Item 4.02 Non-Reliance On Previously Issued Financial Statements Or A Related Audit Report Or Completed Interim Report
On December 1, 2011, the Company’s independent accountant and management identified that the financial statements prepared following the Company’s merger with Focus Systems, Inc. had material errors and should no longer be relied upon. Errors in the financial statements included the incorrect accounting of the purchase of Focus Systems, Inc., incorrect classification in its statement of cash flows, and accounting for the non-controlling interest of AquaLiv, Inc. The audit committee or equivalent has informed the independent auditor of these errors. Registrant immediately commenced preparation of amendments to the effected reports, which would contain the revised financials upon which the public could rely. Following is a list of quarterly and annual reports that should no longer be relied upon and which will be amended and refiled:
Quarterly report for period ended June 30, 2010 Annual report for period ended September 30, 2010 Quarterly report for period ended December 31, 2010 Quarterly report for period ended March 31, 2011 Quarterly report for period ended June 30, 2011
Registrant has instituted an amended internal procedure that includes a review by an independent accountant, management, and directors, or a combination thereof, to approve and authorize the filing of any report to the Commission.
------------------- and so far only ONE of those have been amended and refiled with the SEC:
{X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2010
========================= so to simply think they can have an audited 10k done without amending the others would be impossible. I believe it will be an all or none situation.
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