NOTE 11. SUBSEQUENT EVENTS
Management has evaluated subsequent events or transactions occurring through the date the financial statements were issued. The following items are a summary of events or transactions occurring subsequent to the balance-sheet date, but prior to the issuance of these financial statements, that have a material effect on the financial statements and therefore require adjustment or disclosure in these statements.
On October 7, 2016, the Company issued an 8-K to inform the investors that previously submitted filings should not be relied upon for investing decisions. The Company has filed amended 10-Qs for the periods ending March 31, 2015, June 30, 2015 and September 30, 2015. These amended financial statements included adjustments to the comparable financial statements for 2014. The Company became aware of the need to issue amended financial reports on or about September 25, 2016 as part of the audit of its financials by its independent auditor, BF Borges CPA PC. The total impact of the adjustments for the nine months ending September 30, 2015 amount to an increased net loss of $1,125,792. The primary adjustments are between periods within 2015 and the Company deemed that the adjustments required the filing of adjusted quarterly financial reports.
Significant Changes to the Board of Directors and Executive Management
On April 2, 2016, Michael Pope, Diane Rosenfeld, Renee Barch-Niles and Carl Sweis were terminated as Directors of the company. Additionally, Renee Barch-Niles was removed as Chief Executive Officer. Daniel Khesin was appointed sole director, Chief Executive Officer and Chief Financial Officer.
Mr. Myron Lewis joined the Board of Directors on April 22, 2016.His role includes chairing the Compensation Committee. Subsequently, on September 12, 2016, Mr. Lewis was appointed executive director and tasked with supervising the companys operations with a goal of facilitating profitability and compliance.
Mr. Yasuhiro Fujiwara joined the Board of Directors on April 22, 2016. Subsequently, on September 12, 2016, Mr. Fujiwara was appointed chairman of the Board of Directors.
Ms. Elina Yuabov joined the Board of Directors on April 22, 2016.
Ms. Estella Ng joined the Board of Directors on May 6, 2016. Her role includes chairing the Audit Committee.
Mr. John Power joined the company on September 12, 2016 as Chief Financial Officer and Chief Administrative Officer.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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