Blue Chip Capital Group Inc.: auditor change — Blue Chip Capital restates FY2023 financials; non-reliance due to $30K legal expense error

Blue Chip Capital Group Inc.

Misstatement of approx $30,000 in legal expenses not accrued in FY2023; net loss understated by same amount.
Previously issued audited FY2023 financial statements should no longer be relied upon; amended 10-K to be filed.
Auditor Dan Barton, CPA, concurred with the restatement decision.
Accounts payable understated; restated financials will correct the misstatement.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Blue Chip Capital Group Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Dan Barton, CPA

Exact text from the filing

ave been restated. On October 10, 2024, the Company’s management and the Board of Directors decided it was necessary to amend its Form 10-K for the year ended May 31, 2023, to correct the audited consolidated financial statements for the misstatements identified above. Accordingly, investors should no longer rely on the Company’s previously released audited consolidated financial statements for the year ended May 31, 2023. The restated financial statements to be included in the amended Form 10-K should be relied on in lieu of the previous audited consolidated financial statements included in the Company’s original Form 10-K for the year ended May 31, 2023. The Company is diligently pursuing completion of the restatements and intends to file the amended Annual Report for the year ended May 31, 2023, as soon as reasonably practicable. Dan Barton, CPA, the Company’s independent registered p

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Source: SEC EDGAR

accession 0001493152-24-040997

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