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Re: Lebbe1 post# 90460

Monday, 04/13/2015 7:02:06 PM

Monday, April 13, 2015 7:02:06 PM

Post# of 278158
Sorry I am a little late reviewing the newest S-1/A myself, but I finally got a little time to do so.

I agree with what you stated that changed, but there is one additional thing interesting that I caught in it that may be significant:

On page 4 and 7, they have removed the statement that they are a "development stage company".

Perhaps the reason that the SEC is now requiring more info is due to the FASB Accounting Standards Update No. 2014-10 concerning Development Stage Entities (Topic 915). The new S-1/A also added:

On June 10, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation ("ASUE 2014-10"). The guidance is intended to reduce the overall cost and complexity associated with financial reporting for development stage entities without reducing the availability of relevant information. The Board also believes the changes will simplify the consolidation accounting guidance by removing the differential accounting requirements for development stage entities. As a result of these changes, there no longer will be any accounting or reporting differences in GAAP between development stage entities and other operating entities. For organizations defined as public business entities the presentation and disclosure requirements in Topic 915 will no longer be required starting with the first annual period beginning after December 15, 2014, including interim periods therein. Early application is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). The Company adopted this pronouncement for the period from April 25, 2006 (inception) through December 31, 2014.



Since the company is now effectively declaring that they are no longer a development stage company, they are required to be a bit more transparent and give more info. I look forward to see what has happened recently that brought the company out of their development stage.
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