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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
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)
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Colorado 82-0379959
(State or other jurisdiction Commission File (IRS Employer
of incorporation) No. Identification No.)
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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)
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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 have been Ernst & Young
in Budapest, Hungary while J.H. Cohn LLP is 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.
The decision to dismiss Ernst & Young 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 years ended December 31, 1998 and 1999 and 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 December 13, 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. FINANCIALS 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 report
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Exhibit No. Description
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16.1* Letter from Ernst & Young, regarding their concurrence
with the foregoing disclosures.
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* To be filed by amendment.
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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/ Raymond A. King
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Raymond A. King
Chief Financial Officer & Director
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