UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K/A

 (Amendment No. 1)

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): May 2, 2024 

 

KINETIC GROUP INC

(Exact name of registrant as specified in its charter)

 

Nevada

 

333-216047

 

47-4685650

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification Number)

 

2801 NW 74TH Avenue, Miami FL 33122

(Address of principal executive offices) 

 

786-712-6827

(Registrant’s telephone number, including area code) 

 

(Former name or former address, if changed since last report) 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions.

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

SECTION 4 - MATTERS RELATED TO ACCOUTANTS AND FINANCIAL STATEMENTS

 

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

 

To clarify an accounting error that was picked up at the beginning of May and which resulted in our 8-K filing on May 3rd, in early May 2024 our new external accounting advisors questioned a specific entry in the Balance Sheet that was posted in June 2022. The entry was an increase to Accounts Receivable in the amount of Five Hundred Fifty Thousand Dollars ($550,000) due from existing shareholders and with the offset going to Addition Paid in Capital. The previous external accountants had originally interpreted a Share Sale and Purchase Agreement executed between shareholders in the second quarter of 2022 as money that the acquiring shareholders owed Kinetic Group.

 

However, upon further review by the new accounting advisors it was discovered that the original SPA did not provide for money to be paid to Kinetic. Accordingly, the Company reversed the entry immediately after the discovery of the error.

 

Management does not expect this reversal to adversely materially affect the ongoing business of Kinetic.

 

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: May 10, 2024

 

“/s/” Ana Maria Mendez

 

 

 

Name: Ana Maria Mendez

 

 

 

Title: President

 

 

 

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Cover
May 02, 2024
Cover [Abstract]  
Entity Registrant Name KINETIC GROUP INC
Entity Central Index Key 0001696195
Document Type 8-K/A
Amendment Flag false
Entity Emerging Growth Company false
Document Period End Date May 02, 2024
Entity File Number 333-216047
Entity Incorporation State Country Code NV
Entity Tax Identification Number 47-4685650
Entity Address Address Line 1 2801 NW 74TH Avenue
Entity Address City Or Town Miami
Entity Address State Or Province FL
Entity Address Postal Zip Code 33122
City Area Code 786
Local Phone Number 712-6827
Written Communications false
Soliciting Material false
Pre Commencement Issuer Tender Offer false
Pre Commencement Tender Offer false
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