Fforex trading signal direct 9 txt 9 week ultrasound
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or fforex recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face direct the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. The expense in the period incurred with respect to protection provided by insurance entities against risks other than risks associated with production which are allocated to cost of sales. Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Amount before accretion amortization of purchase discount premium of interest income on nonoperating securities. The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line. The total expense recognized in the period for promotion, public relations, and brand or product advertising. The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Amounts expended for printing of marketing and compliance communications and fulfillment services. The aggregate amount of income or expense from ancillary business-related activities that is to say, excluding major activities considered part of the normal operations of the business. Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Other generally recurring costs associated with normal operations excluding those directly related to the marketing or selling of products and services not otherwise defined. The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Expenditures for salaries for officers and non-officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold. Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Utilities costs incurred during the reporting period for services, such as water, sewer, gas, electricity and telephone required to operate a building. Average number of shares or units issued and outstanding that are used in calculating direct and diluted earnings per share EPS. Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" or denominator in the equation, this concept represents the concentration percentage derived from the division. The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. The grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. Per share amount received by subsidiary or equity investee for each share of common stock issued or sold in the stock transaction. Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Description of pertinent provisions of equity-based compensation awards that have actual or potential impact upon the company's financial statements. Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders. Number of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed. Value of stock issued in lieu of cash for services contributed to the entity. Value of the stock issued includes, but is not limited to, services contributed by vendors and founders. Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. Tabular disclosure of the a carrying value as of the balance sheet date of liabilities incurred and for which invoices have typically been received and payable to vendors for goods and services received that are used in an entity's business accounts payable ; b other payables; and c accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities due within one year or within the normal operating cycle if longer. An alternative caption includes accrued expenses. Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business trading produce goods and services and not intended for resale. Carrying value as of the balance sheet date of obligations incurred through that date and payable for royalties. Number of options or other stock instruments for which the right to exercise has lapsed under the terms of the plan agreements. Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Weighted average price at which grantees could have acquired the underlying shares with respect to stock options of the plan that expired. Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. Amount due from customers or clients, within one year of the balance sheet date or the normal operating cycle, whichever is longerfor goods or services including trade receivables that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. A valuation allowance for trade and other receivables due to an Entity within one year or the normal operating cycle, whichever is longer that are expected to be uncollectible. Securities including those issuable pursuant to contingent stock agreements that could potentially dilute basic earnings per share EPS or earnings per unit EPU in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Amount of outstanding short-term debt or borrowing associated with any securities or credit agreement for which there has been a default in principal, interest, sinking fund, or redemption provisions, or any breach of covenant that existed at the end of the period and subsequently has not been cured. Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. Changes in additional paid in capital related to exercise of share-based payments awards such as stock options and the amount of recognized equity-based compensation during the period such as nonvested shares. Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Amount of paid and unpaid cash, stock, and paid-in-kind PIK dividends declared, for example, but not limited to, common and preferred stock. Total of all stockholders' equity deficit items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent noncontrolling interest, minority interest. This excludes temporary equity and is sometimes called permanent equity. This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. Value of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed. The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Amount for accounts payable to related parties. Aggregate carrying amount of current liabilities due within one year or within the normal operating cycle if longer not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed. Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. Tabular disclosure of the number and weighted-average exercise prices or conversion ratios for share options or share units that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock. Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. HC ;T '" TB5KL[ [79OUO: H" [VQ63D,1 SD'C O! LH M F6 YE S1,0L2B. Includes production and non-production related depreciation. Operating signal cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Excludes payment of capital lease obligations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying signal borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Txt effect from exchange rate changes. Excludes cash and cash equivalents within disposal group and discontinued operation. Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. The estimated dividend rate a percentage of the share price to be paid expected dividends to holders of the underlying shares over the option's term. Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Discussion of whether the debt instrument is secured or unsecured, and, if secured, a description of the collateral and guarantees required or provided. Description of the conversion terms of a debt instrument which may include the conversion ratio including all potential conversion ratios if contingently adjustabletype of debt or equity security into which the debt is convertible, the dollars of debt or the number of shares into which the instrument is convertible or potentially convertible intothe conversion period, any contingencies associated with the conversion terms, and the existence and amount of a beneficial conversion feature. Description of the maturity date of the debt instrument including whether the debt matures serially and, if so, a brief description of the serial maturities. Total number of common shares of an entity that have been sold or granted to shareholders includes common shares that were issued, repurchased and remain in the treasury. These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. The redemption or callable amount of currently redeemable preferred stock. Includes amounts representing dividends not currently declared or paid but which will be payable under the redemption features or for which ultimate payment is solely within the control of the issuer. The maximum number of nonredeemable preferred shares or preferred stock redeemable solely at the option of the issuer permitted to be issued by an entity's charter and bylaws. Total number of nonredeemable preferred shares or