$PMCB Pharmacyte Inc (PMCB) has exercised acute failure of internal controls and procedures per executive compensation.
As described on page 83 of the last 10K, the nominating compensation committee consists of 3 BOD members: Dr. Crabtree, Dr. Tong and Mr. Liquard. They in turn have nominated 3 BOD members to comprise the compensation committee: Mr. Liquard, Mr. Waggoner and Mr. Yuen. Note also the audit committee consists of 4 members, of which 3 are BOD members: Dr. Michael Abecassis, Dr. Tong, Mr. Yuen and Mr. Thomas.
Attached on page 94 of the last 10K is a copy of the corporate bylaws.
In Article IV it is stated annual Share Holder meetings will be held on 05-Mar. Under Article II section 4 of the bylaws, Shareholders will vote to elect 3 Board of Directors.
Prior to 11-Sep-19, no annual Shareholder meeting had been held.
Therefore, all current BOD members were appointed by other BOD members prior to 11-Sep-19, without a vote by Shareholders, in direct violation of the corporate bylaws.
Therefore, the members of both the Nominating Compensation Committee, and those that comprise the Compensation Committee were illegally placed in such corporate capacities.
Therefore, all past compensation granted prior to 11-Sep-19 was granted illegally.
Therefore, 3 out of 4 members of the Audit committee also are illegal. Demonstrating a lack of auditing internal controls.
Therefore, all of the Certifications attached to the 10K are fraudulent.
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