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):
JUNE 25, 1997
MAUI USA INC.
(Exact Name of Registrant as Specified in Charter)
NEVADA 33-55254-34 87-0485322
(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification
Incorporation) Number)
505 FRONT STREET, SUITE 233, LAHAINA, MAUI, HAWAII 96761
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including
area code: (808) 667-0647
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) Previous independent accountants
(i) On June 19, 1997, Coopers & Lybrand LLP ("C&L") resigned as the
independent accountants of Maui U.S.A. Inc. (the "Registrant"). As
reported by the Registrant on Form 8-K dated May 9, 1997, as amended by
Form 8-K/A dated June 25, 1997 (the "Prior Form 8-K"), C&L were engaged
as the Registrant's Independent accountants on May 9, 1997. As also
reported in the Prior Form 8-K, Price Waterhouse LLP ("PW") were the
Registrant's previous independent accountants.
(ii) During their period of engagement as the Registrant's independent
accountants, C&L did not conduct an audit or report on any financial
statements of the Registrant for any period. As reported in the Prior
Form 8-K, the reports of PW on the financial statements for the years
ended December 31, 1996 and December 31, 1995 contained no adverse
opinion or disclaimer of opinion and were not qualified or modified as
to uncertainty, audit scope or accounting principle except that the
report on the financial statements for the year ended December 31, 1995
contained an explanatory paragraph expressing substantial doubt about
the entity's ability to continue as a going concern.
(iii) Not applicable.
(iv) C&L resigned prior to completing its review of the unaudited financial
statements for the quarter ended March 31, 1997 which included a review
of the Company's capitalization of project related costs, about which
C&L expressed an initial difference of opinion based on incomplete
facts which would impact periods in the years ended December 31, 1996
and 1995. C&L resigned prior to the resolution of the initial
difference of opinion. The Registrant believes, and PW concurs, that
the Company's application of its policy is reasonable and appropriate
in the circumstances. As reported in the Prior Form 8-K, in connection
with its audits for the two most recent fiscal years and through May 9,
1997, there were no disagreements with PW 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 PW would have caused them to make a reference thereto
in their report on the financial statements for such years.
(v) Not applicable.
(vi) The Registrant has requested that C&L furnish it with a letter
addressed to the SEC stating whether or not they agree with the above
statements. A copy of such letter will be filed as an Exhibit to this
Form 8-K when received.
(b) New independent accountants
The Registrant re-engaged PW as its independent accountants as of June
19, 1997.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Dated: June 25, 1997 MAUI USA INC.
By: /s/ Myron O. Kirkeby
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Myron O. Kirkeby
President, Chief Executive
Officer and Treasurer
