SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 10-Q /A
____________________
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2008
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 ( d ) OF THE EXCHANGE ACT
For the transition period from ____________ to____________
Commission File No. 000-50032
OAK RIDGE MICRO-ENERGY, INC.
(Exact name of Registrant as specified in its charter)
Colorado |
94-3431032 |
(State or Other Jurisdiction of |
(I.R.S. Employer Identification No.) |
incorporation or organization) |
|
275 Midway Lane
Oak Ridge, TN 37830
(Address of Principal Executive Offices)
(801) 556-9928
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the Registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 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 is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller 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 [ ] No [X]
1
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the
Registrant’s classes of common stock, as of the latest practicable date:
November 14
, 2008 - 72,591,644 shares of common
stock.
PART I
Item 1. Financial Statements
The Financial Statements of the Registrant required to be filed with this 10-Q Quarterly Report were prepared by management and commence below, together with related notes. In the opinion of management, the Financial Statements fairly present the financial condition of the Registrant.
2
Oak Ridge Micro-Energy, Inc.
(Development Stage Company)
Condensed Consolidated Balance Sheets
|
March 31, 2008 (Unaudited) [Restated] |
December 31, 2007 (Audited) |
Assets |
|
|
Current assets |
|
|
Cash |
$1,047,069 |
$631,680 |
Prepaid expenses |
2,227 |
- |
Total current assets |
1,049,296 |
631,680 |
|
|
|
Furniture, fixtures and equipment - net |
54,948 |
498,237 |
Intangible assets - net |
16,732 |
11,170 |
Other long-term assets |
2,200 |
2,200 |
Total assets |
$1,123,176 |
$ 1,143,287 |
|
|
|
Liabilities and Shareholders' Equity |
|
|
Accounts payable |
$7,611 |
$ 39,365 |
Royalty Payable |
15,000 |
15,000 |
Accrued liabilities - related parties |
2,353 |
47,253 |
Total current liabilities |
24,964 |
101,618 |
Total liabilities |
24,964 |
101,618 |
|
|
|
Common Stock - 100,000,000 authorized at $0.001 par value, 72,591,644 issued and outstanding at March 31, 2008 and December 31, 2007 |
72,592 |
72,592 |
Additional paid-in capital |
17,494,828 |
17,494,828 |
Deficit accumulated prior to development stage |
(2,319,595) |
(2,319,595) |
Deficit accumulated during development stage |
(14,149,613) |
(14,206,156) |
Total shareholders' equity |
1,098,212 |
1,041,669 |
Total liabilities and shareholders’ equity |
$ 1,123,176 |
$ 1,143,287 |
See Accompanying Notes to the Financial Statements.
3
Oak Ridge Micro-Energy, Inc.
(Development Stage Company)
Condensed Consolidated Statements of Operations
(Unaudited)
|
For the Three Months Ended March 31, |
From Reactivation | |
|
2008 [Restated] |
2007 |
[Jan 1, 1996] to Mar 31, 2008 [Restated] |
Revenues |
$ - |
$- |
$118,004 |
Operating expenses: |
|
|
|
General and administrative |
78,576 |
19,221 |
9,099,425 |
Research and development |
25,147 |
28,134 |
1,341,775 |
Sales and marketing |
409 |
530 |
4,924 |
(Gain)/loss on disposal of assets |
(189,042) |
- |
4,419,725 |
Depreciation and amortization |
33,239 |
45,884 |
788,308 |
Total operating expenses |
|
93,769 |
|
Operating Income ( loss ) |
|
(93,769) |
|
Other income/(expenses): |
|
|
|
Interest and other income |
4,872 |
7,329 |
111,617 |
Interest expense |
- |
- |
(340,159) |
|
- |
- |
1,615,082 |
Total other income/(expenses) |
|
7,329 |
|
Net Income/(Loss) |
$ 56,543 |
$ (86,440) |
$ (14,149,613) |
|
|
|
|
Basic Weighted Average Shares Outstanding |
72,591,644 |
74,377,707 |
|
Basic Income/( Loss ) Per Share |
|
$ (0.01) |
|
See Accompanying Notes to the Financial Statements
4
Oak Ridge Micro-Energy, Inc.