preferred stock redeemable solely at the option of the issuer issued to shareholders includes related preferred shares that were issued, repurchased, and remain in the treasury. May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. Amount of currency on hand as well as demand deposits with banks or financial institutions. Amount of increase decrease in cash and cash equivalents. The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind PIK. The increase decrease during the reporting period in the aggregate amount of liabilities incurred and for which invoices have typically been received and payable to vendors for goods and services received that are used in an entity's business. The increase decrease during the reporting period in amount due within one year or one business cycle from customers for the credit sale of goods and services. The increase decrease during the reporting period in the aggregate ultrasound of expenses incurred but not yet paid. The increase decrease during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. The increase decrease during the reporting period in other obligations due by the reporting entity that are payable within one year or one business cyclenot otherwise defined in the taxonomy. The increase decrease during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Fair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims. Amount of cash inflow outflow from financing activities, including discontinued operations. Amount of cash inflow outflow from operating activities, including discontinued operations. The charge against earnings resulting from the write down of long lived assets other than goodwill due to the difference between the carrying value and lower fair value. The cash inflow from additional borrowings, net of cash paid to third parties in connection with debt origination. The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity. The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Carrying value as of the balance sheet date of liabilities incurred and for which invoices have typically been received and payable to vendors for goods and services received that are used in an entity's business. Amount of receivables arising from transactions with related parties due within one year or the normal operating cycle, if longer. Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year or the normal operating cycle, if longer. Carrying value as of the balance sheet date of payments made in excess of existing cash balances, which will be honored by the bank but reflected as a loan to the entity. Overdrafts generally have a very short time frame for correction or repayment and are therefore more similar to short-term bank financing than week financing. Aggregate par or stated value of issued nonredeemable common stock or common stock redeemable solely at the option of the issuer. This item includes treasury stock repurchased by the entity. Carrying value as of the balance sheet date of the portion of long-term debt due within one year or the operating cycle if longer identified as Convertible Notes Payable. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder. The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer. Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. The aggregate obligations owed to related parties other than affiliates, officers or stockholders for example, owner's immediate families or employee pension trusts at the financial statement date. Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities due within one year or within the normal operating cycle if longer. Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Carrying value as of the balance sheet date of notes payable with maturities initially due after one year or beyond the operating cycle if ultrasoundexcluding current portion. Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. The amount for notes payable written promise to paydue to related parties. Carrying value of the current portion of notes payable which were initially due after one year or beyond the normal operating cycle, if longer, and which are not otherwise defined in the taxonomy. Aggregate par or stated value of issued nonredeemable preferred stock or preferred stock redeemable solely at the option of the issuer. Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Carrying amount as of the balance sheet date of amounts paid in advance which will be charged against earnings in periods after one year or beyond the operating cycle, if longer. Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets Level 1significant other observable inputs Level 2and significant unobservable inputs Level 3. Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement fforex financial position, including the following: The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: The basis on which contingent rental payments are determined, b. The existence and terms of renewal or purchase options and escalation clauses, c. Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. Describes procedure if disclosures are provided in more than one note to the financial statements. Specific terms relevant to convertibility. Includes class of preferred stock and number of shares convertible into, exercise or conversion price or rates, dates relevant to conversion timing and events relevant to conversion. Describe also any beneficial conversion features. For contingently convertible preferred stock, discuss the circumstances of the contingency, including the events or changes in circumstance that would cause the contingency to be met and any of the significant features necessary to understand the conversion rights and the timing of those rights. Include also an events or changes in circumstance, if any, that could adjust or change the contingency, conversion price, or number of shares, including significant terms of those changes. The price per share at which the preferred stock of an entity that has priority over common stock in the distribution of dividends and in the event of liquidation of the entity is redeemed or may be called at. The redemption features of this preferred stock are solely within the control of the signal. The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements. Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements for example, US Generally Accepted Accounting Principles, Other Direct Basis of Accounting, IFRS. Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes 1 the nature of any restrictions on the entity's use of its cash and cash equivalents, 2 whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, 3 the classification of any negative balance accounts overdraftsand 4 the carrying basis of cash equivalents for example, at cost and whether the carrying amount of cash equivalents approximates fair value. Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Disclosure of accounting policy for 1 transactions denominated in a currency other than the reporting enterprise's functional currency, 2 translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and 3 remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Disclosure of accounting policy for indefinite-lived intangible assets that is, those intangible assets not subject to amortization. This accounting policy also may address how the entity assesses whether events and circumstances continue to support an indefinite useful life and how the entity assesses and measures impairment of such assets. Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Disclosure of accounting policy for major classes of inventories, bases of stating inventories for example, lower of cost or marketmethods by which amounts are added and removed from inventory classes for example, FIFO, LIFO, or average costloss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory. Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements. Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments. Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include 1 the basis at which such receivables are carried in the entity's statements of financial position 2 how the level of the valuation allowance for receivables is determined 3 when impairments, charge-offs or recoveries are recognized for such receivables 4 the treatment of origination fees and costs, including the amortization method for net deferred fees or costs 5 the treatment of any premiums or discounts or unearned income 6 the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and 7 the treatment of foreclosures or repossessions 8 the nature and amount of any guarantees to repurchase receivables. Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements for example, delivery of multiple products, services or the rights to use assets the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include 1 the types of stock option or incentive plans sponsored by the entity 2 the groups that participate in or are covered by each plan 3 significant plan provisions and 4 how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Disclosure of accounting policy for standard warranties including the methodology for measuring the liability. Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. The entire disclosure for related party transactions. Examples of related party transactions include transactions between a a parent company and its subsidiary; b subsidiaries of a common parent; c and entity and its principal owners; and d affiliates. This is focus fiscal period of the document report. For a first quarter quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. This is focus fiscal year of the document report in CCYY format. For a annual report, which may also provide financial information from prior periods, fiscal should be given as the fiscal year focus. The end date of the period reflected on the cover page trading a periodic report. For all direct reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the signal date. The format of the date is CCYY-MM-DD. The type of document being provided such as K, Q, BPOS, etc. The document type is limited to the same value as the supporting Week submission type, or the word "Other". A unique digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Indicate "Yes" or "No" whether registrants 1 have filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act of during the preceding 12 months or for such shorter period that registrants were required to file such reportsand 2 have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing signal related disclosure. Indicate whether the registrant is one of the following: Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. The exact name of the entity filing the report as specified in its charter, txt is required by forms filed with the SEC. Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15 d of the Act. Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act. Is used on Form Type: The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. FOR THE YEAR ENDED FEBRUARY 28, Exact name of registrant as specified in its charter. State or other jurisdiction of incorporation. IRS Employer Identification Number. Carleton Avenue, Grand Island, Nebraska. Address of principal executive offices. 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 during the preceding 12 months or for such shorter period that the registrant was required to file such reportsand 2 has been subject to such filing requirements for the past 90 days. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Do not check if smaller reporting company. Indicate by a check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act: At July 17, there were , shares of common stock outstanding. Financial Statements and Supplementary Data. Statements of Operations- Years Ended February 28, and February 29, Statements of Cash Flows- Years Ended February 28, and February 29, Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. Directors, Executive Officers and Corporate Governance. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Certain Relationships and Related Transactions, and Director Independence. Principal Accounting Fees and Services. Exhibits, Financial Statement Schedules. This Form K contains forward-looking statements, which may be identified as statements containing, including without limitation, the words believes, anticipates, intends, expects or similar words. These statements are based on our belief as well as assumptions we made using information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and assumptions. Actual future results may differ significantly from the results discussed in the forwards-looking statements. Some, but not all, of the factors that week cause these differences include: You should not place undue reliance on these forward-looking statements. We develop and market automotive safety devices that increase driver awareness of people or obstacles located in vehicle blind spots. Marketing of the product has been primarily to automobile and truck dealers, fleet operators, and other after-market automotive industry participants. We are expending marketing efforts to increase our trading in the fleet vehicle market, passenger car aftermarket and additional new channels. Changes in our management, business plan and the need for additional financing has delayed our marketing and sales plans for the product. In addition, we require additional funding to continue with development of the product. Drivers using the product are able to have increased visibility when backing out of parking spaces or garages, and have additional protection from blind spots during lane changes in traffic. Our corporate name was changed to Graham Gold Mining Corporation on October 11, and subsequently to Sense Technologies Inc. On December 14,we changed our jurisdiction of organization from British Columbia to the Yukon Territories. On November 15,we changed our jurisdiction of organization from the Yukon Territory back to British Columbia. Our shares are currently quoted on the Pink OTC Market under the trading symbol SNSG. We were previously listed on the both the Canadian Venture Exchange now called the TSX Venture Exchange and week Nasdaq SmallCap Market. We voluntarily delisted our shares from the Canadian Venture Exchange on October 3, On April 25, our stock was delisted from the Nasdaq Small Cap Market as we were unable to meet quantitative listing requirements. In addition we were delisted from the Over the Counter Bulletin Board due to not meeting listing requirements. Our administrative office is located at N. We compete in the automotive backing awareness and safety industry. Our products are designed to protect people from death or injury and property from damage that can result from a collision with a vehicle that direct backing up or changing lanes. In those circumstances, vehicles have blind spots that limit the ability of the operator to see obstacles or people that are towards the rear or behind the vehicle. This has repeatedly resulted in death, injury and property damage, which has in turn prompted several companies to develop and manufacture backing awareness sensing products. The National Highway Traffic Safety Administration reported that approximately people die in the United States annually from accidents involving vehicles backing up. In addition, property damage and personal injury claims resulting from back-up accidents all suggest a market need for backing awareness safety devices. Various backing awareness products are currently being installed by automobile manufacturers and dealers as optional equipment on consumer and commercial vehicles. However, backing awareness products can range in sophistication and effectiveness. Such products include loud beeping alerts that sound when a vehicle is placed in reverse gear. A beeping alert is limited in effectiveness as it does not notify the driver of obstacles behind the vehicle. Young children up to four years old typically do not have the capacity to understand what the beeping noise means or to understand the possibility of injury from remaining behind a reversing vehicle. Other awareness products include large round convex mirrors placed at the rear of a vehicle which provide the driver with a line of vision across the rear area of their vehicle. These devices txt be effective for a small class of vehicles such as delivery vans, however are not practical for most consumer or commercial vehicles due to their size and need for training. These electronic sensing and alert systems will warn a driver to the existence of obstacles behind a vehicle. Ultrasound backing awareness products are currently being used by some automobile manufacturers as a factory-installed option on certain new vehicle lines. These products are designed primarily to protect the vehicle from damage in parallel parking situations. They are designed to detect