<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of Earliest event reported) December 13, 2000
Dynamic I-T, Inc.
------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Colorado 0-10065 82-0379959
------------------------------------------------------------------------------
(State or other jurisdiction Commission file (IRS Employer
of incorporation) No. Identification No.)
2504 Eleventh Street, Santa Monica, California 90405
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 392-8179
----------------------------
2504 Eleventh Street, Santa Monica, California 90405
------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On July 28, 2000 Dynamic I-T, Inc. ("Dynamic" or the "Company") acquired
BankNet Kft. ("BankNet"), a company organized under the laws of Hungary, in a
reverse acquisition. BankNet's accountants had been Ernst & Young in Budapest,
Hungary while J.H. Cohn LLP was the principal independent accountant of the
legal acquirer. On December 13, 2000, the Company informed Ernst & Young that
it was dismissing them as the Company's principal independent accountants. On
the same date, the Company appointed J.H. Cohn LLP principal independent
accountant of the accounting acquirer (BankNet). This decision was recommended
and approved by the Company's Board of Directors.
None of the reports of Ernst & Young on the Company's audited financial
statements for the year ended December 31, 1998 and 1999 through December 13,
2000 the unaudited financial statements for the interim periods through
September 30, 2000 contained an adverse opinion or a disclaimer of opinion and
were not qualified or modified as to uncertainty, audit scope, or accounting
principles.
In connection with the audits of the Company's financial statements for
the years ended December 31, 1998 and 1999 and through September 30, 2000,
there have been no disagreements with Ernst & Young on any matters of
accounting principles or practices, financial statement disclosure or auditing
scope and procedures, which disagreements, if not resolved to the satisfaction
of Ernst & Young would have caused Ernst & Young to make references in their
reports on the Company's financial statements for the years ended December 31,
1998 and 1999, and none of the events described in Item 304(a)(1)(v) of
Regulation S-K occurred during such period with respect to the Company or Ernst
and Young.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
16.1* Letter from Ernst & Young, stating their concurrence with the
foregoing disclosures is included as Exhibit 16.1 to this
Form 8-K/A report
Exhibit No. Description
----------- -----------
16.1* Letter from Ernst & Young, regarding their concurrence with
the foregoing disclosures.
* Filed herewith.
2
<PAGE> 3
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.
Dynamic I-T, Inc.
By /s/ Spencer Young
-----------------------
Spencer Young
Vice President and Director
Date: December 27, 2000
