TPT Global Tech Announces Plans to Restate Financial Statements and Files 8-K Report
TPT Global Tech has announced plans to restate its financial statements and has filed an 8-K report with the SEC. The restatement affects quarterly reports for periods ended September 30, 2023, March 31, 2024, and June 30, 2024, as well as the annual report for December 31, 2023. The decision follows a review by management and their accounting firm, Sadler, Gibb & Associates.
The restatement stems from a July 31, 2023 financial agreement involving debt conversion into Series E Preferred Stock, which created a derivative liability of $821,555. The company expects to submit amended filings by December 25, 2024. Management maintains that these errors don't affect their previous assessment of disclosure controls and procedures effectiveness.
TPT Global Tech ha annunciato piani per riformulare i suoi bilanci e ha presentato un rapporto 8-K alla SEC. La riformulazione riguarda i rapporti trimestrali per i periodi chiusi il 30 settembre 2023, il 31 marzo 2024 e il 30 giugno 2024, così come il rapporto annuale per il 31 dicembre 2023. La decisione è seguita a una revisione da parte della direzione e della loro società di contabilità, Sadler, Gibb & Associates.
La riformulazione deriva da un accordo finanziario del 31 luglio 2023 che comportava la conversione di debito in azioni privilegiate di Serie E, creando una responsabilità derivata di $821,555. L'azienda prevede di presentare documenti modificati entro il 25 dicembre 2024. La direzione sostiene che questi errori non influenzano la loro precedente valutazione dell'efficacia dei controlli e delle procedure di divulgazione.
TPT Global Tech ha anunciado planes para reexpresar sus estados financieros y ha presentado un informe 8-K a la SEC. La reexpresión afecta a los informes trimestrales de los períodos que terminan el 30 de septiembre de 2023, el 31 de marzo de 2024, y el 30 de junio de 2024, así como el informe anual para el 31 de diciembre de 2023. La decisión sigue a una revisión por parte de la dirección y su firma contable, Sadler, Gibb & Associates.
La reexpresión surge de un acuerdo financiero del 31 de julio de 2023 que implicaba la conversión de deuda en acciones preferentes de la Serie E, lo que creó un pasivo derivado de $821,555. La empresa espera presentar documentos enmiendados antes del 25 de diciembre de 2024. La dirección sostiene que estos errores no afectan su evaluación anterior de la eficacia de los controles y procedimientos de divulgación.
TPT Global Tech는 재무 제표를 수정할 계획을 발표하고 SEC에 8-K 보고서를 제출했습니다. 수정은 2023년 9월 30일, 2024년 3월 31일 및 2024년 6월 30일에 종료된 분기 보고서와 2023년 12월 31일 연간 보고서에 영향을 미칩니다. 이 결정은 경영진과 그들의 회계 법인인 Sadler, Gibb & Associates의 검토에 따른 것입니다.
수정은 2023년 7월 31일에 부채를 시리즈 E 우선주로 전환하는 재정 계약에서 비롯되었으며, 이는 82만 1555달러의 파생부채를 발생시켰습니다. 회사는 2024년 12월 25일까지 수정된 서류를 제출할 것으로 예상하고 있습니다. 경영진은 이러한 오류가 이전의 공시 통제 및 절차의 효율성 평가에 영향을 미치지 않는다고 주장하고 있습니다.
TPT Global Tech a annoncé des plans pour reconsidérer ses états financiers et a déposé un rapport 8-K auprès de la SEC. La reconsidération concerne les rapports trimestriels pour les périodes se terminant le 30 septembre 2023, le 31 mars 2024 et le 30 juin 2024, ainsi que le rapport annuel pour le 31 décembre 2023. La décision fait suite à une révision par la direction et leur cabinet comptable, Sadler, Gibb & Associates.