the bumper of another vehicle when parking and accordingly will typically not detect obstacles below ten inches from the ground. These sensors must be kept clear of dirt and dust in order to fforex proper functioning. The system requires that four ultrasonic sensors be placed at various locations on the rear bumper. The sensors txt through the skin of the bumper, thereby changing the appearance of the exterior of the vehicle. Backing awareness systems also exist that use pulse radar to detect obstacles. These systems are installed on the exterior of a vehicle thereby affecting aesthetics of the vehicle, and are typically used for commercial vehicles. OUR GUARDIAN ALERT PRODUCT. Our Doppler radar sensing products offer several advantages over ultrasonic and pulse radar sensors. Vertically, the awareness zone begins at ground level and rises up to approximately five feet. The operator of the vehicle is alerted should any person or obstacle come within the awareness zone as the vehicle is reversing. We also have a number of other product shapes and installation options to accommodate a wide range of consumer and commercial vehicles. Our products are designed to be robust and to operate in almost all weather and road conditions. In contrast to ultrasound and some other backing awareness products, our sensor using the Doppler radar technology is not affected by dust, dirt, snow or other environmental materials that can cover a sensor. We acquired and hold worldwide rights to manufacture and sell the system. The transceiver and antenna are enclosed in an environmentally sealed, high impact resistant, resin housing and mounted on the rear of the vehicle. When activated by placing the vehicle in reverse, the transceiver continuously projects signals and the antenna receives return signals reflected off of objects within the predefined awareness zone. Doppler Shift technology is based on the principle that signals return on a slightly different frequency than they are projected. The relationship between the phase of the projected signals and the returning signals is used by the product to determine the distance between the rear of the vehicle and the object. The signal processor then sends a signal to the audio-visual display unit typically located on the dashboard of the vehicle thereby alerting the vehicle operator to the presence of a person or object. The display unit informs the operator about the presence of an obstacle via a sequence of green, yellow, and red lights set to illuminate at preset distances such as twelve feet, five feet and three feet. In conjunction with the visual alarm, the audio alarm alerts the driver at corresponding distances with a pulsating tone changing to a constant tone. The visual display is approximately the size of a small box of matches. The external units are produced by us using various suppliers. The external units can be manufactured in various shapes to suit a wide variety of vehicles. For example, we produce a trailer hitch mount version which fits directly into the receiver on a trailer hitch when not towing. We also produce a version that is mounted under the skin of a plastic bumper in order that the esthetics of a vehicle are not affected. Our distribution partner has developed six design options ranging from a license plate mount, to sensors protected by steel casings for commercial applications. There are a number of product extensions and new applications that we may develop in the future as we grow. These products include side blind spot awareness and docking aids for industrial safety and velocity sensing applications. Our objective is to secure high-volume, low-cost production capabilities. The entire family of products has the same interior components, while the exterior enclosure and mount is available in a variety of options appropriate for different types of vehicles. The display unit and the radar sensor components of our products are manufactured by Microwave Solutions Limited of Hertfordshire, England. Our cabling is available from a number of local sources. Assembly and packaging is done in North Carolina. We currently believe that production of our products is more cost effective by outsourcing the manufacturing and assembly of the components. Users of backing awareness sensing products, may purchase the product as a factory installed option from the vehicle manufacturer, purchase the product after-market or directly from distributor for installation in commercial or fleet vehicles, or purchase as an after-market consumer add-on to their vehicle. Manufacturers of vehicles, including cars, sport utility vehicles, light trucks, heavy vehicles and equipment, and original equipment suppliers to these manufacturers. Owners of commercial fleet vehicles and government departments and agencies using fleet vehicles. Consumer outlets of after-market automotive accessories, including dealerships, automotive service shops and automotive retailers, direct sales via the Internet and infomercials. The North American automotive manufacturers segment has been growing consistently for the last several years beginning with the emergence of the minivan as a force in the market and continuing with the more recent trend towards sport utility vehicles. We believe this segment and the large luxury sedan segment provide the best markets for our products. Our primary efforts will initially be focused on the mid to higher end of this market that is expected to be less price sensitive and more interested in new technologies. We are actively marketing to decision makers in the original equipment market through manufacturers. Our marketing emphasis has, however, been to the higher margin market including dealerships and consumer outlets. Dealerships provide an opportunity to add our product to a vehicle after it leaves the manufacturer, but before it is sold. The million vehicles currently on US roads also provide a number of opportunities for marketing our backing awareness products. There are also eight million large trucks owned by commercial enterprises and approximately 4. Millions of vehicles each year are repaired at collision centers, which could offer the product in conjunction with the repair of a rear bumper. Additionally, most new car warranties require regular oil changes, which are often performed at dealerships. Our product can result in economic benefit as well as improved vehicle safety to fleet operators and consumers in these markets. Based on our research and experience in the fleet market tells us that fleet operators and risk managers place a greater emphasis on statistical economic analysis than consumers. Equipping fleets of vehicles requires a significant capital expenditure that needs to be evaluated relative to the fleet owner's other needs and limited capital. We believe that consumers weigh cost, safety benefit to persons and property and aesthetic appeal in making a decision to purchase a backing awareness product. We believe that the products ease of demonstration and high degree of functionality can provide a consumer with an appreciation of the benefits in protection of property and person. In perspective, the cost of the product is less than typical insurance deductibles and therefore avoiding one incident would allow the product to pay for itself. Our product can also be installed beneath the plastic skin of a bumper, thereby not altering the appearance of the vehicle. Sense has designed distinct pricing strategies for each of its three primary markets according to the following principles: We believe our price points are somewhat better than competing products and additionally provide us with immediate operating margin contribution. Over the long-term, as volumes grow to higher levels, there will be sufficient opportunity to lower manufacturing costs. The backing awareness industry includes manufacturers of active sensing devices using ultrasonic, infrared and radar technology to detect the presence of obstacles or persons behind a reversing vehicle. There are also a number of passive systems such as convex rear cross-view mirrors, rearward facing television cameras and reversing sound alerts. While we compete with all backing awareness devices, we view our primary source of competition as being in the active sensing market. Passive devices require driver training and are susceptible to driver error as they do not actively warn a driver of the presence of