Business Context and Reporting Period
This Form 8-K is filed by KT High-Tech Marketing, Inc. (noting the metadata reference to KULR Technology Group, Inc.) for the reporting date of November 22, 2016. The filing addresses a critical issue regarding the reliability of previously issued financial statements.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document serves solely as a notification regarding the status of prior financial reports.
Material Changes and Non-Reliance Notice
On November 22, 2016, the company received notice from its independent accountant, KCCW Accountancy Corp., that the financial statements contained in the Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2016, cannot be relied upon. These statements were filed on November 16, 2016, prior to the completion of the independent accountant's review, which remains incomplete at the time of this filing.
Management Commentary and Risks
Management has discussed the matters disclosed in this filing with the independent accountant. The company has provided the accountant with a copy of these disclosures. The independent accountant's formal letter to the Commission regarding these disclosures will be filed in an amendment to this Current Report once received. The primary risk identified is the inability to rely on the previously filed Q3 2016 financial data.
Investor Verification Checklist
- Verify the status of the independent accountant's review of the Q3 2016 financial statements.
- Monitor for the filing of an amendment to this 8-K containing the independent accountant's letter.
- Confirm whether the company will restate or refile the Form 10-Q for the period ended September 30, 2016.
- Clarify the relationship between the registrant name "KT High-Tech Marketing, Inc." and the metadata reference to "KULR Technology Group, Inc."