Ocata Therapeutics Inc fka OCAT

[rocky301]

ABIG,


I am hoping so to the extent they may have filled some positions that were vacated during restatements and have a handle on their material weaknesses within. This all cost money to "staff up" so as you say, hopefully they have obtained some operating funds for the ACTC side of things. It gives me confidence they are going to relist on the OTC:BB because they know they cannot afford to be delinquent again with 2 strikes already against them and the consequence of not being eligible again for one year.


"During the quarter ended March 31, 2008, both our principal financial/accounting officer and our general counsel resigned from their positions with the company. Our Chief Executive Officer has assumed the duties of our principal financial/accounting officer and will continue to do so until a replacement is hired."

"We carried out an evaluation, under the supervision and with the participation of our management, including our CEO and PFO, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report. We have determined that the loss of certain personnel in our legal, accounting and finance departments, when considered collectively in light of the number and complexity of accounting matters requiring consideration, created a possibility that a material misstatement of our financial statements could occur and may not be prevented or detected. In addition, we have identified material weaknesses in internal control over financial reporting as discussed in our most recent annual report filed on Form 10-KSB. As a result, our disclosure controls and procedures were not effective as of March 31, 2008. To address these material weaknesses, we have retained an outside accounting consulting firm to assist the Company in preparing and reviewing the restatements and preparing this Quarterly Report on Form 10-Q. We are also initiating an employment search process to fill open positions."
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6043936