obstacles or people behind the vehicle. We have identified seven competitors in the active sensor market: Our system is the only patented Doppler radar device available. Ease of installation is a primary concern among vehicle dealers which provides us with a competitive advantage over other Doppler radar sensing and ultrasonic products. Other systems use infrared or ultrasonic sensors. Infrared sensors project infrared beams and detect reflected infrared light from objects in the scanned zone behind the vehicle, which in turn activates an audio or visual alarm. Ultrasonic Systems work on the principle of emitting an ultrasonic sound burst and detecting a reflected energy wave returned to the source by contact with an object in the detection zone, again activating an alarm. Both systems require a clean sensor in order to function properly, and accordingly performance can be affected by environmental conditions. We believe our product has competitive advantages over ultrasonic systems. Ultrasonic systems have emerged as a factory installed option on some vehicle lines. Due to the four precisely tuned sensors and the in-bumper design requirements of these systems it is not practical to install them outside of the factory on cars or light trucks. They do not provide coverage all of the fforex to the ground and therefore tend to offer the vehicle operator a false sense of security. We also believe our product has competitive advantages over infrared systems as those systems require a clear line of site with the obstacle in order to function properly, which means effectiveness may diminish with environmental conditions such as dirt or bright light. The infrared and ultra sonic technologies were independently tested and evaluated along with a microwave radar system by the U. Infrared Systems were found to be the least reliable for detecting objects in the rear blind area. Bright sunlight and reflections from bright objects could trigger false alarms and their range depends upon the reflectivity of the detected object. Also, the narrow beam pattern necessitates the use of arrays of sensors to scan the desired zone, increasing system cost and complexity and decreasing reliability. Furthermore, both of the competitive technologies are to some degree affected by adverse weather conditions such as rain, fog, snow, ice trading wind. The Bureau of Mines Study found that the microwave radar system was not affected by weather conditions. Our product is robust, uses a single sensor that is not affected by most environmental conditions, and provides a full range of detection behind the vehicle, including near ground level. We have also priced our product competitively or below most other competing products. Drivers are able to have increased visibility when backing out of parking spaces or garages, and have additional protection from blind spots during lane changes in traffic. This after-market automotive device installs easily on vehicles within minutes, and it provides txt with degrees of rear visibility, allowing drivers to see a panoramic view behind them. Two models are available, one for cars and one designed to fit most sport utility vehicles, trucks, minivans, station wagons or hatchbacks. Either model fits a wide variety of vehicles, can be installed with no special equipment, and can be removed at any time without altering or damaging the vehicle. All of our manufacturing and engineering is being out-sourced to a firm located in Phoenix, Arizona. This has been trading for the last year pending achieving an initial marketing success. There are over million vehicles on the road at any given time, and 16 to 18 million new vehicles being built and sold each year. There are a number of ways to market this product, either individually, or as a combination. Marketing outlets include, but are not limited to, the following: United States, Canada, Australia, South Africa, Taiwan, the United Kingdom, Korea and Japan. We have also received a US Patent on our trailer hitch mount sensor product that easily installs in the receiver-hitch on any vehicle equipped with such a hitch. These license agreements provide us with the right to market the products to all federal, state, local and foreign governments and agencies, including the postal service, the rights to enter into manufacturing and marketing agreements with automotive and other manufacturers worldwide, and generally the rights to any other markets including school buses, construction equipment and mining equipment. Pursuant to these licenses, we are required to make royalty payments to the licensors and meet sales targets as follows: Prior tothe Company had held an exclusive license and patent rights. In order to retain the exclusive right to manufacture, market and distribute the Guardian Alert, the Company had been required, upon being assigned the license, to manufacture and sell various minimum numbers of units by certain direct dates. As a result of not being able to meet the minimum milestone requirements under the license agreement, during the year ended February 28,the Company determined that it did not wish to retain the exclusive right to manufacture, market and distribute the Guardian Alert unit and ceased accruing the minimum royalty due to the licensor. Any product sales subsequent to this date are considered to be part of the minimum royalty until such time that amounts exceed the minimum royalty accrued. The sub-license agreement provided for certain minimum purchases of products from Sense, and certain expenditure requirements for development and marketing. We have not been able to pay the minimum royalty requirement as noted above but we signal accrued the required minimum royalty annually. End of calendar year containing the second anniversary from September 1, For any sub-licenses of the product, royalties are shared as follows: Because our Guardian Alert product is an emitting device, ultrasound Federal Communications Commission FCC we were required to obtain equipment authorization which was granted on October 31, The microwave signals emitted by the device can potentially interfere with radar detectors and other existing emitting systems. All FCC tests have been completed and a FCC certification in the name of Sense Technologies Inc. There are no other material regulatory approvals required for Sense to achieve its stated business objectives. We currently have no employees. Administration is handled from offices located at N Carleton Avenue, Grand Island, Nebraska. Both the Florida and Nebraska office spaces are provided to us at no cost. We have determined that the value of contributed premises to be insignificant. To the best of our knowledge, there are no legal actions pending, threatened or contemplated against us. MARKET AND TRADING PRICE FOR COMMON SHARES. From June of to April 25,our shares were traded on the Nasdaq SmallCap Market. Our shares were also listed on the Canadian Venture Exchange now called the TSX Venture Exchange until October 3,when we voluntarily delisted. The following table shows the high and low sales prices, in U. The above sales prices were based on the closing trades reported on the NASD Over-the-Counter quotation system and reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions. As of February 28,there were shareholders of record holding , shares of our common stock; as of July 17,there were , common shares outstanding. There are no dividend restrictions in the Company. The shares are restricted pursuant to Rule promulgated under the U. The preferred shares are convertible into common shares of the Company at the rate of one common share for each 0. Upon conversion, all preferred share rights cease except the right to receive declared and unpaid dividends. Item 6 is not required for a smaller reporting company. The following discussion and analysis should be read in conjunction with our audited Financial Statements and Notes thereto for the period ended February 28, and our audited Financial Statements and notes thereto for the period ended February 29, The Company assembles the product in Charlotte, NC. The Company has established relationships with a large OE Tier -1 Manufacturer, several dealership groups, and with other strategic sales partners. The Company plans to create sales through development of new marketing relationships. For the period ended February 28, as compared to the period ended February 29, Sales - Guardian