(Development Stage Company)
Condensed Consolidated Cash Flow Statements
(Unaudited)
|
March 31, |
From Reactivation | |
|
2008 [Restated] |
2007 |
[Jan 1, 1996] to Mar 31, 2008 [Restated] |
Cash flow from operating activities: |
|
|
|
Net income/(loss) |
$ 56,543 |
$ (86,440) |
$ (14,149,613) |
Depreciation and amortization expense |
33,239 |
45,884 |
788,307 |
Issuance of stock for expenses and services |
- |
- |
7,256,598 |
(Gain)/loss on disposal of assets Loss on impairment of assets |
(189,042) - |
- - |
4,419,725 2,857 |
Gain on settlement of debt |
- |
- |
(1,615,082) |
Adjustment to reconcile net income / (loss) to net cash from operations: Increase/(decrease) in accounts payable/royalty payment |
(31,754) |
(7,601) |
401,996 |
(Increase)/decrease in prepaid expenses Increase/(decrease) in accrued liabilities – related party |
(2,227)
(44,900) |
(2,950) - |
(2,227) (838) |
Increase/(decrease) in deposits |
- |
- |
(2,200) |
Net cash from operating activities |
(178,141) |
(51,107) |
(2,900,477) |
|
|
|
|
Cash flow from investing activities: |
|
|
|
Purchase of equipment |
- |
- |
(1,231,601) |
Purchase of intangible assets Proceeds from sale of equipment |
(6,470) 600,000 |
- - |
(42,204) 600,000 |
Net cash from investing activities |
593,530 |
- |
(673,805) |
|
|
|
|
Cash flow from financing activities: |
|
|
|
Proceeds from stock issued |
- |
- |
4,621,351 |
Net cash from financing activities |
- |
- |
4,621,351 |
|
|
|
|
|
|
|
|
5
Oak Ridge Micro-Energy, Inc.
(Development Stage Company)
Condensed Consolidated Cash Flow Statements
(Unaudited)
Net change in cash and cash equivalents |
415,389 |
(51,107) |
1,047,069 |
Cash and cash equivalents, beginning of period |
631,680 |
843,178 |
- |
Cash and cash equivalents, end of period |
$1,047,069 |
$ 792,071 |
$ 1,047,069 |
Cash paid for taxes |
$0 |
$0 |
$0 |
Cash paid for interest |
$0 |
$0 |
$0 |
See Accompany Notes to the Financial Statements
6
Oak Ridge Micro-Energy, Inc.
(a Development Stage Company)
Notes to Condensed Consolidated Financial Statements
Note 1 – Description of Business and Liquidity
Oak Ridge Micro-Energy, Inc. (referred to hereafter as “the Company” or “Oak Ridge”) was incorporated on August 15, 1986 under the laws of the state of Colorado, with the original name “Vates Corp.” Since inception, the Company has completed six name changes resulting in its present name. With the 2002 acquisition of its sole subsidiary, Oak Ridge Micro-Energy, Inc., a Nevada Corporation (“Oak Ridge Nevada”), the name of the Company was changed from Global Acquisitions, Inc. The Company has changed the par value of its stock and effected four stock splits. The accompanying financial statements have been prepared showing the after spilt effect with a par value of $0.001 since inception.
The Company became inactive after 1995 and is considered to be in the development stage after that date. The Company’s principal operation is the further development, commercialization and marketing of the rechargeable thin-film lithium battery.
The interim financial data are unaudited; however, in the opinion of the management of the Company, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of (a) the financial position at March 31, 2008, and December 31, 2007, (b) the results of operations for the three-month periods ended March 31, 2008, and 2007, and (c) cash flows for the three-month periods ended March 31, 2008, and 2007. The financial statements should be read in conjunction with the Company’s Annual Report on Form 10-KSB for the year ended December 31, 2007.
