Friday, January 12, 2018 11:54:25 AM
Based on the 10-q, this company makes no money, has no assets, no employees, even goes as far as to point out their incompetence....
Based on this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were not effective as of September 30, 2017, at reasonable assurance level, for the following reasons:
? Ineffective control environment and lack of qualified full-time CFO who has SEC experience to focus on our financial affairs;
? Lack of qualified and sufficient personnel, and processes to adequately and timely identify making any and all required public disclosures;
? Deficiencies in the period-end reporting process and accounting policies;
? Inadequate internal controls over the application of new accounting principles or the application of existing accounting principles to new transactions;
? Inadequate internal controls relating to the authorization, recognition, capture, and review of transactions, facts, circumstances, and events that could have a material impact on the company’s financial reporting process;
? Deficient revenue recognition policies;
? Inadequate internal controls with respect to inventory transactions; and
? Improper and lack of timely accounting for accruals such as prepaid expenses, accounts payable and accrued liabilities.
As you are aware, a company is only worth or valued at what someone is willing to pay. The only value is the patent they bought for an agreed upon value of: 50k other than that, it's assumptions based on key achievements, which they have been incapable of doing. Why? no one works there. There are no workers to get things done.
Recent SBFM News
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