SecureTech Innovations Changes Auditor, Will Restate 2025 Financials

What Happened

• SecureTech Innovations, Inc. announced on August 5, 2026 that it has engaged Marcum Asia as its new independent registered public accounting firm. On July 31, 2026 the Company’s Board dismissed Gary Cheng CPA Limited (GCCPA) as its auditor, though GCCPA was re-engaged on a limited scope to re-audit restated 2025 consolidated financial statements and complete interim reviews for the affected quarters.
• The Board (acting without an audit committee) concluded on July 31, 2026, after discussion with GCCPA, that previously issued financial statements for the year ended December 31, 2025 and interim periods ended March 31, June 30 and September 30, 2025 should no longer be relied upon and will be restated.

Key Details

• Auditor change: GCCPA dismissed July 31, 2026; Marcum Asia engaged (press release Aug 5, 2026).
• Affected periods: FY 2025 and interim periods ended Mar 31, Jun 30, Sep 30, 2025.
• Restatement reasons: (1) redeemable non‑controlling interest in Zhejiang Jizhu Technology Co., Ltd. was misclassified as permanent equity and must be reclassified to mezzanine (temporary) equity under ASC 480‑10‑S99 with accretion adjustments; (2) certain accounts receivable should be reclassified from current to non‑current.
• Governance/material weaknesses: management previously concluded internal control over financial reporting was not effective due to no Audit Committee and no independent board members; the company nominated three independent directors in Mar–Apr 2026 to remediate this.
• GCCPA’s original 2025 audit report included a going‑concern explanatory paragraph but was not otherwise qualified; GCCPA and the Board characterize the restatement matter as a reportable event.

Why It Matters

• Investors should treat the affected 2025 and interim financial statements as unreliable until restatements and reviews by the auditors are complete. Restatements can change reported balances, equity presentation and related disclosures, which affect valuation metrics and trend analysis.
• The company is addressing governance weaknesses by nominating independent directors and intends to establish an independent Audit Committee, but these issues and the restatement create short‑term uncertainty about financial reporting and control effectiveness.
• The inclusion of a going‑concern paragraph in the prior audit highlights continued financial risk; investors should watch for the amended 10‑K/A and 10‑Q/A filings and the new auditor’s completed reports for clarity on reported results and controls.