The results of operations for the three-month period ended March 31, 2008, are not necessarily indicative of those to be expected for the entire year.
Note 2 – Basic and Diluted Net Income (Loss) Per Share
In accordance with SFAS No. 128, “Earnings per Share,” loss per common share is based on the weighted-average number of common shares outstanding. Diluted loss per share is computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period using the treasury stock method. There are no common stock equivalents outstanding, thus, basic and diluted loss per share calculations are the same.
Note 3 – Technology License Agreement
On December 28, 2001, the Company entered into a license and royalty agreement to further develop and market a rechargeable thin-film lithium battery for use in a variety of applications, such as, RFID tags for airlines and supply chain management, drug delivery systems and implantable medical devices, and non-volatile memory backup. The terms of the agreement included payments of $90,000 in cash and stock of the Company (completed) and the payment of a 5% royalty on all net sales with minimum royalties to begin in 2006 as follows:
2006 |
$20,000 |
2007 |
$40,000 |
2008 and thereafter |
$60,000 |
As of March 31, 2008, the Company has paid $5,000 in royalties and accrued a liability of $15,000. Since the Company is negotiating new terms to this agreement that will impact the amount owed for 2008 and thereafter, they have not accrued additional liability because it is not likely the new agreement will require royalties until there are sales to support the royalty payments.
7
Oak Ridge Micro-Energy, Inc.
(a Development Stage Company)
Notes to Condensed Consolidated Financial Statements
Note 4 – Stockholders’ Equity
The Company’s only issued and authorized equity shares consist of common stock, par value $0.001. Effective June 1, 2004, the Company effected a one to three forward split of its outstanding common stock, while retaining the current par value of $0.001. The accompanying financial statements have been prepared retroactively showing the after spilt effect with a par value of $0.001 since inception.
Note 5 – Related Parties
Officers-directors (and their families) and their controlled entities have acquired 45% of the Company’s outstanding common stock.
As of March 31, 2008, the Company owed its President and Chief Executive Officer $2,353 for money loaned to the Company. This note is non-interest bearing and payable on demand.
Note 6 – Sale of Assets/Leaseback
On March 10, 2008, the Company entered into
an Equipment Purchase Agreement to sell its
non-proprietary research and development equipment to Planar Energy Devices,
Inc. This agreement allows the Company to have continued access to the equipment
as may be needed for prototyping and testing by potential licensees and partners
for up to a minimum of 18 months, at a price of $1,000 per month for the first
six months and at a price to be agreed upon during the next 12 months. The
purchase price of the equipment was $600,000, which was
paid on closing. Pursuant to FAS 13, the Company has determined that
substantially all of the remaining use of the property has been relinquished, in
that the present value of future minimum lease payments is less than 10% of the
fair value the equipment sold. Therefore, the gain has been recognized
immediately.
The Company determined it had incorrectly accounted for
the sale of assets for the periods ended March 31, 2008 and June 30,
2008. Management believed it had sold all of its assets, but a component
of one asset was segregated from the original sale and subsequently sold in
July. This resulted in Property, Plant and Equipment being
understated by $54,948 as of March 31, 2008 and June 30, 2008 and the gain on
sale of assets being understated by $54,948 . (See Note 8).
Note 7 – Recent Accounting Pronouncements
In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standard (“SFAS”) No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. The Company adopted SFAS 157 on January 1, 2008 with no impact on the Company’s condensed consolidated financial statements.
In February 2007, the FASB issued SFAS No.
159, The Fair Value Option for Financial Assets and Liabilities – Including an
amendment of FASB Statement No. 115 (“SFAS 159”). SFAS 159 allows entities
the option to measure eligible financial instruments at fair value as of
specified dates. Such election, which may be applied on an instrument by
instrument basis, is typically irrevocable once elected. The Company
elected not to measure any additional financial assets or liabilities at fair
value at the time SFAS 159 was adopted on January 1, 2008. As a result,
implementation of SFAS 159 had no impact on the Company’s condensed consolidated
financial statements.
