Item 4. Controls and Procedures
Item 4. Controls and Procedures.
Disclosure Controls
and Procedures
As of September 30,
2016, the company carried out an evaluation, under the supervision of and with the participation of management, including our Company’s
chief executive officer and chief financial officer, of the effectiveness of the design and operation of our Company’s disclosure
controls and procedures under the 2013 COSO framework. Because we do not currently have enough full-time employees with experience
with U.S. generally accepted accounting principles, the chief executive officer and chief financial officer concluded that
our Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange
Act of 1934) were ineffective in timely alerting them to information required to be included in the Company’s periodic Securities
and Exchange Commission filings.
Changes in Internal
Control over Financial Reporting
Management continues
to focus on internal control over financial reporting. As of September 30, 2016, the Company intends to further implement the following
remedial initiatives
● Improve the design and documentation related to multiple
levels of review over financial statements included in our SEC filings;
● Expand the design and assessment test work over the
monitoring function of entity level controls;
● Enhance documentation retention policies over test
work related to continuous management assessments of internal control effectiveness; and
● Expand documentation practices and policies related
to various key controls to provide support and audit trails for both internal management assessment as well as external auditor
testing.
There were no changes
in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange
Act of 1934) during the three months ended September 30, 2016 that have materially affected, or are reasonably likely to materially
affect, the Company’s internal control over financial reporting, except as disclosed above.
14
Part II Other Information
Item 1. Legal Proceedings.
None.
Item 1A. Risk Factors.
Not applicable.
Item 2. Unregistered Sales of
Equity Securities and Use of Proceeds.
(a)
None
(b)
None
(c)
None
Item 3. Defaults upon Senior
Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.