Golden Triangle Ventures, Inc. Announces Update on Financial Statements and Corporate Developments
Golden Triangle Ventures, Inc. (OTC PINK:GTVH) announced a comprehensive restatement of its financial statements due to previous calculation errors. This decision follows discrepancies identified in the Q2 2021 report, which have been corrected by new accounting firm F.A.R. Out Numbered, LLC. The company aims to prepare for an audit necessary for its planned up listing and spin-offs. Additionally, TK Zarro, LLC will invest $1,175,000, aiding in immediate revenue-generating events. A new class of preferred shares will be issued to shareholders as dividends for upcoming spin-offs.
- Appointment of F.A.R. Out Numbered as new accountant enhances financial oversight.
- TK Zarro's investment of $1,175,000 supports immediate revenue generation.
- Issuance of a new preferred share class as dividends for anticipated spin-offs.
- Restatement of financial statements indicates previous accounting inaccuracies.
- Delay in filing Q3 financial statement may raise concerns among investors.
LAS VEGAS, Nov. 19, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Golden Triangle Ventures, Inc. (OTC PINK:GTVH) (the “Company”) announces that, due to an error in recognition measurement resulting from mathematical calculations that existed at the time the financial statements were previously prepared, the Company will be filing a restatement of every Financial Statement published under GTVH since the Company completed its merger with Texas Oil & Minerals, Inc. (“TOMI”). The Company detected some discrepancies in its 2Q 2021 financial statement which have now been reviewed and corrected by F.A.R. Out Numbered, LLC (“FAR”) accounting services. To ensure all Company financials are auditable and accurate, management has made a decision to restate all Financial Statements in order to begin the audit process.
FAR has been appointed the new Corporate Accountant/Controller, Enrolled Agent, and Licensed Tax Consultant of Golden Triangle Ventures, Inc. FAR replaces XTAX Pros (“XTAX”) and will work closely to assist the Company in preparing its financials for its anticipated audit for the specific purpose of up listing and becoming a fully reporting SEC filer which is needed to complete the two anticipated spin-offs. The Company is extremely pleased with the internal and external accounting teams and look forward to growing alongside them in all future endeavors, knowing the foundational accounting is solid.
The Company is also pleased to announce that TK Zarro, LLC (“TK”) has agreed to halt all note conversions for at least 90 days and invest up to
In addition, management will soon be opening a new Preferred class of shares which will be used to issue all shareholders of record as of Feb. 19, 2021, stock in the new Preferred class. This share issuance will be the declared dividend used for each anticipated spin-off of Lavish Entertainment and Global Health Services that will be filed for after the full audit is complete. The Company expects to complete the new Preferred class formation and dividend issuance before the end of this year.
Steffan Dalsgaard, CEO of Golden Triangle Ventures, states, “We were fully prepared to file our Q3 financial statement today and the amended Q2, but we needed to ensure all previous quarterly financial statements were auditable and accurate. The decision was made to hold off on filing Q3 so we could simultaneously and soon restate all quarters since we merged with TOMI so that we are fully prepared and ready to move forward with auditing our entire company. This is the groundwork we need to have in place in order to up-list our security to a senior exchange when we are ready to do so.”
“We can’t thank TK enough for this plan to organize and assist us in gaining shareholder confidence,” Dalsgaard continued. “The current investment from TK significantly helps the company achieve many of the outstanding business objectives. Management believes that the 90-day minimum lockup on all conversions from the TK note will benefit all shareholders and allow the Company enough time to close much of its business, become revenue positive and pay the balance owed to TK for his convertible note after not needing to seek investment for daily operations. Our entire team is confident in this process and excited to move forward with the Company’s business plan.”
Felicia A Rossi, President of F.A.R. Out Numbered, states, “I have meticulously gone through every single transaction, acquisition, issuance, loan and agreement that Golden Triangle Ventures has done, and I am making sure that everything has been reported and accurately accounted for. The amount of work Steffan and I have done to prepare the company for their audit is beyond explainable. As my job is to ensure the accuracy of their financials, we needed to restate all of their financial statements and I am very close to having all of our information so we can complete this task and become ready to audit their books.”
About Golden Triangle Ventures, Inc.
Golden Triangle Ventures, Inc. (GTV) is a multifaceted consulting company pursuing ventures in the health, entertainment, technology, fulfillment and food & beverage industries, with many additional projects being developed that provide synergistic values to these divisions. The company aims to purchase, acquire and/or joint venture with established entities that management can assist and help develop into unique opportunities. Additionally, GTV provides a professional corporate representation service to different companies in these sectors while consulting on a variety of business development objectives. The goods and services represented are driven by innovators who have passion for and commitment to these marketplaces. The company plans to utilize relationships and create a platform for new and existing businesses to strengthen their products and/or services.
HEALTH DIVISION
Global Health Services is a wholly owned subsidiary of Golden Triangle Ventures (operating under its Health Division). Dedicated to the promotion of well-being and natural wellness, the company currently does business in the medical PPE space as well as the industrial hemp/CBD industry. Additionally, the company has a vision to promote, market and generate sales for a myriad of products and services, which include a full retail line of high-end, all-natural health, wellness and beauty products created by Le Pragma, which the company is currently working to acquire in full. To help achieve this vision, Global Health Services is in the process of further developing an extensive online portal that will support the multiple verticals under the company and provide a one-stop shop for all of the company's products and services. Moreover, to support overarching business goals, senior management tirelessly works on acquiring and building an array of profitable assets and projects.