Alert. Sales - Scope Out. The sales increase was primarily attributable to our sales related to the Guardian Alert line of product sold in Europe and through the Escort contracts. This increase was largely due to the product having intial success with large fleet utilization. Revenue is recognized by management only upon receipt of an actual purchase order from a customer, and the related invoicing to the company or, in the absence of a purchase order i. While it is the company objective to grow sales, no assurance can be given that we will be successful in this manner and sustain comparable sales in future periods. Scope Out Direct Costs. Royalties - related party. Write - off of inventory. Total Scope Out Direct Costs. Guardian Alert Direct Costs. Write off inventory. Total Guardian Alert Direct Costs. Direct costs typically include the cost of raw materials necessary to make our products. It also includes the cost of shipping the products from manufacturing location to our warehouse. Direct costs also include costs in respect of obsolete inventory. Management periodically reviews inventory and makes a determination as to whether any inventory is obsolete. If we determine that certain materials and or products are not in saleable condition and that the likelihood of them being sold is remote, management will make a decision to write off the inventory and or parts of inventory that it deems will not sell. If previously written-off inventory later sells, costs of sale are significantly lower due to the previous write-off of those costs. This can materially affect period gross profit ratios. The increase is primarily from assembly costs and royalties related to Guardian Alert. This increase is attributed to the expenses incurred in related to the assembly components of the Guardian Alert product line and increased sales. Selling, General, and Administrative. Shareholder information and printing. Components of Office and Miscellaneous Expenses and Travel and Automotive Expenses for the periods follow: Office and Miscellaneous Expenses: Travel and Automotive Expenses: Following summarizes the overall operations results: Net Loss from Operations. The decrease in the loss from operations was primarily attributable to the increase in sales. LIQUIDITY AND CAPITAL RESOURCES. Non-cash working capital changes included decreases in prepaid royalties and accounts payable and an increase in accounts receivable, prepaid expenses, accrued expenses and advances payable. If we are unable to raise adequate working capital for fiscalwe will be restricted in the implementation of our business plan. If we raise an adequate amount of working capital to implement our business plan, we anticipate incurring significant expenses relating to paying down our notes payable and royalties that are in arrears. Additionally we will incur net losses until a sufficient client base can be established, of which there can be no assurance. The decrease in cash used in fiscal was primarily due to the following factors: The Company plans to address this situation on a per-note basis as sufficient net cash flows are generated with which to negotiate new terms on these notes. Presently, our cash flow generated fforex operations is not sufficient to meet operating and capital expenses. We have incurred operating losses since inception, and we project this to continue for the next nine to twelve months. We project that we will have the following cash needs to fund our ongoing operating expenses and working capital requirements through February 28,as detailed below. General Working Capital 1. Our working capital requirements are impacted by our inventory requirements. Therefore, any increase in sales of our products will be accompanied not only by an increase in revenues, but also by an increase in our working capital requirements. The continuation of our business is dependent upon obtaining further financing, further market acceptance of our current products and any new products that we may introduce, the continuing successful development of our products and related technologies, and, finally, achieving a profitable level of operations. We are hopeful that internal cash flow will cover our cash requirements, but otherwise plan to raise additional capital as required to meet the balance of our estimated funding requirements through February 28,through either or a combination of: The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments. Should our inventory not turn over as anticipated, we will need to raise additional funds through a combination of debt issuances and equity offerings. Given our lack of sales in recent years, projecting cash flow from operations is inherently uncertain. Any funds we generate from operations must, in part, be used to pay down our debt obligations. While we anticipate being successful in obtaining our required financing, there is no assurance we will be able to do so at terms we find acceptable. Additionally, we rely upon the continuing support and patience of creditors in connection with current and in-arrears amounts owed to them. The failure to obtain sufficient financing or continued support of the creditors could result in our company ceasing operations. To the Board of Directors. We have audited the accompanying balance sheets of Sense Technologies, Inc. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material txt. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements of Sense Technologies, Inc. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company suffered a net loss from operations and has negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As of February 28, and February 29, Stated in US Dollars. Royalty payable related party. Notes payable, current portion. Notes payable, current portion default. Notes payable-related party - default. Advances payable related entity. Convertible promissory notes pay-default. Common stock, without par value , shares authorized, , shares issued at February 28, February 29, For the years ended February 28, and February 29, For the years ended. Other Income and Expenses. Impairment of prepaid royalty. Preferred dividends, paid or accrued. Net loss attributable to common stockholders. Basic and diluted loss per share. Weighted average number of shares outstanding. Net loss for the period. Adjustments to reconcile net loss to net cash used in. Common shares issued for debt discount. Common shares issued for services. Impairment of Prepaid Royalties. Changes in non-cash working capital balances related to operations: Net cash used in operating activities. Borrowing on notes payable. Repayment on notes payable. Repayment on bank indebtedness. Proceeds from common stock issued for cash. Proceeds from common share subscriptions. Net cash provided by financing activities. Increase in cash during the period. Cash, beginning of period. Cash, end of period. Supplemental Disclosures of Cash Flow Information: Accrual of Preferred Stock Dividend. Note Payable Issued for Prepaid Royalty. For the years ended February 28, and February 29 Balance, February 28, Common stock issued for cash. Common stock issued for services. Common stock issued for debt discount. Net income loss for the period. Balance, February 29, Common stock issued for subscription. Options Issued to Directors. On October 27,the Company changed its name to Sense Technologies Inc. During the years ended February 28, and February 29,the Company had assets and generated sales primarily in the United States of America. The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, asset impairment, stock based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash and Cash Equivalents. For purposes of reporting cash flows, the Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. We had no cash equivalents at either February 28, or February 29, The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary of a fair presentation have been trading. Accounts Receivable are stated at the amounts management expects to collect from the outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based upon its assessment of the current collection status of individual accounts. Delinquent amounts that are outstanding after management has conducted reasonable collection efforts are written of through a charge to the valuation allowance and a credit to accounts receivable. Total Allowance for Doubtful Accounts during the years ended