GHST World Inc. (GHST): auditor change — GHST World non-reliance on FY 2022 financials; restatement increases net loss to $3.99M

GHST World Inc.

Board determined FY 2022 audited financials and several quarterly periods from Dec 2021 to Mar 2023 should no longer be relied upon.
Restatement includes non-cash expense from issuance of ~118.66M shares at avg $0.00185/share, below fair market value.
Net loss for FY 2022 revised from $151,885 to ~$3,987,000, a roughly 26x increase.
Other adjustments: impairment on 119 art paintings, write-off of patent costs, write-off of related party receivable.
Re-audited FY 2022 financials to be included in FY 2023 10-K, due by Oct 13, 2023.

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

Exact text from the filing

n Form 10-Q (each, a “Form 10-Q”) that should no longer be relied upon due to material adjustments resulting from a re-audit of the Company’s financial statements for the fiscal year ended June 30, 2022, as described in the Form 8-K as amended. Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. 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-audi

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Source: SEC EDGAR

accession 0001553350-23-000441

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