ORHUB Inc. (ORHB)

[RandyKCMO]

Anyone else concerned about the final Footnote to the financial statement???


It begins...

"During the preparation of the financial statements for the years ended June 30, 2018 and 2017, the Company noted multiple advances in an aggregate of $268,771 to our CEO, which raised concerns regarding the Company’s internal financial controls and procedures regarding such advances."

I should hope.


"SAC concluded its investigation on December 3, 2018 and determined that the Company had deficiencies in its internal controls and procedures during the period from January 1, 2018 to July 1, 2018 relating to the lack of oversight over our CEO’s payments to himself either in the form of salary or bonuses, and the utilization of the Company’s credit/debit card for personal expenses; and the lack of a written travel and entertainment (“T&E”) policy."

Darn now a "policy" in place and our CEO won't be able to grant himself bonuses, write checks to himself, and charge entertainment expenses to the company.

Oh wait... Here's the adopted "financial control"...

"(2) it adopted a policy to restrict payments of expenses that in the aggregate that exceed $2,500 without approval from the CEO or CFO;"

CRAZY.