In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business Combinations (“SFAS 141R”) and SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of Accounting Research Bulletin No. 51(“SFAS 160”). SFAS No. 141R requires an acquirer to measure the
8
Oak Ridge Micro-Energy, Inc.
(a Development Stage Company)
Notes to Condensed Consolidated Financial Statements
identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their fair values on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. SFAS No. 160 clarifies that a noncontrolling interest in a subsidiary should be reported as equity in the consolidated financial statements. The calculation of earnings per share will continue to be based on income amounts attributable to the parent. SFAS No. 141R and SFAS No. 160 are effective for financial statements issued for fiscal years beginning after December 15, 2008. Early adoption is prohibited. The Company has not yet determined the effect on its consolidated financial statements, if any, upon adoption of SFAS No. 141R or SFAS No. 160.
In March 2008, the FASB issued SFAS No.
161, Disclosures about Derivative Instruments and Hedging Activities, an
amendment of FASB Statement No. 133 (“SFAS 161”). SFAS 161 requires enhanced
disclosures about an entity’s derivative instruments and hedging activities
including: (1) how and why an entity uses derivative instruments; (2) how
derivative instruments and related hedged items are accounted for under SFAS 133
and its related interpretations; and (3) how derivative instruments and related
hedged items affect an entity’s financial position, financial performance and
cash flows. SFAS 161 is effective for financial statements issued for fiscal
years and interim periods beginning after November 15, 2008, with earlier
application encouraged. The Company has no derivative instruments so the
adoption of SFAS 161 is not expected to have any impact on the Company’s
consolidated financial statements and it does not intend to adopt this standard
early.
Note 8 – Correction of An Error / Restatement
Management determined that the Company had accounted for the sale of its assets improperly in prior periods. Management believed it had sold all of its assets in March 2008, but a component of one asset was segregated from the original sale and subsequently sold in July 2008. For the quarters ended March 31, 2008 and June 30, 2008, the Company had understated the gain on sale of the assets by $54,948 and had understated the balance of the remaining property, plant, and equipment on the Company’s books by $54,948.
9
Oak Ridge Micro-Energy, Inc.
(a Development Stage Company)
Notes to Condensed Consolidated Financial Statements
Note 8 – Correction of An Error / Restatement (continued)
|
|
For the Three |
|
From Reactivation |
|
|
Months Ended |
|
[Jan. 1, 1996] to |
|
|
March 31, 2008 |
|
March 31, 2008 |
Gain /(loss) on disposal of assets |
|
|
| |
|
As previously reported |
134,094 |
|
(4,474,673) |
|
Adjustment |
54,948 |
|
54,948 |
|
Restated amount |
189,042 |
|
(4,419,725) |
|
|
|
|
|
Net income / (loss) |
|
|
| |
|
As previously reported |
1,595 |
|
(14,204,561) |
|
Adjustment |
54,948 |
|
54,948 |
|
Restated amount |
56,543 |
|
(14,149,613) |
|
|
|
|
|
Basic earnings per share |
|
|
| |
|
As previoulsy reported |
nil |
|
|
|
Adjustment |
- |
|
|
|
Restated amount |
nil |
|
|
|
|
|
|
|
Furniture, fixtures, and equipment |
|
|
| |
|
As previoulsy reported |
- |
|
|
|
Adjustment |
54,948 |
|
|
|
Restated amount |
54,948 |
|
|
|
|
|
|
|
10
Item 2. Management’s Discussions and Analysis of Financial Condition and Results of Operations.
Plan of Operation
We have developed a new, thin-film lithium battery technology for commercial, consumer, industrial, security and military use. Our corporate objective is to capitalize on delivering solutions for the world’s micro-power needs.
