The restatement underscores weak internal controls and potential for further corrections. With zero revenue and negative equity, the company's reliance on external financing is critical. Watch for additional 8-Ks or capital raises; failure to secure funding could accelerate deterioration.
Price Chart
Executive Summary
Goldenwell Biotech filed Amendment No. 1 to its Q2 2025 10-Q, restating financials due to GAAP errors in revenue recognition, expense timing, and prepaid fee classification. Net loss for the quarter was revised from $(5,220) to $(28,900), and accumulated deficit increased to $(1,428,482). The restatement signals material internal control weaknesses at this development-stage company with zero revenue and a going concern warning.
Key Facts
- Restatement corrects improper recognition of $37,500 in service revenue, $16,020 in OTCQB fee classification, and $2,200 in accrued legal fees.
- Net loss for Q2 2025 originally reported as $(5,220); restated to $(28,900) — a change of $(23,680).
- Accumulated deficit restated to $(1,428,482) from $(1,399,241).
- Total assets restated to $267,315; total liabilities to $383,393; stockholders' deficit to $(116,079).
- Revenue for six months ended June 30, 2025: $0 (vs $297 in 2024). Net loss for six months: $(68,836) (vs $(80,897) in 2024).
- Going concern disclosure remains; accumulated net loss of $1,428,481 since inception.
- Errors identified by auditor Michael Gillespie & Associates on May 19, 2026; prompted Form 8-K on May 27, 2026.
Financial Impact
Net loss increased by $23,680 for Q2 2025 due to restatement; total accumulated deficit impact of $29,241.
Risk Factors
- Going concern risk due to accumulated losses and negative working capital of $(306,886).
- Material weakness in internal controls over financial reporting; risk of further restatements.
- Dependence on raising capital; no financing arranged and equity already negative.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-Q/A Filing (Primary) | 0001477932-26-004054 |
| Document: gdwl_ex311.htm | 0001477932-26-004054 |
| Document: gdwl_ex312.htm | 0001477932-26-004054 |
| Document: gdwl_ex321.htm | 0001477932-26-004054 |
| Document: gdwl_ex322.htm | 0001477932-26-004054 |
| Document: 0001477932-26-004054-index-headers.html | 0001477932-26-004054 |
| Document: 0001477932-26-004054-index.html | 0001477932-26-004054 |
| Document: 0001477932-26-004054.txt | 0001477932-26-004054 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | SC 13D | $0.6897 $0.6000 | ▼ −13.01% | ▼ −11.04% | $0.6500 (−5.76%) |
Oct 9, 2026 17d ago | 3 | $0.6897 $0.6000 | ▼ −13.01% | ▼ −11.04% | $0.6500 (−5.76%) |
Oct 9, 2026 17d ago | 8-K | $0.6897 $0.6000 | ▲ +13.01% | ▲ +11.04% | $0.6500 (+5.76%) |
Sep 29, 2026 27d ago | 8-K | $0.6897 $0.6897 | · 0.00% | ▲ +1.95% | $0.6500 (+5.76%) |
Jun 29, 2026 17w ago | 10-Q/A | $0.5200 $0.5200 | · 0.00% | ▲ +1.39% | $0.6500 (−25.00%) |
Jun 26, 2026 17w ago | 10-Q/A | $0.5200 $0.5200 | · 0.00% | ▲ +1.39% | $0.6500 (−25.00%) |
Jun 26, 2026 17w ago | 10-Q/A | $0.5200 $0.5200 | · 0.00% | ▲ +1.39% | $0.6500 (−25.00%) |
US Market Status
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