from the most recent 10-Q:
ITEM 4 CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
An evaluation was performed under the supervision and with the participation of the Company’s management, including John Thomas Wilson, the Company’s President and CEO, and Antoine J. Lafargue, the Company’s Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities and Exchange Act of 1934) as of September 30, 2011. During the current period ended September 30, 2011, Management found no deficiencies as a result in its evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. However, because the reliability of the internal control process requires repeatable execution, the successful remediation of the material weakness identified in our prior fiscal year will require review and evidence of effectiveness for more than one quarter prior to management concluding that the controls are now effective. Accordingly, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were ineffective at September 30, 2011 due to the un-remediated material weaknesses described in Item 9A of the Company’s Form 10-K for the period ended June 30, 2011. However, the Company believes that the consolidated financial statements included in this Form 10-Q fairly present, in all material respects, the Company’s financial position, results of operations and cash flows for the periods presented.