Attached files
file | filename |
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EX-32 - EXHIBIT 32.1 - OAKRIDGE INTERNATIONAL CORP | ex321-033112oak.htm |
EX-31 - EXHIBIT 31.1 - OAKRIDGE INTERNATIONAL CORP | ex311-033112oak.htm |
EX-31 - EXHIBIT 31.2 - OAKRIDGE INTERNATIONAL CORP | ex312-033112oak.htm |
EX-32 - EXHIBIT 32.2 - OAKRIDGE INTERNATIONAL CORP | ex322-033112oak.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10 - Q
[ ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2012 |
[ ] | 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: 333-152312
(Exact Name of Registrant as Specified in Its Charter)
Nevada |
------------- |
(State or Other Jurisdiction of Incorporation or Organization) |
(IRS Employer Identification No.) |
Suite 5, Level 2, Malcolm Reid Building, 187 Rundle Street, Adelaide SA 5000, Australia |
n/a |
(Address of Principal Executive Offices) |
(Zip Code) |
Tel: +618 8120 0248 Fax: +618 8312 0248
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former
Fiscal Year if Changed Since Last Report)
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 past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
Yes [ x ] No [ ]
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (@232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). |
Yes [ x ] No [ ]
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "small reporting company" in Rule 12b-2 of the Exchange Act. (check one) |
Large Accelerated Filer [ ] Accelerated Filer [ ] Non-Accelerated Filer [ ] Smaller Reporting Company [ x ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). |
Yes [ x ] No [ ]
The number of common equity shares outstanding as of March 31, 2012 was 6,510,000 shares of Common Stock, $0.001 par value. |
INDEX
Page |
||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Financial Statements | |
Consolidated Balance Sheet - March 31, 2012 (Unaudited) | 2 |
|
Consolidated Statements of Operations - Three Months and Nine Months ended March 31, 2012 and 2011, and from October 31, 2007 (Inception) to March 31, 2012 (Unaudited) | 3 |
|
Consolidated Statement of Stockholders' Deficit - From October 31, 2007 (Inception) to March 31, 2012 (Unaudited) |
4 |
|
Consolidated Statement of Cash Flows - Nine Months ended March 31, 2012 and 2011, and from October 31, 2007 (Inception) to March 31, 2012 (Unaudited) | 5 |
|
Notes to Consolidated Financial Statements | 6-16 |
|
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 17-24 |
Item 3. | Quantitative and Qualitative Disclosure About Market Risk | 25 |
Item 4. | Controls and Procedures | 25 |
PART II. OTHER INFORMATION | ||
Item 1 | Legal Proceedings | 27 |
Item 1A | Risk Factors | 27 |
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 27 |
Item 3 | Defaults Upon Senior Securities | 27 |
Item 4 | Mine Saftety Disclosure | 27 |
Item 5 | Other Matters | 27 |
Item 6. | Exhibits | 27 |
SIGNATURES | 28 |
1
PART I - FINANCIAL INFORMATION
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
CONSOLIDATED BALANCE SHEET |
AS AT MARCH 31, 2012 |
(UNAUDITED) |
(Stated in US Dollars) |
Note |
March 31, 2012 |
June 30, 2011 |
|||
(Unaudited) |
(Audited) |
||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ |
117 |
$ |
440 |
|
Total assets | $ |
117 |
$ |
440 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Accrued expenses |
$ |
7,700 |
$ |
12,209 |
|
Other payable |
22,435 |
5,625 |
|||
Amount due to director |
129 |
11,809 |
|||
Total current liabilities | 30,264 |
29,643 |
|||
Stockholders' equity: |
|||||
Common stock, $0.001 par value, 75,000,000 shares authorized; 6,510,000 shares issued and outstanding | 4 |
6,510 |
6,510 |
||
Additional paid up capital |
4 |
30,590 |
30,590 |
||
Deficit accumulated during the development stage |
(67,247) |
(66,303) |
|||
Total stockholders' deficit | (30,147) |
(29,203) |
|||
Total liabilities and stockholders' equity | $ |
117 |
$ |
440 |
|
See accompanying notes to the consolidated financial statements
2
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
CONSOLIDATED STATEMENTS OF OPERATIONS |
FOR THE THREE MONTHS AND NINE MONTHS ENDED
MARCH 31, 2012 AND 2011, AND FROM OCTOBER 31, 2007 (INCEPTION) TO MARCH 31, 2012 |
(UNAUDITED) |
(Stated in US Dollars) |
For the Three |
For the Three |
For the Nine |
For the Nine |
For the Period |
|||||||
Net revenues |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
11,295 |
|
Cost of revenue |
- |
- |
- |
- |
10,821 |
||||||
Gross profits |
- |
- |
- |
- |
474 |
||||||
Other general and |
|||||||||||
administrative expenses |
1,323 |
1,021 |
3,223 |
7,973 |
68,320 |
||||||
Loss from operations |