ENTERTAINMENT DIVISION
Lavish Entertainment (EpicRaves) is a wholly owned subsidiary of Golden Triangle Ventures under its Entertainment Division. Operating out of Las Vegas, Nevada, the company started doing business in 2017 and was established with a vision of becoming a nationally recognized concert production company. The company currently has more than 30,000 national followers and nearly 100 team members who have helped the company successfully organize some of the most exciting electronic dance music concerts in Las Vegas. Lavish Entertainment is currently doing business as (DBA) "EpicRaves," which will eventually become a wholly owned subsidiary of Lavish Entertainment as the company expands its business into a variety of other forms of entertainment. The company is building an immersive virtual reality platform to help monetize its livestreamed concerts and assist its business in expanding into markets outside of Las Vegas. The company has also launched its own record label, called Syndicate Bass Records, to showcase some of the best bass music artists in the world and provide a platform to highlight their music. Lavish Entertainment has a partnership with Sahara Event Center, which is a 68,000-square-foot event center where the company organizes some of its larger concerts. Management has a vision of acquiring a large-scale venue to develop the most advanced event center in the world.
www.LavishEntertainment.com
www.EpicRaves.com
TECHNOLOGY DIVISION
HyFrontier Technologies is a wholly owned subsidiary of Golden Triangle Ventures under its Technology Division. The company owns a patent-pending process and device technology called "HyGrO," which is a molecular hydrogen and oxygen delivery system for agriculture. Golden Triangle Ventures, Inc. is assisting the company in commercializing the HyGrO unit for farm and home use in markets across the globe. HyFrontier Technologies, Inc. has a mission to improve global crop production efficiency by producing hydrogen and oxygen directly in the water stream. This technology can be used on any species of plant life in nearly any grow medium. Additionally, the system can be retrofitted to wellheads for large-scale agricultural projects, indoor grow operations and small farms or utilized for a multitude of residential home and garden applications. In-house testing has shown evidence that hydrogen is capable of increasing crop yields by up to
FOOD & BEVERAGE
Napa Wine Brands is a wholly owned subsidiary of Golden Triangle Ventures and a synergistic business with a mission of providing a world-class portfolio of unique brands that are all birthed from Napa Valley and Sonoma Valley in the heart of California’s wine country. The company has a commitment to manufacture and distribute specialty wines, foods and unique items while tapping into an array of hidden markets in the food and beverage industry. With extensive resources and award-winning products, Napa Wine Brands aims to develop some of the most desirable products in today’s market. Originated by some of the most profound experts in Napa Valley, the company’s vision is to broaden the horizon of a traditional food and wine company by creating a platform different than anything seen in the Northern Hemisphere. Napa Wine Brands has an array of fully developed products and services that provide value to the other divisions under Golden Triangle Ventures. The company is now preparing the launch of several brands, products and services that are market-ready and will immediately turn into cash-positive businesses. Golden Triangle Ventures will provide a full support system and assist management of Napa Wine Brands in growing this company into another fun, exciting and profitable division of Golden Triangle Ventures.
SONDER FULFILLMENT
Sonder Fulfillment is a wholly owned subsidiary of Golden Triangle Ventures, providing an array of synergies to the many companies and projects within GTV. Sonder Fulfillment is a leading company in the industrial hemp and CBD industry. Sonder Fulfillment has put together a powerful team of research Ph.Ds, formulary scientists and flavor compounding specialists to build advanced cannabinoid-based nutritional and homeopathic products that are designed to catalyze the endocannabinoid system (ECS) to support targeted wellness and relief. The company’s management team has built many well-known products in the natural medicine space for several decades and has coalesced that knowledge to build out superior processes and products. Sonder Fulfillment has strong and longstanding relationships with farms, extraction labs, product formulation labs and co-packaging companies, which allows Sonder Fulfillment to secure the complete supply chain from start to finish and provide its clients with the lowest cost of goods sold as possible while maintaining the highest-quality standards in the industry. Sonder Fulfillment has produced for and currently has white-label contracts for some of the largest CBD companies in the space, such as Select (a division of CURA), Amway and many others. The company provides bulk raw CBD materials to clients in 22 countries and is now paving the way to become the first company to provide legally commercialized end-consumer CBD products into “hard-to-penetrate” markets such as Japan, Australia, South Korea and Mexico. Sonder Fulfillment has partnered with GVB Biopharma, one of the largest industrial hemp processors in the space, to undertake the extensive and rigorous process of getting active pharmaceutical ingredient (API) certification for raw products. API certification will allow Sonder Fulfillment to further expand its reach into markets where CBD can only be distributed through prescriptions as a medicinal product.
FORWARD-LOOKING INFORMATION
Certain information set forth in this press release contains "forward-looking information," including "future-oriented financial information" and "financial outlook," under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the company's business, projects and joint ventures; (iv) execution of the company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the company's projects; (vi) completion of the company's projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the company's current customer, supplier and other material agreements; and (vii) future liquidity, working capital and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect to the future so they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance, and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission ("SEC") has provided guidance to issuers regarding the use of social media to disclose material nonpublic information. In this regard, investors and others should note that we announce material financial information on our company website, www.GoldenTriangleInc.com, in addition to SEC filings, press releases, public conference calls and webcasts. We also use social media to communicate with the public about our company, our services and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, in light of the SEC's guidance, we encourage investors, the media and others interested in our company to review the information we post on the following U.S. social media channels:
Twitter: www.twitter.com/GTV_Inc
CONTACT INFORMATION
Golden Triangle Ventures, Inc.
3035 E Patrick Ln. #15
Las Vegas, NV 89120
info@GoldenTriangleInc.com
1-800-469-2614
Corporate Communications
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
FAQ
What is the significance of the restated financial statements for GTVH?
How much is TK Zarro, LLC investing in Golden Triangle Ventures?
What does the new preferred share class mean for GTVH shareholders?
Why is GTVH delaying the Q3 financial statement?
What will the investment from TK Zarro, LLC be used for?
