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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 $821,555. This liability and its related expenses will be accurately reflected in the restated financial statements.
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.