Global Tech Industries Group, Inc. (GTII) Provides Shareholders with Updates on 2022 and 2023 Audits and 2024 Q1 10Q Filing
Global Tech Industries Group (GTII) announced updates regarding its 2022 and 2023 audits and the delayed filing of its 2024 Q1 report. Following SEC charges against their former auditor BF Borgers for systemic non-compliance with PCAOB standards, GTII retained Fortune CPA as their new auditor on May 7, 2024. Fortune will first audit the fiscal year 2022, followed by 2023, and then complete the 2024 Q1 10-Q report. GTII's Chairman, David Reichman, emphasized their commitment to timely and efficient completion of these audits and seeks a refund of fees paid to BF Borgers.
- Retained Fortune CPA as a new PCAOB certified auditor.
- Commitment to timely and efficient completion of audits.
- Delayed filing of the 2024 Q1 10-Q report.
- SEC charges against former auditor BF Borgers for systemic non-compliance.
- Need for reaudit of financial statements for 2022 and 2023.
New York, NY, June 20, 2024 (GLOBE NEWSWIRE) -- (OTC: GTII) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, updated its shareholders regarding the delayed 2024 first quarter report on Form 10-Q, and the reaudit of its financial statements for the fiscal years ended December 31, 2022 and 2023.. As previously reported by the Company, the Company’s financial statements for these years were previously audited by BF Borgers CPA PC (“BF Borgers”). However, on May 3, 2024, the Securities and Exchange Commission (“SEC”) charged firm BF Borgers and its owner with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (“PCAOB”) standards in its audits and reviews, which were incorporated in more than 1,500 SEC filings from January 2021 through June 2023.
Accordingly, the Company was required to retain a new PCAOB certified auditor, and reaudit its fiscal years ended 2022 and 2023 financial statements. On May 7, 2024, the Company retained a new PCAOB certified auditor, FORTUNE CPA (“Fortune”).
Fortune began its work shortly thereafter, and informed the Company that they would begin work on the fiscal year ended 2022 audit, followed by fiscal year ended 2023 audit, and then complete the first quarter 2024 quarterly report on Form 10-Q
GTII had, up until the retention of BF Borgers as its auditor in March of 2023, been successful in maintaining its compliance with accepted PCAOB rules and standards, working with several different PCAOB auditing firms over the years.
David Reichman, Chairman and CEO, stated, “GTII welcomes Fortune as our new auditor. We are working diligently with Fortune to complete the reaudits in an efficient and timely manner, and we look forward to the completion of them soon. As to BF Borgers, the Company’s former auditor, GTII is vigorously pursuing a refund of all fees paid."
About GTII: GTII is incorporated in the State of Nevada, specializing in the pursuit of acquiring new and innovative technologies. For more information, please visit https://gtii-us.com/, and you may follow our Company at: www.otcmarkets.com/stock/GTII.
Please follow our Company at: www.otcmarkets.com/stock/GTII
Safe Harbor Forward-Looking Statements: This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company’s future financial and operating performance. All statements, other than statements of historical facts, included herein are “forward-looking statements” including, among other things, statements about the Company’s beliefs and expectations. These statements are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (the “SEC”). Potential risks and uncertainties include, but are not limited to, risks discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 16, 2024, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, filed with the SEC on November 14, 2023, and in the Company’s other filings with the SEC at www.sec.gov. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time.
Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.
Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com
FAQ
Why did GTII delay its 2024 Q1 10-Q report?
When did GTII retain Fortune CPA as the new auditor?
What actions is GTII taking against BF Borgers?
What are the audit priorities for Fortune CPA regarding GTII?
How did the charges against BF Borgers affect GTII?