(1,323) |
(1,021) |
(3,223) |
(7,973) |
(67,846) |
||||||
Other expenses: |
|||||||||||
Gain on disposal of subsidiary |
2,279 |
- |
2,279 |
- |
2,279 |
||||||
Interest |
- |
- |
- |
- |
(1,680) |
||||||
Net income / (loss) |
$ |
956 |
$ |
(1,021) |
$ |
(944) |
$ |
(7,973) |
$ |
(67,247) |
|
Weighted average basic and |
|||||||||||
Diluted shares outstanding |
6,510,000 |
6,510,000 |
6,510,000 |
6,510,000 |
5,877,880 |
||||||
Gain /(Loss) per share - basic and diluted* | $ |
0.00 |
$ |
(0.00) |
$ |
(0.00) |
$ |
(0.00) |
$ |
(0.00) |
|
*Basic and diluted weighted average number of shares is the same since the Company does not have any dilutive securities |
See accompanying notes to the consolidated financial statements
3
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT |
FOR THE PERIOD FROM OCTOBER 31, 2007 (INCEPTION) TO MARCH 31, 2012 |
(UNAUDITED) |
(Stated in US Dollars) |
Deficit |
||||||||||||
accumulated |
||||||||||||
Additional |
during the |
Total |
||||||||||
Common stock |
paid-in |
development |
stockholders' |
|||||||||
Shares |
Amount |
capital |
stage |
deficit |
||||||||
Balance at October 31, 2007 | - |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
|||
(inception) | ||||||||||||
Issuance of founder shares for | ||||||||||||
cash at $0.001 per share - | ||||||||||||
November 30, 2007 | 4,500,000 |
4,500 |
- |
- |
4,500 |
|||||||
Sale of shares for cash at $0.01 | ||||||||||||
per share - March, 2008 | 760,000 |
760 |
6,840 |
- |
7,600 |
|||||||
Net loss | - |
- |
- |
(6,142) |
(6,142) |
|||||||
Balance at June 30, 2008 | 5,260,000 |
5,260 |
6,840 |
(6,142) |
5,958 |
|||||||
Net loss | - |
- |
- |
(38,689) |
(38,689) |
|||||||
Balance at June 30, 2009 | 5,260,000 |
5,260 |
6,840 |
(44,831) |
(32,731) |
|||||||
Issuance of shares for services at | ||||||||||||
$0.02 per share - July 17, 2009 | 1,250,000 |
1,250 |
23,750 |
- |
25,000 |
|||||||
Net loss | - |
- |
- |
(11,549) |
(11,549) |
|||||||
Balance at June 30, 2010 | 6,510,000 |
6,510 |
30,590 |
(56,380) |
(19,280) |
|||||||
Net loss | - |
- |
- |
(9,923) |
(9,923) |
|||||||
Balance at June 30, 2011 | 6,510,000 |
6,510 |
30,590 |
(66,303) |
(29,203) |
|||||||
Net loss | - |
- |
- |
(944) |
(944) |
|||||||
Balance at March 31, 2012 | 6,510,000 |
$ |
6,510 | $ |
30,590 |
$ |
(67,247) |
$ |
(30,147) |
|||
See accompanying notes to the consolidated financial statements
4
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
AND FROM OCTOBER 31, 2007 (INCEPTION) TO MARCH 31, 2012 |
(UNAUDITED) |
(Stated in US Dollars) |
For the Period |
||||||
For the Nine |
For the Nine |
from October 31, 2007 |
||||
Months Ended |
Months Ended |
(Inception) to |
||||
March 31, 2012 |
March 31, 2011 |
March 31, 2010 |
||||
Cash Flows from Operating Activities: | $ |
$ |
$ |
|||
Net Loss | (944) |
(7,973) |
(67,247) |
|||
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||||||
Common Stock Issuance for Services | - |
- |
25,000 |
|||
Changes in Assets and Liabilities: | ||||||
(Decrease)/Increase in Accrued Expenses | (4,509) |
2,850 |
7,700 |
|||
Increase in Other Payable | 16,810 |
- |
22,435 |
|||
(Decrease)/Increase in Amount due to director | (11,680) |
5000 |
129 |
|||
Net Cash Used in Operating Activities | (323) |
(123) |
(11,983) |
|||
Cash Flows from Investing Activities: | - |
- |
- |
|||
Cash Flows from Financing Activities: | ||||||
Proceeds from Sale of Common Stock | - |
- |
12,100 |
|||
Net Cash Provided by Financing Activities | - |
- |
12,100 |
|||
(Decrease) / Increase in Cash | (323) |
(123) |
117 |
|||
Cash - Beginning of Period | 440 |
563 |
- |
|||
Cash - End of Period | $ |
117 |
$ |
440 |
$ |
117 |
Supplemental Disclosures of Cash Flow Information: | ||||||
Interest Paid | $ |
- |
$ |
- |
$ |
1680 |
Income Taxes Paid | $ |
- |
$ |
- |
$ |
- |
See accompanying notes to the consolidated financial statements
5
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
|
|
On March 25, 2008, the Company commenced its operations in the recycling business by entering into a non-exclusive contract to license a proprietary PCB recycling technology and in October 2009, the technology agreement expired. The Company is now evaluating other recycling technologies and pursuing the trading of electronic materials, components and PCBs. |
|
|
|
|
6
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
|
|
|
|
|
|
|
|
Place of |
Attributable | ||||
Name of Company | Incorporation | Interest | |||
Waytop Asia Pacific Limited* | Hong Kong | 100% | |||
* Disposed on February 17, 2012 |
7
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
|
|
|
|
|
|
|
|
* |
Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and |
* |
Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
|
|
|
|
8
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
|
|
|
|
|
The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC 830 "Foreign Currency Translation" formerly SFAS No. 52, "Foreign Currency Translation" using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Hong Kong dollars. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
9
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
|
|
All grants of common stock awards and stock options/warrants to employees, directors and consultants are recognized in the financial statements based on their grant date fair values. The Company has elected to recognize compensation expense using the straight-line method for all common stock awards and stock options/warrants granted with service conditions that have a graded vesting schedule, with a corresponding charge to additional paid-in capital. The Company estimates fair value of common stock awards based on the number of shares granted and the quoted price of the Company's common stock on the date of grant. |
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|
10
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
|
|
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OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
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12
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
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|
|
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|
|
|
13
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
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|
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|
On April 30, 2010, the former Director sold all his shares to the Company's President, Mr. Xiong Xu. On April 1, 2012 the Company entered into a service agreement with Asiairm Associates Limited to provide consulting, corporate, accounting, Edgar filing and company secretarial services to the Company on a monthly fee of USD10,000 for a period from April 1, 2012 to December 31, 2012. Under the agreement, the Company is obligated to pay the fee for the first two months and then the remainder of the fees shall only be paid once the Company can raise funds. Asiairm Associates Limited is majority owned by our director and CEO, Mr. Sau Shan Ku. On May 1, 2012 the Company entered into a service agreement with Intek Solutions Pty Limited to provide consulting, services to manage and develop the Company's business for a monthly fee of USD10,000 for a period from May 1, 2012 to December 31, 2012. Under the agreement, the Company is obligated to pay the fee for the first two months and then the remainder of the fees shall only be paid once the Company has raise funds. Intek Solutions Pty. Limited is wholly owned by the current director Mr. Con Unerkov. On May 4, 2012, Mr. Xiong Xu sold all of his 1,250,000 shares in the Company to Intek. On the same date, Mr. Xiong Xu also tendered his resignation and stepped down as CEO, President and member of the board of directors of the Company, Mr. Sau Shan Ku was appointed as CEO and President of the Company and Mr. Con Unerkov was appointed to as a member of the board of directors of the Company As a result, our newly appointed director, Mr. Con Unerkov, indirectly holds 1,250,000 shares through Intek, representing about 19.2% equity interest, in the Company. On June 19, 2012 Intek Solutions Pty. Ltd., a company controlled by our director Mr. Con Unerkov, sold all their shares in the Company to Shuet Ping Leung. On June 19, 2012 Mr. Sau Shan Ku sold all his shares to Mr. Herbert Ying Chiu Lee who became the new controlling shareholder of the Company |
14
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
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|
|
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|
|||
$ |
|||
United States federal income tax rate | 15% |
||
Valuation allowance-US federal income tax | (15%) |
||
Provision for income tax | - |
||
Hong Kong statutory rate | 16.5% |
||
Valuation allowance - Hong Kong Rate | (16.5%) |
||
Provision for income tax | - |
|
15
OAKRIDGE INTERNATIONAL CORPORATION |
(A DEVELOPMENT STAGE COMPANY) |
NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT |
FOR THE NINE MONTHS ENDED MARCH 31, 2012 AND 2011 |
(UNAUDITED) |
(Stated in US Dollars) |
|
|
(a) |
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(b) |
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(c) |
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(d) |