The battery is lithium-based and is manufactured to be thinner than common plastic wrap. Like the larger, traditional lithium batteries that power laptops and cell phones, this lithium battery is also rechargeable. Unlike traditional lithium batteries, the thin-film battery is intended for small, hi-tech, low power applications, some of which have not yet been developed or brought to market.
Current anticipated uses include “smart” credit cards, security cards, wireless sensors, radio frequency identification tags, chip memory backup and advanced drug delivery devices. Future applications will grow as the availability of thin-film batteries increases.
The technology has evolved over the past decade at the Oak Ridge National Laboratories (“ORNL”), a U. S. Government laboratory in Oak Ridge, TN. The U. S. Department of Energy has released the technology for commercialization through their licensing agent, UT Battelle LLC. We are one of a number of non-exclusive licensees of this technology. The primary inventor of the technology for ORNL, Dr. John B. Bates, retired from ORNL who is now our Chief Technology Officer and a member of our Board of Directors.
The batteries must be substantially manufactured in the United States, under our licensing agreement (the “Licensing Agreement”), unless a waiver is obtained. There may be exportation limitations into certain countries; there are no environmental compliance issues that we know of; and raw materials and manufacturing equipment are readily available from several vendors in the United States.
We have now completed our research and development stage and are entering the next stage in which we will focus our energy and resources on marketing and licensing the thin-film battery covered by our various patents to suitable partners across all industries. We have been in contact with several large-scale, multinational companies who have expressed interest in our thin-film battery technology. This step is stage 3 of our business plan.
We have spent the first several years focusing on enhancing and improving the original core thin-film battery technology and have dedicated the facility in Oak Ridge, TN, to research and development, testing and prototyping. We feel we have reached the stage where all conceivable improvements and enhancements that would be required for product integration into the largest and most profitable markets have been accomplished. Through our testing, we have, among many other accomplishments, replaced the Lipon, the core of the original thin-film battery; changed the composition of the thin-film battery; developed a protective coating that makes it more durable through resistance to oxygen and moisture; improved long-life thin-film battery packages, including getters and methods for making improved long-life thin-film battery packages; developed a new anode-cathode combination (the active battery components which allows for record high temperature cycles of 170 degrees Celsius; and developed a thin-film battery that operates between 2 V and 1 V.
During the prior several years, numerous large-scale, multinational companies have contacted us with interest in our TFB Technology. We believe our unique patented technology is ready for large-scale production and commercialization into many viable product lines. We intend to move into a strong and aggressive licensing mode. We plan to retain a top IP/licensing sales and marketing company, which specializes in licensing specialized technology to help achieve the goal of integrating the revolutionary TFB Technology into as many applications and product lines as possible. Oak Ridge Micro-Energy is currently in discussion with several companies seeking to integrate our technology into their various product lines and new designs. These companies have expressed an interest in licensing our proprietary TFB Technology.
As an integral part of the marketing process, we are currently considering separating the TFB Technology and marketing divisions by assigning the TFB Technology to a wholly owned subsidiary. This will enable us to continue to pursue technical advancements to our IP, as well as build a marketing division, which focuses on licensing our TFB Technology. We are currently searching for an IP and license marketing firm, which specializes in reaching industry leaders in our key target markets and providing research reports and market summaries for exposure and marketing of our TFB Technology to the various industry markets that we believe our TFB Technology will enhance and be in demand.
11
On March 10, 2008, we sold our laboratory equipment to Planar Energy Devices, Inc., with a lease-back arrangement to allow us to use the equipment for up to 18 months.
During July 2008 the Company sold the remaining equipment for $113,594 and recognized a gain on the sale of equipment of $58,647.
Results of
Operations
During the quarters ended March 31, 2008, and 2007, we had net income (loss) of $56,543 and $(86,440), respectively. We had no revenues for the three months ended March 31, 2008, or 2007. For the period from reactivation to March 31, 2008, we had a net loss of $14,149,613.
