TPT GLOBAL TECH, INC.: auditor change — TPT Global Tech restates 2023-2024 financials; derivative liability error triggers non-reliance

TPT GLOBAL TECH, INC.

Board, with auditor Sadler/Gibb, determines prior 10-Q for Sep 30, 2023, Mar 31, 2024, Jun 30, 2024 and 10-K for Dec 31, 2023 are unreliable.
Restatement adjusts total liabilities by $0.8M-$0.9M per period and increases net loss YTD by $826K for Sep 30, 2023 and $763K for Dec 31, 2023.
Derivative liability of $821,555 from modification of Michael Murphy debt conversion agreement was omitted; now recognized as derivative expense.
Stockholders' deficit increases by $826K–$811K across restated periods.
Company expects to file amended reports by December 25, 2024.

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

TPT GLOBAL TECH, INC. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Sadler, Gibb & Associates, LLC

Exact text from the filing

On December 4, 2024, the Board of Directors of TPT Global Tech, Inc. (the “Company”), in consultation with management and Sadler, Gibb & Associates, LLC, (“Sadler/Gibb”), the Company’s independent registered public accounting firm, concluded that the Company’s previously issued unaudited condensed consolidated financial statements contained within the Quarterly Reports on Form 10-Q for the quarterly periods September 30, 2023, March 31, 2024 and June 30, 2024 and the Annual Report on Form 10-K for the year ended December 31, 2023 should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these prior financial statements is required.

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Source: SEC EDGAR

accession 0001654954-24-015205

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