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16
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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Forward - Looking Statements |
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Critical Accounting Policy and Estimates |
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17
Operation Overview |
Business of the Issuer |
|
In March 2008, the Company entered into an agreement for a technology for recovering electronic components from electronic printed circuit boards. The Company evaluated the technology but could not raise the necessary funds to keep the technology and our rights to the technology expired in October 2009. From that date onwards, we have been evaluating other technologies in the recovery of raw materials from Printed Circuit Boards. However due to our limited resources available, we were not able to actively pursue alternative solutions as that would involve investment into test equipment or process. |
In May 2011, the Group received a Letter of Authorization to appoint the Waytop as an official reseller for a waste packing system in China for until the end of 2011. |
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Raw Materials Recovery from Printed Circuit Boards |
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Recycle Process and Technology |
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18
Trading of PCB Materials and Electronic Components |
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Waste Packing System |
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* |
Sourcing of electronic PCBs from recycling centers and scrap PCBs from PCB factories |
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* |
Locating customers for the raw materials recovered from this recycling technology |
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* |
Searching facilities for processing these materials |
Products and Services |
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19
Market |
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Competition |
While the typical extraction methods of burning and chemical processing do deliver these commodity metals, it is done at the expense of the environment. The mechanical process yields two raw materials, a resin powder and a metal concentrate with no emissions or impact to the environment. The resin powder is utilized as an additive in products such as outdoor decking, furniture, and waterproofing materials. The metal concentrate, primarily copper, is used to create new electrical and electronic products such as wire, printed circuit boards, and other electrical components. The markets for our products and services are competitive, and we face competition from a number of sources. Many of our competitors have substantially greater resources than us. Those resources may include greater name recognition; larger product lines; complementary lines of business; and greater financial, marketing, information systems, and other resources. We can give no assurance that competitive pressures will not materially and adversely affect the Company's business, financial condition, and results of operations. |
20
Twelve Months Operating Plan |
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Financing |
|
Technology Process |
As digital technology evolves, computer and digital equipment and devices are being retired at an accelerating rate. Around the world, obsolete electronic equipment is typically discarded with domestic refuse, deposited in landfills, incinerated or exported to developing countries. When discarded as trash, this avalanche of old electronic equipment is not only a waste of valuable resources, but also can release hazardous emissions into the environment if handled improperly. |
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Operations - Hong Kong |
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21
Operations - United States |
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Research and Development |
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Costs and Effects of Compliance with Environmental Laws |
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Employees |
|
22
Results of Operations |
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The Company has realized no revenue, no cost of revenue and no gross profit for the three month period ended March 31, 2011. For the period from October 31, 2007 (date of inception) to March 31, 2012, the Company realized revenue of $11,295, incurred a cost of revenue of $10,821 and achieved a gross profit of $474. |
|
For the three month period ended March 31, 2011, we had no gross profit and our total operating expenses were $1,021, all of which were selling, general and administrative expenses. Our net loss to our shareholders for the three month period ended March 31, 2011 was $1,021. For the nine months period ended March 31, 2012, we had no gross profit and our total operating expenses were $3,223, all of which were selling, general and administrative expenses. We incurred a gain on disposal of subsidiary of $2,279. Our net loss to our shareholders for the nine month period ended March 31, 2012 was $944. For the nine months period ended March 31, 2011, we had no gross profit and our total operating expenses were $7,973, all of which were selling, general and administrative expenses. Our net loss to our shareholders for the nine months period ended March 31, 2011 was $7,973. For the period from October 31, 2007 (date of inception) to March 31, 2012, the accumulated gross profit was $474, the total operating expenses were $68,320 which were all selling, general and administrative expenses, and we had a gain on disposal of subsidiary of $2,279 and a $1,680 in interest expense, resulting in an accumulated net loss to our shareholders of $67,247. |
23
Liquidity and Capital Resources |
|
We will have to raise funds to pay for our expenses and accomplish our business plans. We may have to borrow money from shareholders or issue debt or equity or enter into a strategic arrangement with a third party. There can be no assurance that additional capital will be available to us. We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans or lines of credit. Our inability to raise funds for our operations will have a severe negative impact on our ability to remain a viable company. On June 29, 2009 we entered into a Binding Memorandum of Terms for the proposed acquisition of Total Union PCB Recycle Ltd., the licensor of the PCB Recycling process. The agreement is pending completion of definitive documents and closure of a $5.0 million Private Investments in Public Equity ("PIPE") by Oakridge to support the transaction prior to December 31, 2009 after which the Company's right to acquire Total Union ceased and the agreement for raising the funding also ceased. |
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24
Item 3. Quantitative and Qualitative Disclosures about Market Risk. |
Quantitative and Qualitative Disclosures about Market Risk: |
|
|
The Company has no off-balance sheet obligations or guarantees and has not historically used special purpose entities for any transactions. |
Item 4. Controls and Procedures. |
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Internal Control over Financial Reporting |
(a)Management's Annual Report on Internal Control Over Financial Reporting |
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We are in the process of developing and implementing remediation plans to address our material weaknesses. |
25
Management has identified specific remedial actions to address the material weaknesses described above: |
* |
|
|
* | Improve segregation procedures by strengthening cross approval of various functions including cash disbursements and quarterly internal audit procedures where appropriate. |
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Changes in Controls and Procedures |
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26
PART II. OTHER INFORMATION |
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Not required. |
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N/A |
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Description |
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Articles of Incorporation (1) |
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Bylaws (1) |
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Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Attached Hereto) |
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Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Attached Hereto) |
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1 |
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27
SIGNATURES
In accordance with to requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
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OAKRIDGE INTERNATIONAL CORPORATION |
||
By: |
/s/ Sau Shan Ku |
|
Name: |
Sau Shan Ku |
|
Title: |
President, CEO, Treasurer, Secretary, Director |
|
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|
|
Name: |
Con Unerkov |
|
Title: |
Director & Chief Financial Officer |
|
28