Correspondence 0001493152-24-035251 from Fast Track Group (FTRK) (CIK 0002027262) (FTRK)
Fast Track Group (FTRK) (CIK 0002027262)
Date: Sept. 6, 2024 · CIK: 0002027262 · Accession: 0001493152-24-035251
AI Filing Summary & Sentiment
Referenced dates: August 28, 2024
Letter
Via Edgar Transmission Securities and Exchange Commission Division of Corporation Finance Office of Trade & Services Amendment No 1 to Draft Registration Statement on Form F-1 Submitted August 8, 2024 CIK No. 0002027262
Re: Fast Track Group
Dear Mr. Anderegg /Mr. Field:
As counsel for the Company and on its behalf, this letter is being submitted in response to the letter dated August 28, 2024 from the Securities and Exchange Commission (the “Commission”) in which the staff of the Commission (the “Staff”) commented on the above-referenced Draft Registration Statement on Form F-1 (the “Form F-1”).
For the Staff’s convenience, the Staff’s comment has been stated below in its entirety, with the Company’s response set out immediately underneath such comment.
Amendment No. 1 to Draft Registration Statement on Form F-1
Note 10. Related party transactions and balances, page F-16
1. We note your response to prior comment 13. You state the debt waiver pertains to amounts paid by the director on behalf of the company to cover operating expenses. SAB Topic 5:T requires recognition of an expense with a corresponding credit to contributed (paid-in) capital for “transactions where a principal stockholder pays an expense for the company.” Therefore, we believe you should revise your accounting for the transaction to credit contributed capital rather than other income and restate your financial statements accordingly.
Response: The Company respectfully advises the Staff that the disclosures under Related party transactions and balances have been revised to address the above.
* * *
Please contact the undersigned at (852) 3923-1188 if you have any questions with respect to the responses contained in this letter.
Sincerely,
/s/
Lawrence S. Venick
Show Raw Text
CORRESP
1
filename1.htm
September
6, 2024
Via
Edgar Transmission
Mr.
Scott Anderegg / Mr. Donald Field
Securities
and Exchange Commission
Division
of Corporation Finance
Office
of Trade & Services
Washington,
D.C. 20549
Re:
Fast
Track Group
Amendment
No 1 to Draft Registration Statement on Form F-1
Submitted
August 8, 2024
CIK
No. 0002027262
Dear
Mr. Anderegg /Mr. Field:
As
counsel for the Company and on its behalf, this letter is being submitted in response to the letter dated August 28, 2024 from the Securities
and Exchange Commission (the “Commission”) in which the staff of the Commission (the “Staff”) commented
on the above-referenced Draft Registration Statement on Form F-1 (the “Form F-1”).
For
the Staff’s convenience, the Staff’s comment has been stated below in its entirety, with the Company’s response set
out immediately underneath such comment.
Amendment
No. 1 to Draft Registration Statement on Form F-1
Note
10. Related party transactions and balances, page F-16
1.
We
note your response to prior comment 13. You state the debt waiver pertains to amounts paid by the director on behalf of the company
to cover operating expenses. SAB Topic 5:T requires recognition of an expense with a corresponding credit to contributed (paid-in)
capital for “transactions where a principal stockholder pays an expense for the company.” Therefore, we believe you should
revise your accounting for the transaction to credit contributed capital rather than other income and restate your financial statements
accordingly.
Response:
The Company respectfully advises the Staff that the disclosures under Related party transactions and balances have been revised
to address the above.
*
* *
Please
contact the undersigned at (852) 3923-1188 if you have any questions with respect to the responses contained in this letter.
Sincerely,
/s/
Lawrence S. Venick
Lawrence
S. Venick
Direct
Dial: +852.3923.1188
Email:
lvenick@loeb.com