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Golden Triangle Ventures, Inc. Announces Update on Financial Statements and Corporate Developments
Golden Triangle Ventures, Inc. Announces Update on Financial Statements and Corporate Developments.
About this update from Golden Triangle Ventures Inc.
[{"type":"text","content":"\n LAS VEGAS, Nov. 19, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Golden Triangle Ventures, Inc. (OTC PINK:GTVH) (the “Company”) announces that, due to an error in recognition measurement resulting from mathematical calculations that existed at the time the financial statements were previously prepared, the Company will be filing a restatement of every Financial Statement published under GTVH since the Company completed its merger with Texas Oil & Minerals, Inc. (“TOMI”). The Company detected some discrepancies in its 2Q 2021 financial statement which have now been reviewed and corrected by F.A.R. Out Numbered, LLC (“FAR”) accounting services. To ensure all Company financials are auditable and accurate, management has made a decision to restate all Financial Statements in order to begin the audit process. FAR has been appointed the new Corporate Accountant/Controller, Enrolled Agent, and Licensed Tax Consultant of Golden Triangle Ventures, Inc. FAR replaces XTAX Pros (“XTAX”) and will work closely to assist the Company in preparing its financials for its anticipated audit for the specific purpose of up listing and becoming a fully reporting SEC filer which is needed to complete the two anticipated spin-offs. The Company is extremely pleased with the internal and external accounting teams and look forward to growing alongside them in all future endeavors, knowing the foundational accounting is solid. The Company is also pleased to announce that TK Zarro, LLC (“TK”) has agreed to halt all note conversions for at least 90 days and invest up to $1,175,000 into Golden Triangle Ventures, Inc. which will help capitalize its New Year’s Eve Festival and assist the Company in closing its acquisition of Le Pragma, both of which are immediate revenue producing material events. The repayment of this loan will be from fundamental business revenue and not be a further share issuance or obligation. In addition, TK has agreed to allow Golden Triangle Ventures to enter negotiations to pay off the outstanding legacy debt from the convertible promissory note so the Company can officially retire this debt when able to do so. In addition, management will soon be opening a new Preferred class of shares which will be used to issue all shareholders of record as of Feb. 19,...