Globaltek Ventures Auditor Quits; Seven Years of Financials Withdrawn

What happened

Globaltek Ventures, Inc., a Nevada-incorporated company whose common stock trades under the ticker ATVK, filed a Form 8-K with the Securities and Exchange Commission on October 15, 2026 describing a chain of events that began earlier in the year.

On August 11, 2026, according to the filing, the District Court of Nevada issued an order finding that the person acting as the company's Custodian — who was also its sole director, chief executive officer and principal accounting officer — had been improperly appointed, and that all related-party transactions involving the company were void from the start. The company states that as a result it had no directors, no officers and no custodian from that date until October 12, 2026.

On October 12, 2026, Jacob Sherman was appointed Custodian of the company. The filing says Sherman is reviewing the effect of the court order on the company's finances and operations, and matters relating to a possible appeal.

By letter dated September 10, 2026, the company's independent registered public accounting firm, Bansal & Co. LLP, resigned effective immediately. Bansal had earlier sent letters on August 20 and September 10, 2026 stating that its previously issued audit reports — covering fiscal years 2019 through 2025 and subsequent interim periods — should no longer be relied upon, and it withdrew consent to their use. Bansal had not performed any audit work on the quarter ended September 30, 2026 or on fiscal 2026.

The company says it is proposing to reappoint Bansal as its auditor going forward. Bansal's letter to the SEC is filed as Exhibit 16.1.

How the accounting firm explained it

The filing states that Bansal cited two 'reportable events' under SEC rules. First, information led Bansal to conclude it could not rely on representations previously made to it and did not want to remain associated with the company's financial statements, because the court order found Dr. Shaun Passley was never properly appointed as a director or officer. Second, Bansal concluded the order materially affects the reliability of the previously issued financial statements and audit reports.

The filing says there were no disagreements between the company and Bansal over accounting principles, disclosure or audit procedures during fiscal 2024, fiscal 2025, or the period up to Bansal's resignation.

Because the company had no validly appointed board or audit committee for the period from August 11 to October 12, 2026, the filing states that the reportable events were not discussed with Bansal by a board or audit committee. The company says it has authorized Bansal to respond fully to inquiries from a successor auditor.

Bansal originally delivered its August 20, 2026 letter to the company under Section 10A(b) of the Securities Exchange Act. The company says it could not respond because it had no officers or custodian at that time, so on August 26, 2026 Bansal sent the letter directly to the SEC's Office of the Chief Accountant under Section 10A(b)(3).

About the company

Globaltek Ventures is listed under the industry category 'Motor Vehicle Parts & Accessories.' It was formerly named Ameritek Ventures, Inc., and is headquartered in Chicago. Its most recent reported annual revenue, for the period ending December 31, 2024, was $678,300 — a small business by public-company standards, and one with little analyst coverage.

A so-called 'custodian' is a person appointed — often by a court — to take control of a company that has effectively ceased to function normally, including to restore it to compliance with its obligations. Sherman's appointment as Custodian on October 12, 2026 is what allowed the company to sign and file this 8-K at all.

What this means

A Form 8-K is the 'current report' a US public company must file when something material happens between its quarterly and annual reports. Unlike a 10-K or 10-Q, which are scheduled, an 8-K is triggered by the event itself. The form is organized into numbered 'items,' and the company checks off which ones apply. This filing uses five: 4.01 (change in certifying accountant), 4.02 (non-reliance on previously issued financial statements), 5.02 (departure or appointment of directors and officers), 7.01 (Regulation FD disclosure, a rule requiring that material information given privately be disclosed publicly) and 9.01 (financial statements and exhibits).

Item 4.02 is the most serious of these. When a company files it, the company is telling investors that financial statements it has already published — and that investors and lenders may have relied on — should no longer be trusted. Here that covers seven fiscal years, 2019 through 2025, plus the interim quarters within them. For a company the size of Globaltek, that spans essentially its entire recent operating history.

An audit report is the accounting firm's written opinion on whether a company's financial statements are fairly presented. The filing notes that Bansal's earlier reports on fiscal 2024 and 2025 carried no adverse opinion, no disclaimer of opinion, and were not qualified as to uncertainty, audit scope or accounting principles — in plain terms, they were clean opinions at the time they were issued. The issue is not what Bansal thought then but what the court order established afterwards about who had authority to make the representations the audit rested on.

Item 4.01 requires a company to disclose an auditor's resignation or dismissal, and to describe any 'reportable events' the auditor identified. Item 304(a)(3) of Regulation S-K then requires the company to give the auditor a copy of the company's own explanation and to ask the auditor to write to the SEC saying whether it agrees. That is what Exhibit 16.1 is: the auditor's side of the story, filed alongside the company's. It is the mechanism that stops a company from characterizing an auditor's departure unchallenged.

The unusual feature here is the order in which events occurred. Bansal sent its letter to the company on August 20, 2026, but the company had no officer or director who could receive or respond to it, so the firm sent the same letter directly to the SEC. Section 10A(b) of the Exchange Act is the provision that requires an auditor who detects illegal acts to escalate — first to the company's management and board, and then, if the company fails to act, to the SEC. In this case the escalation was not caused by the company refusing to act; the filing says the company had nobody in place to act.

For readers trying to work out what comes next, the filing supports only a few concrete statements. A new or reappointed auditor would need to audit the years whose reports were withdrawn before the company could again produce financial statements that investors could rely on. The company says it is proposing to reappoint Bansal. The Custodian is reviewing the order and a possible appeal. The filing does not state whether the company's shares remain listed or trading, does not give a timetable, and does not estimate the cost or outcome of any of this.

The price data accompanying this event shows the stock closing at $4.00 on the prior close and $4.00 at the close, with no change. That reflects a single snapshot and not the market's reaction over time; the filing does not state when or whether trading was affected.

One caution on the share price: a $4.00 quote on a company with roughly $678,000 in annual revenue is unusually high for a business of that size, which often indicates a reverse stock split has occurred or very few shares are outstanding. The filing does not address the share count or capital structure, so nothing more can be said about it from these documents.