Atlas Lithium Corp (ATLX): auditor change — Atlas Lithium restates 2022, 2023, Q1/Q2 2024 financials; prior auditor barred by SEC

Atlas Lithium Corp

Restatement covers FY2022, FY2023, Q1 2024, and Q2 2024; prior auditor BF Borgers permanently barred by SEC in May 2024.
FY2022 restatement includes excluding two entities controlled by controlling stockholder and derecognizing equity method investments with no future benefit.
FY2023 corrections: reclassifying mining rights from intangibles, adjusting stock-based compensation timing, and correcting operating lease accounting.
Q1 2024 restatement includes correction of weighted-average shares outstanding and net loss per share.
Material weakness identified in internal control over financial reporting; disclosure controls ineffective for all affected periods.

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

Atlas Lithium Corp reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BF Borgers CPA PC

Exact text from the filing

the Company's previously issued audited consolidated financial statements for the two fiscal years ended December 31, 2023 audited by the previous auditor (the “Previously Issued Financial Statements”) will be restated due to the identification of certain accounting errors primarily related to the presentation, timing and classification of certain items as set forth below.

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Source: SEC EDGAR

accession 0001493152-24-044290

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