What changed in this filing

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Item 4. Controls and Procedures

2013-05-15 compared with 2012-11-14 · 20 added, 13 removed, 9 unchanged (79% of the section changed)

Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly

Report on Form 10-Q, our chief executive officer and chief financial officer conducted an evaluation of the effectiveness of the design and operation of the Companys disclosure controls and procedures, (as is defined in Rules 13a-15(e) under

the Securities Exchange Act of 1934).

Based on their evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective such that the information required to be disclosed in our

reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms and such that information required to be

disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions

regarding required disclosure.

Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and

Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (the Exchange Act)) as

of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the

time periods specified in the Securities and Exchange Commissions rules and forms, and is accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure.

Based on this evaluation and taking into account that certain material weaknesses existed as of December 31, 2012, our Chief Executive Officer and Chief

Financial Officer have each concluded that our disclosure controls and procedures were not effective.

As a result of this conclusion, the financial statements for the period covered by this Quarterly Report on Form 10-Q were prepared with

particular attention to the material weaknesses previously disclosed.

Notwithstanding the material weaknesses in internal controls that continue to exist as of March 31, 2013, we have concluded that the financial statements included in this

Quarterly Report on Form 10-Q present fairly, the financial position, results of operations and cash flows of the Company as required for interim financial statements.

Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule13a-15(f) of the Securities Exchange Act of 1934) that occurred during the most recently completed fiscal

quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Page 23 of 29

During the fiscal quarter ended March 31, 2013, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or

is reasonably likely to materially affect, our internal control over financial reporting.

Management has concluded that the material weaknesses in internal control as described in Item 9A of the Companys Form 10-K for the year ended December

31, 2012 have not been remediated.

Due to the small number of employees dealing with general administrative and financial matters and the expenses associated with increasing the number of employees to remediate the disclosure control and

procedure material weaknesses that have been identified, the Company continued to operate without changes to its internal controls over financial reporting for the period covered by this Quarterly Report on Form 10-Q while continuing to seek the

expertise its needs to remediate the material weaknesses.

OTHER INFORMATION

Legal Proceedings

Although we may from time to time be involved in litigation and claims arising out of our operations in the normal course of our business, as of September 30, 2012, we were not a party to any

material pending legal proceedings.

Although we may from

time to time be involved in litigation and claims arising out of our operations in the normal course of our business, as of March 31, 2013, we were not a party to any material pending legal proceedings.

Not applicable.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures