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U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2003

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ________________ to _________________

Commission file number: 0-28168

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.  Yes  [X]  No  [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).  Yes  [  ]  No  [X]

The aggregate market value of the Registrant’s outstanding Common Stock held by non-affiliates of the Registrant is not determinable due to lack of reported trading in such securities.  There were 77,192 shares of Common Stock outstanding as of August 6, 2003.

DOCUMENTS INCORPORATED BY REFERENCE

Certain specified portions of the Registrant’s definitive Information Statement to be filed within 120 days after June 30, 2003 are incorporated herein by reference in response to Part III, Items 10 through 14, inclusive.

TABLE OF CONTENTS

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PART I

PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT

This Annual Report on Form 10-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to, general economic conditions, changes in interest rates, ability to continue insurance coverage, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors that may affect our operations, pricing, products and services.

ITEM 1.     BUSINESS

Strategic Capital Resources, Inc. (referred to herein as “SCRI”, the “Company”, “We”, “Our” or “Us” was incorporated in Delaware in 1995.  We reincorporated as a Florida corporation on August 14, 2003.  SCRI is actively exploring other asset classes and business opportunities.  Future opportunities may be in real estate assets or extend to other real estate activities or unrelated asset classes.

The Company’s filings with the Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, filed or furnished pursuant to the Securities Exchange Act of 1934, are accessible free of charge after the Company electronically files such material with, or furnishes it to, the SEC.  As we do not maintain an internet website, such reports can be accessed at the internet address of the SEC, which is http://www.sec.gov.  Also, the public may read and copy any materials that the Company files with the SEC at the SEC’s Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549.  The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. These filings will be made available without charge to all shareholders upon written request to the Company.

We provide specialized financing for major homebuilders and real estate developers (“clients”). These arrangements take several forms, including but not limited to direct financing leases, operating leases, option agreements, or management agreements. Such agreements may represent off-balance sheet transactions for our clients.

Business Reporting Segment: The Company has determined that its operations are within one reportable segment.  Accordingly, financial information on industry segments is omitted because, apart from the principal business of providing specialty financial services, the Company has no other industry segments.  All revenues of the Company are from clients within the United States.  All assets of the Company are located within the United States.

We are engaged in such arrangements in three lines of business:

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MODEL HOME PROGRAM

We purchase and leaseback fully furnished model homes complete with options and upgrades to major publicly traded homebuilders. The model homes are leased pursuant to a triple net lease where the lessee is obligated to pay all maintenance, taxes, insurance and other applicable costs including, but not limited to, utilities and homeowner association assessments. These arrangements terminate upon the sale of the model homes or the expiration of the lease. In this regard, we enter into listing agreements with real estate brokerage affiliates of those clients with whom we have entered into the leaseback arrangement. These agreements provide for commissions and incentives, which are negotiated on a per transaction basis.

For the Difference between a “financing lease” and an “operating lease” see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Critical Accounting Policies – Revenue Recognition – Direct Financing Arrangements – Operating Leases.

All of our clients are required to provide either a surety bond, letter of credit, cash or equivalent financial instrument in order to insure their performance of their obligations. These financial instruments provided by our clients have historically ranged from 5% to 110% of our purchase price of the model homes.

In many cases, we obtain various forms of insurance, which effectively serve as credit enhancements. The insurance instrument insures the timely performance of our client of its obligations under the relevant agreements. In the event of default by our client, the insurer has an obligation to continue to make the payments up to the penal sum of the bond. All such insurance has been obtained from major domestic insurance companies rated “A” through “AAA” by major credit rating agencies. Also see residual value insurance discussion in the residential real estate acquisition and development section that follows. In the event that any or all of the insurance providers are unwilling and/or unable to pay a claim we would have to bear the cost of litigation to collect the claim.  We would not have the use of the funds for our operations until the litigation and potential appeals are resolved in our favor. In the event that any or all of the insurance providers are unable to pay a claim, we are subject to that credit risk. We evaluate the financial condition of the provider prior to our acceptance of the credit enhancement, but cannot protect ourselves against subsequent downgrades by rating agencies or future losses by the insurance providers.  The intent of these arrangements is to reduce our cost of funds and to increase the amounts borrowed, thereby increasing our profitability and leverage.

