GlobalTech Corp 8-K/A, filed Sep 21, 2023
GlobalTech Corp (GLTK)
About this 8-K/A
GlobalTech Corp filed this 8-K/A on September 21, 2023, reporting on events of August 31, 2023.
Items reported
- Item 4.02: Earlier financial statements no longer reliable
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Amendment NO. 2
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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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:
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EXPLANATORY NOTE
GlobalTech Corporation is filing this Amendment No. 2 to its Current Report on Form 8-K, originally filed on September 7, 2023, to update its disclosure in relation to comments received from the Securities and Exchange Commission.
SECTION 4 - MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On September 15, 2023, the board of directors of GlobalTech Corporation (the "Company") determined, upon advice of management, that the Company's consolidated financial statements and related disclosures included in the Company's Annual Report on Form 10-K for the years ended December 31, 2022 and 2021 and the Company's Quarterly Reports on Form 10-Q for the periods ended March 31, 2023 and June 30, 2023 (the "Previously Issued Financial Statements") should be restated because they contain errors as addressed in Financial Accounting Standards Board Accounting Standards Codification Topic 250, Accounting Changes and Error Corrections. Accordingly, the Previously Issued Financial Statements issued by the Company should not be relied upon. The Company intends to restate the Previously Issued Financial Statements to correct these errors by amending its Annual Report for the years ended December 31, 2022 and 2021 and its Quarterly Reports for the three months ended March 31, 2023 and six months ended June 30, 2023.
The Company is restating its financial statements for the years ended December 31, 2022 and 2021 and quarters ended March 31, 2023 and June 30, 2023 to properly reflect the disclosure of the correction of an error related to the Company’s common control acquisition. The correction of an error was not properly reported as a result of material weaknesses in internal control over financial reporting. This material weakness consisted of inadequate staffing and supervision within the bookkeeping and accounting operations of our company. The relatively small number of staff who have bookkeeping and accounting functions prevents us from segregating duties within our internal control system. The inadequate segregation of duties is a weakness which could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews.
As of the date of this Current Report, management of the Company has not had sufficient time to determine the impact of these errors on its financial condition, results of operations or cash flows reported in prior periods. Accordingly, the financial condition and results of operations disclosed in prior periods can no longer be relied upon.
FOR THE EFFECT OF THE RESTATEMENT OF THE FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR ENDED DECEMBER 31, 2022, PLEASE REFER TO THE AMENDMENTS TO OUR FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2022 AND FORM 10-Q FOR THE PERIODS ENDED MARCH 31, 2023 AND JUNE 30, 2023, EXPECTED TO BE FILED BY SEPTEMBER 20, 2023 OR A DATE SOON THEREAFTER.
The Company's Board of Directors and management discussed the matters mentioned herein with CROWE HUSSAIN CHAUDHURY & CO. (CHARTERED ACCOUTANTS), the Company's independent registered public accounting firm.
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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.
| GlobalTech Corporation | ||
| Date: September 20, 2023 | /s/ Dana Green | |
| Chief Executive Officer/President and Director |
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