Kisses From Italy Inc. Restates Financials

TL;DR

Kisses From Italy (KITL) restating Q1 financials. Big red flag.

AI Summary

Kisses From Italy Inc. filed an amendment (10-Q/A) on August 13, 2024, to restate its financial statements for the period ending March 31, 2024. The filing indicates a need for financial statement restatement, though specific reasons and financial impacts are not detailed in the provided header information.

Why It Matters

This filing indicates a potential issue with previously reported financial data, requiring investors to re-evaluate the company's financial health and past performance.

Risk Assessment

Risk Level: high — A restatement of financial statements often signals significant accounting errors or internal control weaknesses, which can negatively impact investor confidence and stock price.

Key Players & Entities

• Kisses From Italy Inc. (company) — Filer of the 10-Q/A amendment
• 0001608092 (company) — Central Index Key for Kisses From Italy Inc.
• 20240813 (date) — Filing date of the amendment
• 20240331 (date) — Period end date for the restated financial statements

FAQ

Key Financial Figures

• $8,223 — ny incorrectly classified the amount of $8,223 in interest expense that should have be
• $25,100 — understated its accrued liabilities by $25,100. This reclassification and understateme

Filing Documents

• kisses_i10qa-033124.htm (10-Q/A) — 769KB
• kisses_ex3101.htm (EX-31.1) — 10KB
• kisses_ex3102.htm (EX-31.2) — 11KB
• kisses_ex3201.htm (EX-32.1) — 4KB
• kisses_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-005519.txt ( ) — 4666KB
• kitl-20240331.xsd (EX-101.SCH) — 30KB
• kitl-20240331_cal.xml (EX-101.CAL) — 37KB
• kitl-20240331_def.xml (EX-101.DEF) — 149KB
• kitl-20240331_lab.xml (EX-101.LAB) — 267KB
• kitl-20240331_pre.xml (EX-101.PRE) — 250KB
• kisses_i10qa-033124_htm.xml (XML) — 653KB

, Item 7. Management's Discussion

Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

, Item 8. Financial Statements and

Part II, Item 8. Financial Statements and Supplementary Data

, Item 15. Financial Statement Schedules

Part IV, Item 15. Financial Statement Schedules and Footnotes Also the Company's Principal Executive and Principal Financial Officer has provided new certifications dated as of the date of this filing in connection with this Form 10-K/A (Exhibits 31.1 and 32.1). Except as described above, no other information included in the Original Filing is being amended or updated by this Amendment No. 1 and this Amendment No. 1 does not purport to reflect any information or events subsequent to the Original Filing. This Amendment No. 1 continues to describe the conditions as of the date of the Original Filing and, except as expressly contained herein, we have not updated, modified or supplemented the disclosures contained in the Original Filing. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and with our filings with the SEC subsequent to the Original Filing. i KISSES FROM ITALY INC. QUARTERLY REPORT ON FORM 10-Q March 31, 2024 TABLE OF CONTENTS Page No.

FINANCIAL STATEMENTS

PART I FINANCIAL STATEMENTS Item 1.

Financial Statements

Financial Statements F-2 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION KISSES FROM ITALY INC. Condensed Consolidated

Financial Statements for the Three Months Ended March 31, 2024

Financial Statements for the Three Months Ended March 31, 2024 Index to the Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023 F-2 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) F-3 Condensed Consolidated Statement of Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 (Unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) F-5 Notes to the Condensed Consolidated Financial Statements (Unaudited) F-6 F-1

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. Kisses From Italy Inc. Condensed Consolidated Balance Sheets March 31, December 31, 2024 2023 (Unaudited) Restated ASSETS Current assets: Cash and cash equivalents $ 2,008 $ 24,842 Accounts receivable 3,386 5,117 Inventory 8,067 11,917 Total current assets 13,461 41,876 Equipment not in service – 40,852 Other Assets 1,092 2,745 Total assets $ 14,553 $ 85,473 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 126,564 $ 114,456 Accrued liabilities 60,324 42,049 Notes payable -related party 352,497 250,000 Convertible notes 407,500 425,000 Total current liabilities 946,885 831,505 Notes payable long term -related party – 102,497 Total liabilities 946,885 934,002 Commitments and contingencies – – Stockholders' Deficit: Preferred stock, Series A $ 0.001 par value. 1,500,000 shares authorized; zero shares issued and outstanding – – Preferred stock, Series B $ 0.001 par value. 5,000,000 shares authorized; zero shares issued and outstanding – – Preferred stock, Series C, $ 0.001 par value 1,000,000 shares authorized; 175,080 shares and 175,080 shares issued and outstanding as of March 31, 2024 and December 31 2023, respectively 175 175 Common stock, $ 0.001 par value, 650,000,000 shares authorized; 372,920,331 and 336,763,187 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 372,920 336,763 Additional paid-in capital 18,262,425 18,392,470 Accumulated deficit ( 19,534,867 ) ( 19,577,936 ) Total Kisses From Italy Stockholders' Deficit ( 899,347 ) ( 848,528 ) Non-controlling interest ( 32,985 ) ( 32,985 ) Total Stockholders' deficit ( 932,332 ) ( 881,513 ) Total liabilities and deficit $ 14,553 $ 85,473 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. F-2 Kisses From Italy Inc. Con

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