# Globaltek Ventures Declares Past Financial Statements Unreliable, Auditor Resigns

> Globaltek Ventures, Inc., formerly Ameritek Ventures, Inc., has stated that financial reports from 2019 through 2025 cannot be relied upon due to significant accounting errors, prompting its auditor's resignation and the recall of audit reports, amidst court-ordered governance changes.

By PrimaryBrief newsroom · Published 2026-10-15T14:35:19.185703Z
Canonical: https://primarybrief.com/article/globaltek-ventures-declares-past-financial-statements-unreliable-auditor-resigns-73af1b62

Globaltek Ventures, Inc., formerly Ameritek Ventures, Inc., has declared that its financial statements for fiscal years ending December 31, 2019, through December 31, 2025, and subsequent interim periods, should no longer be relied upon [1][4][9]. The company's Audit Committee concluded this on September 29, 2026, citing extensive accounting errors [1][10].

A material error involved improper accounting for the realizability of deferred tax assets, necessitating an additional valuation allowance of approximately $8.40 million as of December 31, 2025 [1][8][10]. This error significantly increased the company's 2025 losses [1]. Specifically, the tax expense for 2025 is expected to rise from $0.29 million to $8.69 million, leading to an increase in loss after taxation from $3.15 million to $11.55 million [2][7]. This represents a more than threefold increase in the reported net loss for 2025 [1][7].

In response to these developments, Bansal & Co LLP, the company's auditor, resigned effective September 10, 2026 [4]. The firm subsequently recalled its audit reports and withdrew consent for their use [5]. Prior reports from Bansal & Co LLP for the 2023, 2024, and 2025 financial statements had not contained an adverse opinion or disclaimer [5].

These events occurred after a Nevada District Court order issued on August 11, 2026, invalidated previous appointments and related-party transactions, which reportedly left the company without a valid board or officers [4]. A new custodian, Jacob Sherman, was appointed on October 12, 2026 [4].

