Our auditors have issued a going concern opinion.

Message Board

Previous

| Next

Post# of 2009

Posted On: 11/05/2014 6:50:00 PM

Posted By: Kerry

Re: SpearOfDestiny #656

Quote:
Our auditors have issued a going concern opinion. Unless we secure equity or debt financing, of which there can be no assurance, or our leasehold interests generate revenues sufficient to meet ongoing and accrued expenses, it is unlikely that we will be able to continue our operations in which case you will lose your investment.

(October 20, 2014)

Quote:
On October 2, 2014 Weinberg & Baer LLC (“W&B”) resigned as our independent registered public accounting firm due to partner rotation regulations and the small size of W&B. On October 3, 2014 our board of directors engaged Anton & Chia, LLP (“A&C”) as our independent registered public accounting firm, effective as of October 3, 2014.

W&B’s report on our financial statements for each of the past two fiscal years ended May 31, 2014 and 2013 did not contain an adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles, except that the report was qualified as to our ability to continue as a going concern.

During the fiscal years ended May 31, 2014 and 2013 and the subsequent interim period through October 2, 2014, there were no: (i) disagreements with W&B on any matter of accounting principles or practices, financial statement disclosure, or auditing scope of procedure which, if not resolved to the satisfaction of W&B, would have caused W&B to make reference to the matter in their report, or (ii) reportable events as defined in Item 304(a)(1)(v) of Regulation S-K.

During the fiscal years ended May 31, 2014 and 2013 and the subsequent interim period through October 2, 2014, neither we nor anyone acting on our behalf consulted A&C regarding either: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on our financial statements; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).