UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report August 2, 2005
Monet Entertainment Group Ltd.
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(Exact name of registrant as specified in its chapter)
Colorado 0-27609 84-1391993
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(State or other jurisdiction (Commission File Number) (IRS Employer ID #)
of incorporation)
222 Milwaukee Street, Suite 304, Denver, Colorado 80206
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 329-3479
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(Former name or former address, if changed since last report)
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review
On or about January 17, 2005 the board of directors concluded that the
previously issued financial statements for the fiscal years ended December 31,
2002 and 2003 should no longer be relied upon.
The board reached this conclusion upon learning that its previous independent
public accountant was not a member of the Public Company Accountants Oversight
Board. As a result the registrant dismissed Story & Company P.C., as its
independent public accountant and retained Cordovano and Honeck, LLP, Certified
Public Accountants as its independent public accountant.
Upon discussion with its new certified public accountants, the board determined
that there should be a restatement of 2002 general and administrative expenses
which had been understated by $1,590. The Registrant retroactively restated
general and administrative expenses in 2002 and restated 2003 beginning retained
earnings by the same amount. Amended Annual Reports on Form 10KSB for the fiscal
years ended December 31, 2002 and 2003 were filed on January 24, 2005 and
January 28, 2005.
Also upon discussion with its new certified public accountants, on or about
March 1, 2005, the board determined the 2002 financial statements should be
restated a second time to record a related party capital contribution of
$25,123. On March 4, 2005, the Annual Report on Form 10KSB for the fiscal year
ended December 31, 2002 was amended a second time.
On or about July 22, 2005 the board of directors concluded that the previously
issued financial statements for the fiscal year ended December 31, 2004 should
no longer be relied upon. The board of directors reached this conclusion as a
result of a routine regulatory review of its financial statements by the
Securities and Exchange Commission. The Company has revised the financial
statements to present the Company as a development stage enterprise in
accordance with the standards of financial and reporting that apply to
development stage enterprises.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
MONET ENTERTAINMENT GROUP LTD.
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(Registrant)
/s/ Stephen D. Replin
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(Signature) Stephen D. Replin,
President
Date August 2, 2005