November 17, 2011
Looks to me that audited financials will need to be completed back through mid 2011 to satisfy SEC. I've found no completion of these requirements on record. There were payments made to an account that Wang made notations to in the financials. Those payments were under question by the SEC to my understanding. Alltheway can you give light to any of this?
Report of Independent Registered Public Accounting Firm, page F-2
3. We note your response to prior comment 13 in our letter dated October 18, 2011.
Please have your auditor remove the fourth paragraph from his report. The restated
balance sheets and the related restatement disclosures within the financial statement
footnotes must be audited in order to comply with 8-02 of Regulation S-X. In this
regard, your auditor should include a reference to your restatement in his report in
accordance with AS 6 paragraph 9 which states the correction of a material
misstatement in previously issued financial statements should be recognized in the
auditor's report on the audited financial statements through the addition of an
explanatory paragraph, as described in AU sec. 508.” Furthermore, AU 561 paragraph
6 (a) states that “the reasons for the revision (restatement) usually should be described in
a note to the financial statements and referred to in the auditor's report.
Notes to the Financial Statements, pages F11 – F-35
4. We note the explanation provided in your response to prior comment 15 in our letter
dated October 18, 2011. However, we continue to believe the restatement is a correction
of an error. Accordingly, please provide all required disclosures as found in ASC 250-
10-50-7 through 50-10, as applicable, including a description of the nature of the error
and the effect of the correction on each financial statement line item.
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