Residual Value Insurance

Residual Value Insurance (“RVI”) indemnifies an insured against a loss that might occur if the proceeds of the sale of a asset are less than that asset’s insured residual value at a specific point in time. It protects against a decline in the market value of the property.

If we are unwilling or unable to obtain such insurance coverage, our cost of funds might increase. Some of the Company’s lenders consider the insurance as a credit enhancement to the loan. Lack of the coverage will result in the Company being required to increase the amount of down payment (equity/investment) in a transaction and to possibly pay a higher interest rate for the borrowed funds. In a typical transaction, we would be required to invest 5% of our own cash in the transaction with RVI coverage. Without RVI coverage, we would be required to invest 10%-15% of our own cash in the transaction (i.e. original loan amount $10 million - with RVI, we would be required to invest 5% or $500,000 - without RVI, we would be required to invest an additional 5%-10% or $500,000 to $1,000,000 instead of $500,000). This will result in a decrease in loan-to value ratios in our financing and we assume the risk of loss if the property is sold below our original acquisition cost.

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RVI, when obtained, insures 80% to 100% of the acquisition cost of the model homes as well as 80% to 100% of the fully developed cost of the residential real estate. In some cases, RVI even covers cash flow - i.e. interest income on direct financing of model home arrangements and interest relating to the options on the residential real estate (this includes related homebuilder contractual obligations to the Company). The premiums are paid annually in advance by the Company and are non-refundable and not pro-ratable. They represent a percentage of the insured value. We understand that the premiums are based on numerous factors such as: perceived risk, allocation of statuary capital, and availability of similar coverage by other insurance companies and the feasibility of different financial models.

Insurance companies providing RVI coverage have suffered severe losses on automobiles, aircraft, aircraft engines and various other assets/properties. The losses reflected poor underwriting performance. The mandatory recognition by the insurance carriers of prior period reserve deficiencies as well as deteriorating investment results have resulted in higher premiums and fewer providers. As a result, some insurance companies have ceased providing RVI coverage primarily due to large “shock” losses which have caused both weaker and stronger insurance companies to retrench or withdraw from the market place leaving a limited number of insurance companies that are willing to provide such coverage. As a result of the limited number of insurance companies willing to provide the RVI coverage, the existing providers are able to increase their pricing for such coverage. In addition, due to the significant losses by these insurance companies in other segments, coverage terms and conditions have been more restrictive and the lack of competition and capacity has hampered the availability and significantly increased the pricing for such coverage. Cost of reinsurance coverage available to the primary insurers has dramatically increased due to the catastrophic losses associated with September 11, asbestos claims, class action lawsuits and adverse trends in other lines.

Further downgrades by the rating agencies of property and casualty insurance companies have led to their diminished presence in the commercial and specialty lines business segments and continue to result in increased premiums.

Such factors adversely affected coverage pricing and availability. The inability to obtain cost effective RVI insurance on future projects could affect the cost of funds from the lending institutions we work with as the coverage is considered a credit enhancement. In addition, the coverage gives the Company added security in the event a homebuilder does not fulfill its contractual obligations to the Company.

In the event that any or all of the providers are unwilling or unable to pay a claim, we would have to bear the cost of litigation to collect the claim and not have the use of the funds for our operations until the litigation and potential appeals might be resolved in our favor. In the event that any or all of the providers are unable to pay a claim, we are subject to that credit risk. We evaluate the financial condition of the provider prior to our acceptance of the credit enhancement but can not protect ourselves against downgrades by rating agencies or future losses by the providers.

In May, 2003, we filed a claim against an insurance company that provided RVI coverage as well as cash flow protection/coverage.  They have not denied the claim but have requested additional information which we provided.  We believe based on the length of time and acrimonious correspondence that they will contest (not honor) their obligation to pay our claim.  The policy provided for payment within fifteen (15) days.  The provider of RVI was rated A+ by Standard & Poors at the time the policy was issued.  It is currently rated A with a negative outlook by Standard & Poors.

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Since inception, we have purchased a total of 539 model homes at an aggregate purchase price in excess of $129,000,000. The following is a breakdown of model homes which we have purchased and the purchase price by state at June 30, 2003, and June 30, 2002:

The following is a summary by state of our model home purchases and sales since inception, as well as our inventory at June 30, 2003.

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     The following chart summarizes our model home purchases and sales by state since inception, as well as the current model home inventory before depreciation at June 30, 2003:

The following is a breakdown of model homes under operating agreements as of June 30, 2003. 

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The following is a breakdown of model home interest income revenues on direct financing arrangements by state for fiscal years ended June 30, 2003, 2002, and 2001:

The following is a breakdown of model home operating lease revenue for the year ended June 30, 2003. 

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The following is a breakdown of model homes and the net investment by state under direct financing leases:

MODEL HOME PROGRAM UNDER DIRECT FINANCING ARRANGEMENTS SUBSEQUENT EVENTS

From July 1, 2003 through July 31, 2003, we sold five model homes at an aggregate sales price of $2,025,000. These model homes were acquired at an aggregate cost of $1,350,000. In addition, we have contracts pending on two model homes for an aggregate sales price of $615,000, which were acquired at a cost of $492,000.

RESIDENTIAL REAL ESTATE ACQUISITION AND DEVELOPMENT

We purchase parcels of residential real estate from non-affiliated third parties. These parcels are selected by homebuilders with whom we have established a business relationship. The parcels of land may require additional government approvals or entitlements and development work or consist of finished lots. If development work is required, the homebuilder enters into a fixed price development agreement to develop the parcels of land for us, and in all cases, is required to provide completion bonds for some or all work by a surety company acceptable to us. The Company enters into these transactions with funding from banks and these loans are secured by specific assets of the Company. As development occurs, the Company retains ownership of the developed real estate. We approve draw requests paid to the developer under the development agreements, fund them ourselves or have our banks fund. If we fund the draws, the banks reimburse us upon request. An exclusive option to purchase agreement is entered into with the homebuilder simultaneously with the land acquisition. The interest rate relating to the option is negotiated with each client. It is based on the credit of the client, estimated duration and size of the project and interest rates in effect at the time. The interest rate on the option is a fixed percentage, is non-refundable, is payable monthly in advance by the homebuilder and is fully earned. The interest income is calculated by applying the fixed percentage to the Company’s net investment in the real estate (cost of the land plus development cost incurred less options exercised by the homebuilder). Our financing agreements with our lenders may call for a fixed interest rate or variable rate. These factors are all considered during negotiations to maintain the Company’s profit margins. Each time the homebuilder exercises their option to purchase the residential real estate, there is a formal real estate closing and title passes to the homebuilder. If the homebuilder fails to exercise their option to purchase the real estate, the Company has the right to sell the real estate to another party and there is no refund of the interest received. In addition, the Company has the right to draw against the developer’s letter of credit or performance bond. Since the option sales price of the real estate to the homebuilder is equal to the Company’s cost of the land plus costs to develop, there typically is no gain or loss on the sale of the residential real estate. The terms and conditions of each transaction are project specific (interest rate on the option, term, takedown schedule, etc.).

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We grant our clients an option to acquire finished lots. In consideration for the option, we receive a deposit in the form of a performance bond or a letter of credit equal to 20% or less of the total purchase price. The option maintenance fees are fully earned when paid and non-refundable. The client has the ability to terminate their rights under the option agreements by foregoing the deposit, paying for the finished lots exercised and any other penalties provided for in the agreements. We have legal title to these assets. If the client terminated the agreements we have the risk of a decline in the market value of the property.  We would also be obligated to pay real estate taxes and other operating costs, until the property is sold.  The sale of the property would be our responsibility.

