Item 4.02(a). Non-Reliance on Previously Issued Financial Statements or Completed Interim Review.





Overview

On July 13, 2021, management, in the absence of an audit committee, of Hi-Great Group Holding Company (the "Company"), after discussions with Michael Gillespie & Associates, PLLC ("MGA"), the Company's independent registered public accounting firm, concluded that the financial statements for the periods ended March 31, 2020, June 30, 2020, and September 30, 2020, which are included in the Company's Quarterly Reports on Forms 10-Q for such periods, should no longer be relied upon. Management has discussed the foregoing matters with MGA.





Summary of Impact

While preparing the information for the annual report for the year ended December 31, 2020 it was discovered that the Company had material misstatements in the accounting for the periods listed above. The misstatements relate to the recognition of revenue which impacts the cost of goods sold and accrued royalties. The Company will be restating its financial statements for the periods ended March 31, 2020, June 30, 2020, and September 30, 2020 in order to correct the misstatements.





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