Wonderful From the 10Q For Period Ending 9/30/2010
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), we carried out an evaluation, with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective at September 30, 2010 to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. In their evaluation, management determined that our disclosure controls and procedures were not effective as a result of the deficiency regarding policies and procedures pertaining to non-sale dispositions of securities by our management in the absence of consultation with our counsel. This control weakness resulted in the removal of a restrictive legend on 1.3 million shares of restricted stock owned by Kexuan Yao, our CEO, based on an incorrect June 25, 2010 legal opinion that was not obtained from our SEC counsel. We relied on this opinion in June 2010 when we requested the removal of the restrictive legend on the 1.3 million shares of stock owned by Mr. Yao
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