UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
1-U
Current
Report
Pursuant
to Regulation A of the Securities Act of 1933
January
7, 2021
Date
of Report: (Date of earliest event reported)
MASTERWORKS
002, LLC
(Exact
name of issuer as specified in its charter)
| Delaware |
|
83-1314709 |
State
of other jurisdiction
of
incorporation or 0rganization |
|
(I.R.S.
Employer
Identification
No.) |
497
BROOME STREET, NEW YORK, NY 10013
(Full
mailing address of principal executive offices)
(203)
518-5172
(Issuer’s
telephone number, including area code)
www.masterworks.io
(Issuer’s
website)
Class
A Ordinary Shares
(Class
of Securities issued pursuant to Regulation A)
| Item
4.01 |
Change
in Issuer’s Certifying Accountant. |
Dismissal
of Independent Registered Public Accounting Firm
On
January 7, 2020, Masterworks 002, LLC (the “Company”) dismissed Summit LLC (“Summit”) as the Company’s
independent registered public accounting firm, which was approved by the board of managers of the Company. Such dismissal was
due to the fact that the Company identified another audit firm that could perform the audit services on a more cost-effective
basis.
The
audit report of Summit on the Company’s financial statements for the period ended December 31, 2019 did not contain an adverse
opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.
During
the two most recent fiscal years and the subsequent
interim period through the date of this Report, there were (i) no disagreements between the Company and Summit on any matter of
accounting principles or practices, financial statement disclosure or auditing scope or procedures which, if not resolved to Summit’s
satisfaction, would have caused it to make reference to the subject matter of the disagreement in connection with its report,
and (ii) there were no “reportable events” as defined in Item 304(a)(1)(v) of Regulation S-K.
The
Company provided Summit with a copy of the foregoing disclosures and requested it to furnish the Company with a letter addressed
to the Securities and Exchange Commission stating whether Summit agrees with the statements made by the Company in the foregoing
disclosures. A copy of the letter has been filed as Exhibit 9.1 to this report.
Engagement
of New Independent Registered Public Accounting Firm
On
January 7, 2020, the Company engaged LitmanGerson Associates, LLP as the Company’s independent registered public accounting
firm for the year ended December 31, 2020, which was approved by the board of managers of the Company.
During
the two most recent fiscal years and the subsequent
interim period through the date of this Report, neither the Company nor anyone on its behalf has consulted with LitmanGerson Associates,
LLP regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or
the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor
oral advice was provided to the Company that LitmanGerson Associates, LLP concluded was an important factor considered by the
Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either
the subject of a “disagreement” or a “reportable event,” as such terms are defined in Regulation S-K Item
304(a)(1)(iv) and (v), respectively.
EXHIBITS
The
following exhibits are filed herewith:
SIGNATURES
Pursuant
to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| |
|
MASTERWORKS
002, LLC |
| |
|
|
| |
|
By: |
/s/
Joshua B. Goldstein |
| |
|
Name: |
Joshua
B. Goldstein |
| |
|
Title: |
General
Counsel |
| |
|
|
|
| Date: |
January
8, 2021 |
|
|
