AuditorMay 27, 2026, 06:07 AM
Goldenwell Biotech to Restate Q1-Q3 2025 Financials Due to Errors
AI Summary
Goldenwell Biotech Inc. announced that its previously filed Quarterly Reports for March 31, June 30, and September 30, 2025, should no longer be relied upon. The company's independent auditor identified errors related to the timing of legal fee recognition, improper revenue recognition, and misclassified prepaid fees. Goldenwell Biotech anticipates restating these financial statements by approximately June 30, 2026, to correct these issues.
Key Highlights
- Goldenwell Biotech will restate its March 31, June 30, and September 30, 2025 Quarterly Reports.
- The company's auditor, Michael Gillsepie & Associates, PLLC, identified US GAAP non-compliance.
- Legal fees of $9,840 were incorrectly recorded in the invoice receipt quarter instead of when services were performed.
- March 31, 2025 Form 10-Q will recognize an additional $2,280 in legal fees.
- June 30, 2025 Form 10-Q will recognize an additional $2,200 in legal fees.
- September 30, 2025 Form 10-Q will recognize an additional $2,080 in legal fees.
- Errors also include improper revenue recognition and misclassified prepaid fees.
- Restatements are anticipated by approximately June 30, 2026.
Price Impact
More from GWLL