ITEM VIII.FMNL FINANCIAL INFORMATION
A) CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
This Annual Report contains the consolidated financial statements for the Company for the fiscal year ended September 30, 2011, fiscal year ended September 30, 2010, and fiscal year ended September 30, 2009 which contain an Auditors' Report dated January XX, 2012 in connection with the fiscal year ended September 30, 2011, Consolidated Balance Sheets as at September 30, 2010 and September 30, 2009, Consolidated Statements of Operations, Comprehensive Income (Loss) and Deficit, and Consolidated Statements of Cash Flows for the fiscal year ended September 30, 2011 and year ended September 30, 2010 and fiscal year ended September 30, 2009, and Notes to Consolidated Financial Statements.
Indebtedness to Company of Directors and Senior Management
No directors or senior management of the Company are indebted to the Company or have been indebted to the Company since the beginning of the last completed financial year of the Company other than as noted in ITEM VII - Major Shareholders and Related Party Transactions.
Legal or Arbitration Proceedings
From time to time, the Company may become subject to claims and litigation generally associated with any business venture. In addition, the operations of the Company are subject to risks of accident and injury, possible violations of other regulations and some of which cannot be covered by insurance or other risk reduction strategies. Since the Company is a Canadian corporation and the officers, directors and certain of the persons involved with the Company as professional advisors are resident in Canada, it may be difficult to effect service within the United States upon such persons or to realize on any judgment by a court of the United States which is predicated on civil liabilities under the 1933 Act. The Company's Canadian counsel have advised that there is doubt as to the enforceability in Canada, either in original actions or through enforcement of United States judgments, of liabilities predicated solely upon violations of the 1933 Act or the rules and regulations promulgated there under.
Dividend Distribution Policy
The Company has not paid any cash dividends on its Common Stock and has no present intention of paying any dividends. The current policy of the Company is to retain earnings, if any, for use in operations and in the development of its business. The Board of Directors will determine the future dividend policy of the Company from time to time.
