Item 4. Controls and Procedures
Item
4. Controls and Procedures
Disclosure Controls and
Procedures
Disclosure
controls and procedures (as defined in Rule 13a-15(e) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act") are controls and other
procedures that are designed to ensure that the information that we are required
to disclose 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 SEC's rules and forms, and that such information 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.
In
connection with the preparation of this Quarterly Report on Form 10-Q,
our management has evaluated the effectiveness of the design and operation of
our disclosure controls and procedures as of March 31, 2008. The disclosure
controls and procedures are not effective and during the second quarter of
fiscal 2008 management will be implementing effective disclosure controls and
procedures.
Management's Report on
Internal Control Over Financial Reporting
Our
management, under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer, is responsible for
establishing and maintaining adequate internal control over financial reporting
as such term is defined in Rules 13a-15(f) under the Exchange Act. Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with existing policies or procedures may deteriorate.
Under the
supervision and with the participation of our Chief Executive Officer and Chief
Financial Officer, during the second quarter of the current fiscal year, our
management will implement an assessment of our internal control over financial
reporting, based on the criteria established in Internal Control- Integrated
Framework , issued by the Committee of Sponsoring Organizations of the
Treadway Commission ("COSO"). It is the opinion of our management
that our internal control over financial reporting is currently not
effective. For the
quarter ended March 31, 2008 there were no changes to the Company¡¯s internal
controls over financial reporting.¡±
PART
II- OTHER INFORMATION
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.