Vestand restates financials for 2021-2025; fictitious liabilities of ~$700k identified

Vestand Inc.

Board non-reliance on all financial statements from 2021 through Q2 2025, including audited annuals and unaudited quarters.
Independent accountant Oh & Chung found fictitious/improper liabilities ~$700k, intercompany loan irregularities, and unauthorized securities.
Company preparing restatements; assessing legal action and clawback of executive incentive compensation.
Material weaknesses in internal controls disclosed; new CFO Jaeho Yoon and CCO Andrew Yun appointed.
Company will appoint a new independent audit firm.

item 4.02item 9.01

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