Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
BOPO > SEC Filings for BOPO > Form 8-K on 19-Mar-2013All Recent SEC Filings




Non-Reliance on Previous Financials, Audits or Interim Review

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

During the preparation process for the Company's 2012 Annual Report on Form 10-K, errors were identified in the Company's previously unaudited consolidated financial statements for the quarters ended February 29, 2012, May 31, 2012 and August 31, 2012 (collectively, the "Relevant Periods") related to the Company's accounting for a non-operating consulting advisory agreement executed in February 2012 with a non-refundable payment ("the Consulting Agreement") and common stock authorized but not issued during the three quarters. In the third quarter, the Company did a loan transaction with a related escrow requirement. The escrow agent did not complete the transaction.

Management is still determining the impact of these restatements on the relevant quarterly periods. The areas that could potentially be affected include all financial statements for the quarters.

The effects of all restatements are reflected on the 10-K filed March 18th.

On March 15, 2013, the Audit Committee of the Company's Board of Directors determined that the Company's unaudited interim financial statements for the quarters ended February 29, 2012, May 31, 2012 and August 31, 2012 should no longer be relied upon. The Company will determine the impact on each of the quarters when we re-file the restated quarterly reports as soon as possible.

As a result of the occurrence of the aforementioned restatement, our management has determined that as of November 30, 2012, there was a material weakness in our internal controls over financial reporting as a result of our inability to properly determine the timing of the revenue recognition of the non-refundable payments made pursuant to the non-operating Consulting Agreement, the effect of common stock authorized but not issued and a loan cost of an incomplete escrow arrangement. The Company is currently evaluating what, if any, curative steps it needs to implement to avoid such determinations in the future.

The Audit Committee has discussed with its independent public accounting firm the matters disclosed in this Current Report on Form 8-K.

  Add BOPO to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for BOPO - All Recent SEC Filings
Copyright © 2017 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.