The following is a summary of the residential real estate project costs by project number from inception:

The following is a summary of total costs paid to date, sales of finished lots and our net investment in the residential real estate at June 30, 2003:

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The following is a breakdown of interest income on residential real estate acquisition and development by state:

The Company had sales of finished lots as follows:

RESIDENTIAL REAL ESTATE ACQUISITION AND DEVELOPMENT SUBSEQUENT EVENTS

The following is a summary of development costs paid and sales of finished lots from July 1, 2003 through July 31, 2003:

MULTI-FAMILY RESIDENTIAL PROPERTY

On July 15, 1999, we purchased a 288 unit multi-family residential property in Jacksonville, Florida, for a purchase price of $10,227,999. The purchase price was paid as follows:

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At the time of purchase, the Company entered into a five year management agreement with a non affiliated independent management company. The management company was responsible for the operation of the property, retained all income from the property and was responsible for any losses. The Company received a monthly fee comprised of the sum of the debt service to cover the assumed existing first mortgage ($43,365) plus required escrows for real estate taxes, property insurance and repair reserve, plus a 12% annual return on the $5,300,000 new loan. The escrow portion was variable based on changes in estimated expenses. The multi-family operating expenses (property taxes, insurance and repairs) were netted against the multi-family interest income in the accompanying consolidated statements of income. The Company’s profit on the transaction arose from the difference between the 12% return and interest expense paid by the Company on its $5,300,000 loan. The management company received the benefit of the property appreciation, rent and occupancy increases. The annual return was 11% for the first two years, 12% for year three and 13% for years four and five. The average return over the term of the agreement was 12%.

The management company had an option to purchase the property any time during the last four years of the agreement at an amount equal to the balance of the first mortgage plus an interest adjustment of $121,527, representing the difference between the 11% paid to the Company in the beginning if the management agreement and the 12% due us per the agreement, plus $5,300,000. If they failed to exercise the option, the management company was required to pay a balloon payment of $5,300,000 at the end of the five years. A performance bond, issued by an insurance company rated “AAA” by Moody’s and Standard & Poors, in the amount of $8,335,000 was obtained and paid for by the management company to insure the payment and performance of the management company. The performance bond insured the monthly payments by the management company and the $5,300,000 balloon payment at the end of the agreement.

The Company accounted for the multi-family residential property as a direct financing arrangement, in accordance with the provisions of SFAS No. 13, “Accounting for Leases”, because the agreement contains a bargain purchase option.

SFAS No. 13 dictated the following accounting treatment for this transaction: (1) using the actual purchase price of $10,227,999, the projected bargain purchase option at the end of five (5) years of $9,630,902 and the minimum lease payments, an implicit interest rate of 10.295% was derived utilizing present value tables; (2) the implicit interest rate was then applied to the purchase price and an interest income stream was generated for the five (5) years; (3) the calculated amount was compared to the actual cash amount received (net of executory payments for taxes and insurances); (4) since the actual interest was greater than the implicit interest the actual interest was adjusted, resulting in a non-cash interest expense charge in each of the fiscal years commencing with June 30, 2000. Additionally, the net investment in the multi-family direct financing arrangement in the consolidated balance sheet was decreased by the adjustment in (4) above resulting in a net investment in the multi-family residential property of $10,010,585 at June 30, 2002. The adjustment also resulted in an increase in deferred tax asset, since the adjustment is being recognized for book purposes and not for tax purposes.

The table below reflects the change described above:

*Interest expense adjustment is for nine months.

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In March 2003, the management company exercised its option to purchase the property. The sales price of $9,895,920 was the sum of $5,300,000, the unpaid interest adjustment of $146,896 ($121,527 plus accrued interest), and the balance of the first mortgage of $4,384,570 plus closing adjustments of $64,454. The Company received cash at closing of $902,961, net of the outstanding balance of the original $5,300,000 loan. Due to the reduction of the balance sheet value of the asset by the non-cash interest expense, a gain on the sale of $194,703 was recorded for the year ended June 30, 2003.

