Ameritek Ventures, Inc. Issues Amended Annual Report: Key Financial and Operational Updates for 2024

Summary of the Filing

Ameritek Ventures, Inc. (OTC: ATVK) has filed Amendment No. 3 to its 2024 Form 10-K/A, providing investors with an updated view of the company’s financial position and internal controls as of December 31, 2024. This amendment was triggered to correct inconsistencies in the consolidated financial statements, notably concerning the valuation of ZenaTech, Inc. securities received in the sale of Ecker Capital, LLC. The audited figures now align with those prepared and signed by Bansal & Co. LLP, the company’s independent public auditors.

Key Highlights and Shareholder Considerations

• Restatement of Financials: The company corrected its consolidated financial statements to align with audited numbers, specifically regarding the valuation of securities from ZenaTech, Inc., received in a strategic asset sale. This correction acknowledges prior material weaknesses in internal controls and disclosure practices.
• Internal Controls Not Effective: Management explicitly states that Ameritek’s internal control over financial reporting was not effective as of December 31, 2024. The company is actively working on remediation but has not yet achieved compliance with applicable rules.
• Material Weakness in Disclosure Controls: Management’s evaluation identified material weaknesses that may impact investor confidence and could be price-sensitive, as they elevate financial reporting risk.
• No Restatements or Recovery Analysis: The amendment confirms there were no restatements requiring a recovery analysis of incentive-based compensation for executives.
• Non-Accelerated Filer & Smaller Reporting Company: Ameritek is classified as a non-accelerated filer and a smaller reporting company, which means it is subject to less stringent reporting requirements.
• Financial Position – 2024 vs. 2023:
  • Total Assets (2024): \$16,207,378 (up from \$3,795,347 in 2023)
  • Total Liabilities (2024): \$2,477,586 (down from \$3,639,728 in 2023)
  • Stockholders’ Equity (2024): \$13,729,792 (surge from \$155,619 in 2023)
  • Long-Term Debts: \$1,022,411 (2024)
• Common Stock Issuance: As of December 31, 2024, there were 613,226,791 shares of common stock outstanding, par value \$0.001 per share.
• Earnings Per Share: Basic and diluted EPS for 2024 was \$0.02, compared to \$0.00 in 2023, reflecting a swing to profitability.
• No Cash Dividends: The company has never paid cash dividends on common stock and intends to retain earnings for business development and growth.
• Liquidity and Cash Flow:
  • Cash provided by operating activities (2024): \$354,384
  • Cash (used in) financing activities (2024): \$(329,659)
  • No significant investing activities reported for 2024.
• No Recent Sales of Unregistered Securities: There were no unregistered securities sales in 2024.
• Equity Compensation Plans: Information is referenced in Item 11, suggesting use of equity-based incentives.
• Market Information: The third quarter 2024 high and low share prices were \$0.0012 and \$0.0009, respectively.

Price-Sensitive Factors and Investor Impact

• Material Weaknesses in Internal Controls: The company’s acknowledgment of ongoing material weaknesses and ineffective internal controls is a critical risk factor. This may impact investor confidence and could be a source of share price volatility until remediation is confirmed.
• Substantial Increase in Stockholders’ Equity: The equity jump from \$155,619 to \$13,729,792 year-over-year is significant. This is due in part to the revaluation of securities received from ZenaTech, Inc., and will likely be scrutinized by the market for sustainability and transparency.
• Profitability Achieved: The swing to positive earnings per share (\$0.02) in 2024 from break-even in 2023 is a notable turnaround, suggesting improved operational performance.
• No Dilution from Unregistered Securities: There were no new unregistered securities diluting shareholder value in 2024, which is a positive for existing shareholders.
• No Cash Dividends: The continued policy of retaining earnings rather than issuing dividends may affect the stock’s appeal to income-focused investors.

Outlook and Forward-Looking Statements

Management included standard cautionary language regarding forward-looking statements, specifying that actual results may differ materially due to risks and uncertainties. Investors are reminded that the company has no obligation to update forward-looking statements after the date of the report.

Conclusion

Ameritek Ventures, Inc.’s amended 2024 10-K/A delivers a mix of positive signals and notable risks:

• The correction of financial statements and the substantial equity increase are positive but will require ongoing scrutiny, especially with material control weaknesses still unresolved.
• The achievement of profitability and no dilution from unregistered securities improve the investment case, but the lack of dividends and risk from ineffective internal controls must be weighed by shareholders.

Investors should watch for further updates on internal control improvements and operational performance in future filings, as these factors are likely to influence market confidence and share price.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should review the full SEC filing and consult with a qualified financial advisor before making investment decisions. The information presented is based on the company’s latest publicly available amended 10-K/A as of March 31, 2025, and may be subject to further updates or corrections.

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