Liquidity
We incurred a net income of $56,543 for the period ended March 31, 2008. Cash on hand totaled $1,047,069. We believe cash on hand will be sufficient to finance current business operations for at least the next 12 months.
Forward-looking Statements
ALL FORWARD-LOOKING STATEMENTS CONTAINED HEREIN, AND SPECIFICALLY UNDER THIS HEADING, ARE DEEMED BY OUR COMPANY TO BE COVERED BY AND TO QUALIFY FOR THE SAFE HARBOR PROTECTION PROVIDED BY THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. STOCKHOLDERS AND PROSPECTIVE STOCKHOLDERS SHOULD UNDERSTAND THAT SEVERAL FACTORS GOVERN WHETHER ANY FORWARD-LOOKING STATEMENT CONTAINED HEREIN WILL BE OR CAN BE ACHIEVED. ANY ONE OF THESE FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED HEREIN. THESE FORWARD- LOOKING STATEMENTS INCLUDE PLANS AND OBJECTIVES OF MANAGEMENT FOR FUTURE OPERATIONS, INCLUDING PLANS AND OBJECTIVES RELATING TO THE PRODUCTS AND THE FUTURE ECONOMIC PERFORMANCE OF OUR COMPANY. ASSUMPTIONS RELATING TO THE FOREGOING INVOLVE JUDGMENTS WITH RESPECT TO, AMONG OTHER THINGS, FUTURE ECONOMIC, COMPETITIVE AND MARKET CONDITIONS, FUTURE BUSINESS DECISIONS, AND THE TIME AND MONEY REQUIRED TO SUCCESSFULLY COMPLETE DEVELOPMENT PROJECTS, ALL OF WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT ACCURATELY AND MANY OF WHICH ARE BEYOND THE CONTROL OF OUR COMPANY. ALTHOUGH WE BELIEVE THAT THE ASSUMPTIONS UNDERLYING THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE REASONABLE, ANY OF THOSE ASSUMPTIONS COULD PROVE INACCURATE AND, THEREFORE, THERE CAN BE NO ASSURANCE THAT THE RESULTS CONTEMPLATED IN ANY OF THE FORWARD- LOOKING STATEMENTS CONTAINED HEREIN WILL BE REALIZED. BASED ON ACTUAL EXPERIENCE AND BUSINESS DEVELOPMENTS, THE IMPACT OF WHICH MAY CAUSE OUR COMPANY TO ALTER OUR MARKETING, CAPITAL EXPENDITURE PLANS OR OTHER BUDGETS, WHICH MAY IN TURN AFFECT OUR COMPANY’S RESULTS OF OPERATIONS IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES INHERENT IN THE FORWARD-LOOKING STATEMENTS INCLUDED HEREIN, THE INCLUSION OF ANY SUCH STATEMENT SHOULD NOT BE REGARDED AS A REPRESENTATION BY OUR COMPANY OR ANY OTHER PERSON THAT THE OBJECTIVES OR PLANS OF OUR COMPANY WILL BE ACHIEVED.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Not required.
Item 4T. Controls and Procedures.
Evaluation of disclosure controls and procedures
Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its
12
judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
Based on that evaluation, our chief executive officer and chief financial officer concluded that, as of March 31, 2008, our disclosure controls and procedures were, subject to the limitations noted above, effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules, regulations and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in internal control over financial reporting
Our management, with the participation of the chief executive officer and chief financial officer, has concluded there were no significant changes in our internal controls over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None; not applicable.
Item 1A. Risk Factors.
Not required.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None; not applicable.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5. Other Information.
None; not applicable.
Item 6. Exhibits.
Exhibit No. Identification of Exhibit
31
32 |
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Mark L. Meriwether, President and Director. Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 provided by Mark L. Meriwether, President and Director. |
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized
Oak Ridge Micro-Energy, Inc.
Date: |
November 14, 2008 |
|
By: |
/s/Mark L. Meriwether |
|
|
|
|
Mark L. Meriwetherl, President and Director |
14