COMPETITION, MARKET AND OTHER RISK FACTORS

We are subject to all of the general risks associated with financing and investing in real estate, including, but not limited to, adverse changes in general or local economic conditions, changes in the supply of or demand for similar or competing properties in a geographical area, changes in interest rates and operating expenses, changes in market rental rates, changes in and compliance with accounting issues relating to off-balance sheet financing, inability to procure residual value insurance polices, inability to lease or sell properties upon the termination or expiration of existing leases, the renewal of existing leases, and the inability to collect payments from clients.

Our business is subject to numerous risk factors, which should be considered in evaluating our Company and our financial outlook, including the following:

There are risks due to recent world events, including increased insurance risk, perceived risk of travel and adverse changes in economic conditions, which could negatively affect our business. Due in large part to the terrorist activities of September 11, 2001, and other recent events, we understand that insurance and surety companies are re-examining many aspects of their business, and may take actions including increasing premiums, requiring higher self-insured retentions and deductibles, requiring additional collateral on surety bonds, reducing limits, restricting coverages, imposing exclusions, such as sabotage and terrorism and refusing to underwrite certain risks and classes of business. Any increased premiums, mandated exclusions, change in limits, coverages, terms and conditions or reductions in the amounts of bonding capacity available may adversely affect our ability to obtain appropriate insurance coverages at reasonable costs, which could have a material adverse effect on our business.

Terrorist attacks or acts of war may seriously harm our business. Terrorist attacks or acts of war may cause damage or disruption to our Company, our employees, our facilities and our customers, which could impact our revenues, costs and expenses, and financial condition. The terrorist attacks that took place in the United States on September 11, 2001, were unprecedented. The potential for future terrorist attacks has created many economic and political uncertainties, some of which may have additional material adverse affects on our business, results of operations, and financial condition.

There are appraisal risks. Real estate appraisals are only estimates of property values based on a professional’s opinion and may not be accurate predictors of the actual amount that we would receive from a property sale. If an appraisal is too high, the property’s value could go down upon reappraisal or if the property is sold for a lower price than the appraisal. An appraisal does not guarantee the value of a property.

We may need additional funds for the growth and development of our business. If we are unable to obtain these funds; we may not be able to expand our business as planned and this could adversely affect our results of operations and future growth.

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There is a risk of change of economic conditions in the homebuilding industry. The homebuilding industry historically has been cyclical and is affected significantly by adverse changes in general and local economic conditions, such as:

We also consider residual value insurance to be a risk factor. See RVI discussion in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”).

Our operations are dependant on the continued efforts of our officers and executive management. Our ability to attract and retain business and financing is significantly affected by relationships and the quality of service rendered. The loss of those key officers and members of executive management may cause a significant disruption to our business. Additionally, the loss of such key personnel could materially adversely affect our operations, including our ability to establish and maintain client and banking relationships.

Control by David Miller.  As of June 30, 2003, Mr. Miller, the Company’s Chairman and his family owned voting stock of the Company with the power to vote approximately 68.5% of the total votes entitled to be cast on any matter submitted to a vote of stockholders.  Mr. Miller has the ability to indirectly control the management and policies, as well as the outcome of substantially all non-extraordinary matters submitted to the stockholders for approval, including the election of directors.

The Company depends on key personnel. For the foreseeable future, the Company will be materially dependent on the services of Mr. Miller.  The loss of Mr. Miller’s services could have a material adverse effect on the business.  The Company does not carry key man life insurance on Mr. Miller or on any of the officers or directors.

Our business operates in a highly competitive environment. The financial services industry consists of a large number of companies, including banks, pension funds, insurance companies, finance companies, leasing companies, and real estate investment trusts, most of which are larger and have greater financial resources than we do.

There can be no assurance that we will be able to raise sufficient capital through borrowings, or the issuance of debt and equity securities, to achieve our investment objectives.

