China BioPharma Corp (fka CHBO)

[clearcoated]

CHBO 8-K Nov 11, 2008, filed 3-30-09

http://www.sec.gov/Archives/edgar/data/1190132/000114420409016692/v144265_8k.htm


On March 25, 2009, the Board of Directors concluded, based on the recommendation of management, that the Company’s consolidated financial statements contained in the Company’s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006, in the Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007 and the Amendment thereto, and in the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2008, should be restated to correct these errors and that the financials as previously filed should no longer be relied upon. Management has discussed this matter with the Company’s independent registered public accounting firm. The Company intends to file amended Annual Reports on Form 10K/A for the fiscal years ended December 31, 2006 and 2007 and an amended Quarterly Report on Form 10Q/A for the quarterly period ended September 30, 2008 as soon as practicable wherein it will be revising the financials in the manner set forth above. Our auditors shall also be providing us with reissued dual-dated audit opinion on the financials for the fiscal year ended December 31, 2006 and 2007, respectively.

In addition to the impact of these errors on the consolidated financial statements, management considered the impact this error has on the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures for the periods being restated. Management believes that the Company's internal controls over financial reporting and disclosure were ineffective.

The Company intends to implement measures to ensure that errors of this nature do not occur in the future.