GlobalTech says prior financial statements no longer reliable, to restate deferred tax assets accounting
GLTK•GlobalTech said it will restate prior financial statements after identifying an $8.4 million deferred-tax-asset accounting error. The restatement is expected to reduce assets and shareholders’ equity and increase liabilities.
1. Restatement details
On Sept. 29, 2026, GlobalTech’s audit committee concluded that several previously issued financial statements could no longer be relied upon because of a material accounting error. The company said it should have recorded an additional valuation allowance of about $8.4 million as of Dec. 31, 2025, and plans to amend its 2025 annual report and subsequent quarterly filings. The restatement is expected to reduce total assets to $100.50 million from $103.15 million, increase total liabilities to $69.07 million from $63.31 million, and reduce shareholders’ equity to $31.43 million from $39.83 million. The company also identified additional material weaknesses in internal control over financial reporting and said disclosure controls were not effective as of Dec. 31, 2025.
