Earnings ·
GlobalTech restates fiscal 2025 results, increasing net loss to $11.55 million due to deferred tax errors
GLTKGlobalTech Corp
GlobalTech Corporation announced that its Audit Committee concluded previously issued financial statements for fiscal year 2025 and the first two quarters of 2026 contained material errors regarding deferred tax asset realizability, requiring restatement. The correction involves an additional $8.40 million valuation allowance as of December 31, 2025, increasing total tax expense to $8.69 million and net loss to $11.55 million for the year. Consequently, total assets decrease by $2.65 million to $100.50 million, while total liabilities increase by $5.76 million to $69.07 million. Basic and diluted loss per share worsens from $(0.01) to $(0.04). Management identified material weaknesses in internal control over financial reporting and is developing a remediation plan. The company operates in the technology sector.