Going Concern-Amended	9 Months Ended
Jun. 30, 2024
Going Concern-Amended
Going Concern-Amended	Note 3 – Going Concern-Amended The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, acquisition of assets, and liquidation of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company has an accumulated deficit of US$ (442,919) and stockholder equity of US$ (222,177). 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. The error had/has no impact on any current or prior period: income statements, cash flow statements, management or key persons compensation, income statement or cash flow key metrics, current or long-term liabilities, or accumulated retained earnings. Management does not expect this reversal to adversely materially affect the ongoing business of Kinetic and reported this to SEC. Since January 2024 Balance sheet statement include corrections done and revised by our independent CPA. It is Management’s responsibility to verify and have in place sufficient and effective controls and procedures to identify an error in the Company’s financial statements. Management did not have sufficient controls at the time of the error and have now established an audit committee to verify all information being presented. The Company is attempting to generate sufficient revenue and at the present time, daily operations are being supported by principal stockholders. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to continue operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern.

Going Concern-Amended

9 Months Ended

Jun. 30, 2024

Note 3 – Going Concern-Amended

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, acquisition of assets, and liquidation of liabilities in the normal course of business.

As reflected in the accompanying financial statements, the Company has an accumulated deficit of US$ (442,919) and stockholder equity of US$ (222,177).

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. The error had/has no impact on any current or prior period: income statements, cash flow statements, management or key persons compensation, income statement or cash flow key metrics, current or long-term liabilities, or accumulated retained earnings. Management does not expect this reversal to adversely materially affect the ongoing business of Kinetic and reported this to SEC. Since January 2024 Balance sheet statement include corrections done and revised by our independent CPA.

It is Management’s responsibility to verify and have in place sufficient and effective controls and procedures to identify an error in the Company’s financial statements. Management did not have sufficient controls at the time of the error and have now established an audit committee to verify all information being presented.

The Company is attempting to generate sufficient revenue and at the present time, daily operations are being supported by principal stockholders. Management intends to raise additional funds by way of a private or public offering.

While the Company believes in the viability of its strategy to continue operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering.

The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern.

KINETIC GROUP INC. 10-Q/A