La reconsidération découle d'un accord financier du 31 juillet 2023 concernant la conversion de dette en actions privilégiées de série E, ce qui a créé une passif dérivé de 821 555 $. L'entreprise prévoit de soumettre des documents amendés d'ici le 25 décembre 2024. La direction soutient que ces erreurs n'affectent pas leur évaluation précédente de l'efficacité des contrôles et des procédures de divulgation.
TPT Global Tech hat Pläne angekündigt, seine Finanzberichte neu zu fassen, und hat einen 8-K-Bericht bei der SEC eingereicht. Die Neufassung betrifft die Quartalsberichte für die zum 30. September 2023, 31. März 2024 und 30. Juni 2024 abgeschlossenen Perioden sowie den Jahresbericht zum 31. Dezember 2023. Die Entscheidung folgt einer Überprüfung durch das Management und ihre Buchhaltungsfirma, Sadler, Gibb & Associates.
Die Neufassung resultiert aus einer Finanzvereinbarung vom 31. Juli 2023, die eine Umwandlung von Schulden in Series E-Vorzugsaktien beinhaltete, was eine derivative Verbindlichkeit von 821.555 USD zur Folge hatte. Das Unternehmen erwartet, die geänderten Unterlagen bis zum 25. Dezember 2024 einzureichen. Das Management hält fest, dass diese Fehler keine Auswirkungen auf ihre vorherige Einschätzung der Wirksamkeit von Offenlegungskontrollen und -verfahren haben.
- Company maintains commitment to transparency through voluntary disclosure
- Plans for uplisting to a major exchange remain in place
- Need to restate financial statements for multiple reporting periods
- Identification of $821,555 derivative liability previously not reported
- Financial reporting errors requiring correction
- Potential impact on investor confidence due to financial restatements
SAN DIEGO, CA / ACCESSWIRE / December 9, 2024 / TPT Global Tech, Inc. (the "Company"), a technology and telecommunications company, announced today its intention to restate certain previously issued financial statements. This decision follows a comprehensive review by the Company's management, and independent registered public accounting firm, Sadler, Gibb & Associates, LLC. Alongside this announcement, the Company has filed a Current Report on Form 8-K with the Securities and Exchange Commission (SEC) to provide further details.
The restatement pertains to the Company's unaudited condensed consolidated financial statements included in its Quarterly Reports on Form 10-Q for the periods ended September 30, 2023, March 31, 2024, and June 30, 2024, as well as the Annual Report on Form 10-K for the year ended December 31, 2023. The amended filings, addressing identified errors, are expected to be submitted by December 25, 2024.
"Filing the 8-K demonstrates our commitment to transparency and adherence to regulatory requirements as we work to provide accurate and reliable financial reporting," said Stephen J. Thomas III, CEO of TPT Global Tech. "This restatement reflects our dedication to maintaining the trust of our shareholders and stakeholders. While such steps can be challenging, they are vital to ensuring a strong foundation for our strategic goals, including our planned uplisting to a major exchange."
The restatement stems from a reevaluation of a financial agreement executed on July 31, 2023. The agreement, involving the conversion of outstanding debt into Series E Preferred Stock or equivalent equity securities, was determined to modify the debt and created a derivative liability valued at
Management has concluded that the errors do not alter its previous evaluations regarding the effectiveness of the Company's disclosure controls and procedures.
"Our focus remains on delivering value to our stakeholders," added Thomas. "Filing the 8-K and announcing these restatements reaffirm our commitment to operational integrity, transparency, and future growth."
The Company encourages stakeholders to review the 8-K filing, its SEC disclosures, and website for additional updates.
About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, Ally Pharma US and TPT Global, Inc. The Company operates in various sectors including media, telecommunications, Smart City Real Estate Development, and the launch of the first super App, VuMe Live technology platform.
As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A activity, new service offerings, and pursuit of new markets are forward-looking statements. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
For more information about TPT Global Tech and its subsidiaries, please visit www.tptglobaltech.com.
For media or Investment inquiries, please contact: Rick@tptglobaltech.com
SOURCE: TPT Global Tech, Inc.
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FAQ
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