The Company cannot be sure that its operating results and net earnings will meet its expectations.  If the Company’s assumptions and estimates are incorrect or do not come to fruition, or if the Company does not achieve all of its key goals, then the Company’s actual performance could vary materially from its expectations.  The Company’s operating results and net earnings may be influenced by a number of factors, including the following:

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SALES AND MARKETING

We depend solely on our chairman for new business and the maintenance of existing client relationships.

LIMITED CLIENT BASE

Since 2000, three of our major clients have represented a significant portion of our total revenues. Of our total revenues, one of these clients represented 58% of our revenues during 2003, 57% in 2002, and 52% in 2001. A second client represented 23% in 2003, 20% in 2002, and 15% of our revenues in 2001. A third client represented 15% of our total revenue in 2003.

FIN 46

In January 2003, the Financial Accounting Standards Board (“FASB”) adopted FASB Interpretation No. 46 (FIN 46): Consolidation of Variable Interest Entities.  FIN 46 is an interpretation of Accounting Research Bulletin No. 51 (ARB 51): Consolidated Financial Statements.  FIN 46 is FASB’s response to the use of special purpose entities, which are off-balance sheet financing vehicles that many believe played a major role in the collapse of Enron.  Accordingly, there has been considerable political pressure to address this issue.

The SEC’s upcoming report:  The Sarbanes-Oxley Act legislation requires the SEC to complete a report within one year after the adoption of disclosure rules on off-balance sheet transactions.  The SEC made effective its final rule on “Disclosure in Management’s Discussion and Analysis about Off-Balance Sheet Arrangements and Aggregate Contractual Obligations” on April 7, 2003. (http://www.sec.gov/rules/final/33-8182.htm).  Thus the Commission’s report is due by April 7, 2004.

A summary of FIN 46 follows:

Fin 46 defines Variable Interest Entities (“VIE”) as entities which have one or both of the following characteristics:

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Once a VIE is identified, another test is required to determine whether there is and if so, who is the Primary Beneficiary.

The Primary Beneficiary (PB) is the enterprise that has a variable interest such that:

If one entity will absorb a majority of the losses and another receives a majority of expected returns, then the entity that absorbs the losses is the PB.

If an enterprise is a PB of a VIE, then it shall consolidate the VIE in its financial Statements.

FIN 46 was adopted because in many situations, controlling financial interest may be achieved without majority equity voting interest.

Issues with FIN 46:  The main complaint about FIN 46 is that it sometimes requires consolidation by enterprises that do not bear the substantial majority of risks for the assets and liabilities of the financing entities.  This outcome was anticipated in the dissenting opinion of one of the FASB Board members.

The impact of FIN 46 on the homebuilding industry.  All publicly-traded builders use off-balance sheet financing vehicles, such as partnerships, joint ventures and rolling lot options, to control and develop land.

In certain instances, FIN 46 may require consolidation of finished lot option contracts for which their total potential losses are limited to their deposit.  In these situations, it requires builders to put on their balance sheets assets that they do not own and liabilities for which they are not responsible. 

The current accounting practice for simple finished lot option contracts, which involve recording the builder’s deposit as an asset, is preferable to consolidating the assets and liabilities of the entity that owns the land.  In this case, the builder’s risk is limited to the loss of its deposit.  It does not yet own the land and any liabilities of the entity do not have recourse to the builder.

Due to the complexity of FIN 46 and the various interpretations the same asset and liability may be recorded on the financial statements of 2 or more independent non-affiliated companies.

There is no clear standard that can be applied to a specific industry which results in different interpretations of the rule than can vary by office of the same accounting firm.

FIN 46 HAS DEFINETLY HAD A NEGATIVE IMPACT ON OUR BUSINESS.

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SARBANES-OXLEY ACT

The significant effects of the Securities and Exchange Commission’s efforts and Sarbanes-Oxley’s legislative provisions to date, the results have been, among other things, to: