GHST World Inc. (GHST): auditor change — GHST World restates FY2022: net loss jumps from $152K to $3.99M on stock issuance, impairments

GHST World Inc.

Board concluded FY2022 audited financials unreliable after re-audit by Salberg & Company found material errors.
Net loss for FY2022 increased from $151,885 to approximately $3,987,000 due to corrections.
Corrections include non-cash expense from issuance of ~118.66M shares at avg price $0.00185 below fair value.
Also recorded non-cash impairment on 119 art paintings, write-off of patent costs, and write-off of related party receivable.
Restated financials will be in FY2023 10-K due Oct 13, 2023; prior auditor had PCAOB registration revoked.

item 4.02 item 9.01

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

GHST World Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ciro E. Adams, CPA, LLC
Successor: Salberg & Company, P.A.

Exact text from the filing

On September 28, 2023, the Board of Directors (the “Board”) of GHST World, Inc. (the “Company”), based on information provided by management of the Company and the Company’s accounting consultant, concluded that the Company’s previously issued audited financial statements as of and for the fiscal year ended June 30, 2022 (“FY 2022”) included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 28, 2022 (the “2022 Form 10-K”) should no longer be relied upon following the re-audit of those financial statements by the Company’s independent registered public accounting firm, Salberg & Company, P.A. (“Salberg”) resulting in certain material adjustments to such financial statements and a restatement of such financial statements to reflect the adjustments.

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Source: SEC EDGAR

accession 0001553350-23-000439

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