this is promising..
Management has determined that, as of the September 30, 2016 measurement date, there were deficiencies in both the design and the effectiveness of our internal control over financial reporting. Management has assessed these deficiencies and determined that there were various material weaknesses in our internal control over financial reporting. The existence of a material weakness or weaknesses is an indication that there is a more than remote likelihood that a material misstatement of our financial statements will not be prevented or detected in a future period.
Management has assigned a high priority to the short-and long-term improvement of our internal control over financial reporting. We have listed below the nature of the material weaknesses we have identified:
· inadequate personnel for documenting and execution of processes related to accounting for transactions;
· inadequate segregation of duties due to the limited size of the accounting staff; and
· a lack of experienced personnel with relevant accounting and financial reporting experience, due in part to our limited financial resources.
We intend to design and implement policies and procedures to remediate the material weaknesses in our internal control over financial reporting in future fiscal accounting years, including the continued implementation of a new accounting system and related internal procedures, and pending the financial resources, the hiring of a qualified staff.
