I agree that the company has done well to dispel a
Post# of 15624
(Total Views: 799)
Posted On: 05/15/2018 10:57:10 PM
Re: truebeliever #13237
I agree that the company has done well to dispel any notion that it wouldn't have the funds needed to carry on with its agenda.
The other thing that they've done, which I think is even more important, is that they have taken an honest look at the company's internal control, and came to the correct conclusion that it was lacking. In my view this will go a long way in mitigating any chance that a "Kodiak fiasco" will ever be repeated again. As many of you know the $5,000,000 transaction they just completed has many timelines and "triggering" events that have to be monitored. This is a concern that I raised directly with the CFO, and he assured me that the rookie mistakes of the past will not be repeated!
Expecting nothing but great things in the not-to-distant future!!!
The other thing that they've done, which I think is even more important, is that they have taken an honest look at the company's internal control, and came to the correct conclusion that it was lacking. In my view this will go a long way in mitigating any chance that a "Kodiak fiasco" will ever be repeated again. As many of you know the $5,000,000 transaction they just completed has many timelines and "triggering" events that have to be monitored. This is a concern that I raised directly with the CFO, and he assured me that the rookie mistakes of the past will not be repeated!
Quote:
Based on our assessment and those criteria, we have concluded that our internal controls over financial reporting were ineffective because of the identification of material weaknesses including lack of sufficient internal accounting personnel in order to ensure complete documentation of complex and non-routine transactions and adequate financial reporting during the period ended March 31, 2018. Management has identified corrective actions for the weaknesses and intends to implement procedures to address before mentioned material weaknesses during the remainder of the fiscal year 2018. We are working to remediate the material weakness. In particular, management reviews all board of directors minutes, implemented IT back up procedures, evaluates and reviews accounts payables and accrued expenses provisions and expenditures, implemented payment approval procedures, which require two signatures for every payment and outsourced stock-based compensation and subscription receivable valuations to a third party.
Expecting nothing but great things in the not-to-distant future!!!
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