UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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 19, 1997
Kinetiks.com, Inc.
(Exact name of registrant as specified in its charter)
Delaware 33-97814 76-0478045
(State of jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
700 Rockmead Drive, Suite 150, Kingwood, TX 77339
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (281) 359-7638
................................................................................
(Former name or former address, if changed since last report.)
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Item 4. Changes in Registrant's Certifying Accountant
1. Effective June 11, 1997 Ernst & Young LLP, resigned as our certified public
accountants. The resignation was accepted by the Board of Directors.
2. For the Company's third quarter ending September 30, 1996 an unqualified
opinion was issue on the financial statements. However, Ernst & Young's report
dated March 15, 1996 contained the following paragraph:
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 1 to the
financial statements, the Company is in the development stage, has not
achieved significant operations, and has incurred losses since inception.
These conditions raise substantial doubt as to the Company's ability to
continue as a going concern. In order for the Company to emerge out of the
development stage and continue as a going concern, the Company must achieve
a level of operations sufficient to meet cash flow requirements and to
recover the development costs incurred. Management's plans in regard to
theses matters are described in Note 1. The financial statements do not
include any adjustments to reflect the possible future effects on the
recoverability and classification of asset carrying amounts or the amounts
and classification of liabilities that may result should the Company be
unable to continue as a going concern.
3. During the Company's two most recent fiscal years and through June 11, 1997
there were no disagreements with Ernst & Young LLP in regards to financial
accounting and reporting matters which if not resolved to the satisfaction of
Ernst & Young LLP, would have caused it to make reference to the subject matter
of the disagreement in connection with its report.
4. The Company has requested Ernst & Young LLP to furnish it with a letter
addressed to the Securities and Exchange Commission stating whether Ernst &
Young LLP agrees with the statements contained above. A copy of the letter from
Ernst & Young LLP to the Securities and Exchange Commission is filed as Exhibit
1.
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.
Date: June 16, 1997 Kinetiks.com, Inc.
By:/S/ Greg Carr
.................................
Greg Carr, Secretary
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Exhibit 1 to Form 8-K
[LETTERHEAD OF ERNST & YOUNG APPEARS HERE]
June 16, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read Item 4 of Form 8-K dated June 16, 1997 of Kinetiks.com, Inc. and
are in agreement with the statements contained in the first sentence of
paragraph 1 and paragraphs 2 through 4 on page 1 therein. We have no basis to
agree or disagree with other statements of the registrant contained therein.
ERNST & YOUNG LLP
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
