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Replies to post #2352 on Microelectronics Technology Co. (fka MELY)
05/21/12 8:35 AM
We have audited the accompanying balance sheets of Microelectronics Technology Company (A Development Stage Company) as of June 30, 2011 and 2010 and the related statements of operations, stockholders' deficit, and cash flows for the years then ended and accumulated from July 1, 2008 to June 30, 2011. The financial statements for the period from May 18, 2005 (Date of inception) through June 30, 2008 include a net loss and comprehensive loss of $697,072. Our opinion on the statements of operations, stockholders’ deficit and cash flows for the period May 18, 2005 (Date of inception) through June 30, 2008, insofar as it relates to amounts for prior periods through June 30, 2008, is based on the reports of other auditors. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Microelectronics Technology Company (A Development Stage Company) as of June 30, 2011 and 2010 and the results of its operations and its cash flows for the years then ended and accumulated from July 1, 2008 to June 30, 2011, in conformity with accounting principles generally accepted in the United States.
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has a working capital deficiency and has incurred operating losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also discussed in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ “Manning Elliott LLP”
CHARTERED ACCOUNTANTS
Vancouver, Canada
September 26, 2011
AI
