG LLP Partner advised the Investment Managers' Controller
that the report as reviewed was satisfactory and that the
review could be completed as soon as a signed copy was
received as long as it contained the provision that KPMG LLP
be allowed to rely upon said report. As expected, KPMG LLP
was not provided a final, signed report prior to
Registrant's EDGAR filing deadline. On August 14, 2000, KPMG
LLP issued a letter stating that they had been unable to
complete the June 30, 2000 quarterly review of the
Registrant.
The final, signed report, which does not differ in substance
from the draft read by the KPMG LLP partner prior to our 10-
Q filing except to include a statement that KPMG LLP could
rely on said report, has been offered to KPMG LLP so that
they could complete the review. However, KPMG LLP resigned
without completing the review or notifying the Registrant of
the reason they were unable to complete the review.
Subsequent to the oral advice of their intent to resign,
KPMG LLP stated they would have needed an independent
appraisal of each of the Fund's portfolio companies in order
to complete the review. KPMG LLP acknowledged on September
12, 2000 that they had not informed the Investment Managers
at any time prior to the August 14, 2000 10-Q deadline that
independent appraisals would be necessary to complete the
review. The Registrant made every effort to supply KPMG LLP
with adequate documentation to complete their June 30, 2000
quarterly review. However, it was not possible to obtain
the documentation requested on August 12, 2000 prior to the
filing date of August 14, 2000. It was also not possible to
act upon the subsequent request for independent appraisals
prior to August 14, 2000.
The Fund will request that its new independent accountants
perform a review of the June 30, 2000 financial statements.
(vi) The Fund has requested that KPMG LLP furnish it with a
letter addressed to the Securities and Exchange Commission
stating whether or not it agrees with the statements made
above. As of September 12, 2000, this letter was not
available to Registrant. However, pursuant to Item 304 (a)
(3) of Regulation S-K, a copy of such letter will be filed
by amendment within two business days of receipt, but not
later than ten business days after this original filing.
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SIGNATURE
Pursuant to the requirement 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.
Technology Funding Venture Capital Fund VI, LLC.
By: Technology Funding Inc.
Technology Funding Ltd.
Investment Managers
Date: September 12, 2000 By: /s/ Charles R. Kokesh
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Charles R. Kokesh
President, Chief Executive Officer,
Chief Financial Officer and Chairman
of Technology Funding Inc. and
Managing General Partner of
Technology Funding Ltd.