## Evidence cited
1. Globaltek Ventures, Inc. files 8-K: Auditor change (SEC EDGAR) — https://www.sec.gov/Archives/edgar/data/1530185/000137647426000649/atvk-20260811_8k.htm
2. (October 03 2026) Total assets will decrease from $103.15 million to $100.50 million, while total liabilities will increase from $63.31 million to $69.07 million. ... Total shareholders' equity will decrease from $39.83 million to $31.43 million due to an increase in accumulated deficit, from $39.82 million to $44.46 million, and a decrease in non- controlling interest from $60.12 million to $56.35 million. ... In the Statement of operations for the year ended December 31, 2025, tax expense will (publicnow.com) — https://publicnow.com/
3. On January 7, 2026, with the approval of the Board of Directors, the Company engaged Zahid Jamil & Co. (“Zahid Jamil”), as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately. During the Audit Periods and during the period from December 31, 2024 through January 7, 2026, neither the Company nor anyone on its behalf consulted Zahid Jamil regarding either (i) the application of accounting principles to a specified transacti (sec.gov) — https://www.sec.gov/
4. (October 15 2026) Globaltek Ventures, Inc. (formerly Ameritek Ventures, Inc.) announced in a Form 8-K filed on October 15, 2026, the resignation of its auditor Bansal & Co LLP, a Nevada court order invalidating prior appointments, and the decision that all financial statements issued for fiscal years ending December 31, 2019 through December 31, 2025 are no longer reliable. Key Highlights. Auditor resignation: Bansal & Co LLP resigned effective September 10, 2026, citing concerns over reliance o (kalkinemedia.com) — https://kalkinemedia.com/
5. (October 15 2026) Bansal & Co LLP recalled the related audit reports and withdrew consent to their use. Its April 14, 2026 report on the 2025 and 2024 statements and March 31, 2025 report on the 2024 and 2023 statements contained no adverse opinion or disclaimer ... — https://stocktitan.net/
6. (October 13 2026) reportingrisk.com scores every active US filer on three things a company tells the SEC about itself: late-filing notices on Form NT, 8-K item 4.02 (past accounts declared unreliable) and 4.01 (auditor changes). 1,016 are flagged today. Every score is frozen and checked twelve months later. Across 91,452 of them, a company scoring 4 or more ended that year delisted, bankrupt, restated or silent 17.2% of the time, against 4.0% for a clean record. Scores before 2026-09-27 were rec (reportingrisk.com) — https://reportingrisk.com/
7. (October 03 2026) The Revised Numbers. The financial impact runs across GlobalTech's balance sheet and income statement. On the income statement, tax expense for 2025 is expected to jump from $0.29 million to $8.69 million, pushing the net loss after taxes from $3.15 million to $11.55 million — a more than threefold increase. Comprehensive loss for the year would widen from $2.11 million to $10.51 million. Basic and diluted loss per share attributable to the company would change from $(0.01) to  (bullished.co) — https://bullished.co/
8. GlobalTech Corp, Non-reliance on previously issued financial statements due to material error in deferred tax asset accounting requiring $8.4 million … (sqxalts.com) — https://sqxalts.com/
9. (May 06 2026) Globaltek Ventures, Inc. (OTC Pink:ATVK) has changed its corporate name from Ameritek Ventures, Inc., according to a recent filing with the Securities and Exchange Commission. The name change became effective at 5:00 p.m. Pacific Time on April 17, following the filing of a Certificate of Amendment to the Articles of Incorporation with the Secretary of State of Nevada. The amendment was approved by the company's board of directors and the holder of a majority of the company's voting (investing.com) — https://www.investing.com/news/stock-market-news/globaltek-ventures-inc-changes-corporate-name-to-reflect-strategic-repositioning-3382757
10. (October 02 2026) GlobalTech's Audit Committee concluded on September 29, 2026 that the company's audited consolidated financial statements for the year ended December 31, 2025, and unaudited interim statements for the three and six months ended June 30, 2026 contained material errors and should no longer be relied upon. The error stemmed from improper accounting for the realizability of deferred tax assets, requiring an additional valuation allowance of approximately $8.40 million as of Decembe (edgar.tools) — https://edgar.tools/
11. ... 35-17 requires that an impairment loss of long-lived assets be recognized “only if the carrying amount of a long-lived asset (asset group) is not recoverable and exceeds its fair value.” In paragraphs A95 and A96 of the Basis for Conclusions of Statement 109, the FASB rejected the term “probable” with respect to the measurement of DTAs and believes that the criterion should be “one that produces accounting results that come closest to the expected outcome, that is, realization or nonrealizat — https://deloitte.com/
12. (July 29 2026) A projection of future taxable income is inherently subjective and therefore carries less weight than the objective evidence presented by cumulative losses in recent years. As such, projected future taxable income, absent a history of strong earnings from core operations, generally will not be sufficient to overcome negative evidence that includes cumulative losses in recent years. On the other hand, an expectation of future taxable income supported by a recent history of strong e — https://pwc.com/
13. Deferred tax assets and liabilities. ASC 740-10-05-7. A temporary difference refers to a difference between the tax basis of an asset or liability, determined based on recognition and measurement requirements for tax positions, and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively. Deferred tax assets and liabilities represent the future ... Ent — https://rsmus.com/
14. Globaltek Ventures, Inc. files 8-K: Auditor change (SEC EDGAR) — https://sec.gov/Archives/edgar/data/1530185/000137647426000649/atvk-20260811_8k.htm
15. htm. ... Identification No.) ... Securities registered pursuant to Section 12(b) of the Act: None. Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ... Item 4.01 Changes in Registrant's Certifying Accountant. On December 17, 2025, Saeed Kamran & Co., Chartered Accountants (“Saeed Kamran”), provided notice to  — https://sec.gov/
16. ... ASC 740. ACCOUNTING GUIDE. ASC 740: How the Income Tax Provision Actually Works. Two numbers describe the same year and they almost never agree. One is the tax you owe on the return you file. The other is the tax expense that lands on your income statement, and ASC 740 is the standard that decides how to compute it. Most controllers meet this topic for the first time when a lender, a private equity buyer, or a new audit partner asks for a tax provision  ... — https://reedcorp.tax/
17. (February 05 2026) ASC 740 income tax provisions rarely fail because calculations are incorrect. They fail because the judgment, documentation, and process behind the ASC 740 tax provision do not withstand review. Across US accounting and advisory firms, reviewers continue to flag the same ASC 740 issues year after year. Not because teams lack technical knowledge, but because time pressure, fragmented workflows, and inconsistent documentation turn review into re-preparation. Below are the most c — https://befreeltd.com/