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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): October 26, 1998
INNOVATIVE GAMING CORPORATION OF AMERICA
(Exact name of registrant as specified in its charter)
Minnesota 0-22482 41-1713864
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
4750 Turbo Circle, Reno, Nevada 89502
(Address of principal executive offices) (Zip Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Registrant's telephone number, including area code: (702) 823-3000
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Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) Previous independent accountants
(i) On October 26, 1998, Arthur Andersen LLP resigned as
independent accountants to Innovative Gaming
Corporation of America (the "Registrant") based on
the level of professional fees related to future
audit services.
(ii) The report of Arthur Andersen LLP on the Registrant's
financial statements for the fiscal year ended
December 31, 1996, for which that firm audited such
financial statements, contained no adverse opinion or
disclaimer of opinion and was not qualified or
modified as to uncertainty, audit scope or accounting
principles. The report of Arthur Andersen LLP on the
Registrant's financial statements for the fiscal year
ended December 31, 1997, for which that firm audited
such financial statements, indicated that the Company
has suffered recurring negative cash flow from
operations that raise substantial doubt about the
Registrant's ability to continue as a going concern.
(iii) Arthur Andersen LLP resigned as independent
accountants. The Audit Committee of the Registrant's
Board of Directors did not participate in or approve
this decision.
(iv) During the Registrant's two most recent fiscal years
and the subsequent interim period through October 26,
1998, there have been no disagreements with Arthur
Andersen LLP 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 Arthur Andersen
LLP would have caused them to make reference thereto
in their report on the financial statements for such
years.
(v) During the two most recent fiscal years and the
subsequent interim period through October 26, 1998,
there have been no reportable events (as defined in
Regulation S-K Item 304(a)(1)(v)).
(vi) Arthur Andersen LLP has furnished the Registrant with
a letter addressed to the Commission stating that it
agrees with the above statements. A copy of this
letter is included as an exhibit to this Form 8-K
Report.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
(16) Letter regarding change in certifying accountant.
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SIGNATURE
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 thereunto duly authorized.
INNOVATIVE GAMING CORPORATION OF AMERICA
Date: October 30, 1998 By: s/ Scott Shackelton
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Name: Scott Shackelton
Title: Chief Financial Officer
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EXHIBIT 16
ARTHUR
ANDERSEN
October 26, 1998
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, D.C. 20549
Dear Sir/Madam:
We have read Item 4 included in the Form 8-K dated October 30, 1998 of
Innovative Gaming Corporation of America filed with the Securities and Exchange
Commission and are in agreement with the statements contained therein.
Very truly yours,
/s/ Arthur Andersen LLP
ARTHUR ANDERSEN LLP
Copy to:
Mr. Scott Shackelton
Chief Financial Officer
Innovative Gaming Corporation of America