and was zero and zero, respectfully. No balances due from related parties. Inventory consists of finished goods which are recorded at the lower of average cost and net realizable value. Average cost is determined using the weighted-average method and includes invoice cost, duties and freight where applicable plus direct labor applied to the product and an applicable share of manufacturing overhead. A provision for obsolescence for slow moving inventory items is estimated by management based on historical and expected future sales and is included in cost of goods sold. Inventory was expensed at year-end as the Company signal not have title or access. Prepaid royalties consist of guaranteed royalties the company signal paid but for which sales have not yet been completed. Royalty expense that will not be recognized in the next year is classified as long-term. Due to limited cash flows to insure the payment of this note, an impairment equal to the promissory note has been recorded. All prepaid royalties are considered impaired at February 28,due to the uncertainty of future sales. Property and equipment are recorded at cost. Depreciation is provided on the straight-line method and the declining balance method over the estimated useful lives of the assets, which range from five to seven years. Expenditures for major renewals and betterments that extend the original estimated economic useful lives of the applicable assets are capitalized. Expenditures for normal repairs and maintenance are charged to expense as incurred. The cost and related accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts, and any gain or loss is included in operations. Licensing fees are fforex amortized on a straight-line basis over the periods of benefit and recognized on the statements of loss. The functional and reporting currency of the Company is the United States dollar. Monetary assets and liabilities denominated in currencies other than the U. Non-monetary assets and liabilities denominated in other currencies are translated at historic rates and revenues and expenses are translated at average exchange rates prevailing during the month of transaction. The Company recognizes revenue when there is persuasive evidence ultrasound an arrangement, goods are shipped and title passes, collection is probable, and the fee is fixed or determinable. Provisions are established for estimated product returns and warranty costs at the time the revenue is recognized. The Company records deferred revenue when cash is received in advance of the revenue recognition criteria being met. Sense Technologies does direct require collateral from its customers with respect to accounts receivable. Sense determines any required allowance by considering a number of factors including lengths of time accounts receivable are past due. Reserves for accounts receivable are made when accounts become uncollectible. Payments subsequently received are credited to allowance for doubtful accounts. The Company accounts for income taxes in accordance with the asset and liability method. Under this method, deferred income taxes are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts and their respective income tax bases and for loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. Deferred income tax assets are evaluated and if their realization is not considered to be "more likely than not", a valuation allowance is provided. The Company computes net loss per share in accordance with FASB literature. Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted EPS gives effect to all dilutive potential common shares outstanding during the year including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. In computing diluted EPS, the average stock price for the year is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential common shares if their effect is anti-dilutive. For the year ended February 28,potentially dilutive common shares relating to options, convertible promissory notes payable and convertible preferred shares outstanding totaling 4, 4, were not included in the computation of loss per share because the effect was anti-dilutive. The Company generally sells products with a limited warranty on product quality and accrues for known warranty if a loss is probable and can be reasonably estimated. The Company accrues for estimated incurred based on historical activity. The accrual and the related expense for known issues were not significant during the periods presented. The Company expenses the costs of advertisements and fforex at the time the expenditure occurs, and expenses the costs of communicating advertisements in the period in which the advertising space or airtime is used. Impairment of Long-Lived Assets. Long-lived assets are continually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption and for the unvested portion of previously granted awards that remain outstanding as at the date of adoption. The Company has elected to use the Black-Scholes option pricing model to determine the fair value of stock options granted. For employees, the compensation expense is amortized on a straight-line basis over the requisite service period which approximates the vesting period. Compensation expense for stock options granted to non-employees is amortized over the contract services period or, if none exists, from the date of grant until the options vest. Compensation associated with unvested options granted to non-employees is re-measured on each balance sheet date using the Black-Scholes option pricing model. Fair Value of Financial Instruments. The carrying value of cash, bank indebtedness, accounts payable, advances payable, dividends payable and promissory notes payable approximate fair value because of the demand or short-term maturity of those instruments. The carrying value of the convertible promissory notes payable also approximates fair value. The Company discloses the assets and liabilities that are recognized and measured at fair value on a non-recurring basis, presented in a three-tier fair value hierarchy, as follows: Observable inputs such as quoted prices in active markets. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following schedule summaries the gross value of assets and liabilities that are measured and recognized at fair value on a non-recurring basis at February 28, Fair Value Signal at February 28, Convertible promissory notes payable. Fair Value Measurements at February 29, There were no gains or losses in fair value during the years ended February 28, or February 29, Certain amounts reported in the prior period financial statements have been reclassified to the current period presentation. Recently Adopted and Recently Enacted Accounting Pronouncements. In Februarythe Financial Accounting Standards Board FASB issued Accounting Standards Update ASU No. Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Incometo improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U. The new amendments will require an organization to: Present either on the face of the statement where net income is presented or in the notes the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U. GAAP to be reclassified to net income in its entirety in the same reporting period; and. Cross-reference to other disclosures currently required under U. GAAP for other reclassification items that are not required under U. GAAP to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account e. The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods interim and annual. The amendments are effective for reporting periods beginning after December 15,for public companies. Early adoption is permitted. The adoption of ASU No. In Januarythe FASB issued ASU No. Clarifying the Scope of Disclosures about Offsetting Assets and Liabilitieswhich clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U. GAAP and those prepared under IFRSs. Like ASUthe amendments in this update will be effective for fiscal periods beginning on, or after January 1, The adoption of ASU is not expected to have a material impact on our financial position or results of operations. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin SAB No. This update amends various SEC paragraphs pursuant to the issuance of SAB No. This update amends ASUIntangibles Goodwill and Other Topic Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more week than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with SubtopicIntangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning week September 15, The adoption of ASU has not had a material impact on our financial position or results of operations. This update defers the requirement to present items that are reclassified from accumulated other comprehensive txt to net income in both the statement of income where net income is presented ultrasound the statement where other comprehensive income is presented. In Decemberthe FASB issued ASU No. This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U. GAAP and those entities that prepare their financial statements on the basis of IFRS. The amended guidance is effective for annual reporting periods beginning on or after January 1,and interim periods within those annual periods. The Company is currently evaluating the impact, if any, that the adoption of this pronouncement may have on its results of operations or financial position. NOTE 2 GOING CONCERN. While the Company is expending its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds for operations. NOTE 3 EQUIPMENT. The following is a summary of this category, including estimated useful lives of the assets: Computer Equipment ultrasound yrs. Furniture and Fixtures 7 yrs. Testing Equipment 5 yrs. Product Molds 7 yrs. Intangible assets are comprised as follows: Scope Out Mirror License. Pursuant to this license, the Company is required to make royalty payments to the licensor as follows: We intend to repay these payables upon successful completion of our business plan and raising of capital via debt or equity instruments. In order to retain the exclusive right to manufacture market and distribute the Guardian Alert, the Company had been required, upon being assigned the license, to trading and sell various minimum numbers of units by certain milestone dates. As a result of not being able to meet the minimum milestone requirements under the license agreement, during the year ended February 28,the Company determined that it did not wish to retain the exclusive right to manufacture, market and distribute the Guardian Alert unit and, with agreement of the licensor, ceased accruing the minimum royalty due to the licensor. The Company had been unable to make this payment timely, causing the license to revert to non-exclusive. End of calendar year containing the second anniversary: No royalties are currently accrued as we have not yet reached the end of the calendar year containing the second anniversary. The following table presents the changes in the accrued royalties related party balance from February 28, to February 29, Other liabilities and accrued expenses consisted of the following: Accounts payable related party. Accrued royalties payable Guardian Alert. Detail of Accrued Expenses: Accrued non-resident withholding taxes, including accrued interest. Detail of Accrued Expense Related party: Accrued payroll related party. Other accrued liabilities related party. Total accrued expenses related party. The accounts payable and advances payable are unsecured, week bearing and have no specific terms of repayment. NOTE 6 ROYALTIES PAYABLE. Pursuant to the Guardian Alert licenses, we are required to make royalty payments to the licensors and meet sales targets as follows: In order to retain the exclusive right to this license we incurred minimum royalty fees. Because we were unable to pay these fees, we accrued the royalties as a payable. Royalties accruals were ceased in and rights of exclusivity were forfeited. Promissory note payable, personally guaranteed by a director of the Company, bearing interest at 5. Finance agreement on directors and officers liability policy, bearing interest at 7. Promissory note payable, unsecured, bearing interest at the rate of 5. Promissory note payable, unsecured, bearing interest direct the rate of Promissory note payable, no stated interest or maturity date. These notes plus accrued interest may be redeemed at any time after August 30, As of February 28, and February 29,these notes were in default. These notes have matured and the holders thereof have received default judgments against the Company. Future minimum note payments as of February 28, are as follows: Years Ending February 28. NOTE 8 PREFERRED STOCK. Dividends on preferred shares are payable annually on July 31 of each year. NOTE 9 COMMON STOCK. During the year ended February 29,the Company granted an officer and a director of the Company to the right to receive 2, common shares for past services provided. The shares, fully vested and non-forfeitable on the grant date, were issued in This balance is presented as Common Stock as of February 28, This balance is presented as Common Stock Payable as of February 28, and February 29, During the year ended February 29,the Company issuedcommon shares to secure a promissory note. The Company issued 1, common shares for consulting services. The expected volatility of options granted has been determined using the historical stock price. The Company uses historical data to estimate option exercise, forfeiture and employee termination within the valuation model. For non-employees, the expected term of the options approximates the full term of the options. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company has not paid and does not anticipate paying dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. Based on the best estimate, management applied the estimated forfeiture rate of Nil in determining the expense recorded in the accompanying Statement of Loss. The Company has granted directors common share purchase options. Outstanding and exercisable at beginning of the year. Issued during the year. Outstanding and exercisable, February 28, Outstanding and exercisable, February 29, The weighted average remaining contractual life of the share purchase options at February 28, is 4 years February 29, For the year ended February 28,the Company granted a total of 1, options expiring on December 31, to the directors of the Company. For the year ended February 28,the Company granted a total of 1, options expiring on December 31, to a director of the Company. For the year ended February 28,the Company granted a total of 1, options expiring on December 31, to directors of the Company. The fair value of the options was estimated using the Black-Scholes option pricing model with the following assumptions: Expected term in years. At February 28,the following director common share purchase options were outstanding entitling the holders thereof the right to purchase one common share for each share purchase option held: As of February 28, and February 29,the Company had no outstanding warrants. NOTE 10 LEASE. The Company has a commercial lease for real estate. The terms of the lease range from November 1through October 31, Future minimum lease payments under this agreement as of February 28, are as follows: NOTE 11 INCOME TAXES. The tax effects of the temporary differences that give rise to the Company's estimated deferred tax assets and liabilities are as follows: Net operating loss carryforwards. Valuation allowance for deferred tax assets. Net deferred tax assets. The Company evaluates its valuation allowance requirements based on projected future operations. As management of the Company does not currently believe that it is more likely than not that the Company will receive the benefit of this asset, a valuation allowance equal to the deferred tax asset has been established at both February 28, and February 29, The Company files income tax returns in the U. All our tax returns are subject to tax examinations by U. The Company currently has no tax years under examination. The year-end analysis supports the same conclusion, and the Company does not have an accrual for uncertain tax positions as of February 28, As a result, tabular reconciliation of beginning and ending balances would not be meaningful. If interest and penalties were to be assessed, we would charge interest to interest expense, and penalties to other operating expense. It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of the reporting date. The Company is in arrears on filing its statutory income tax returns and is therefore has estimated the expected amount of loss carry forwards available once the outstanding returns are filed. The Company expects to have significant net operating loss carry forwards for income tax purposes available to offset future taxable income. NOTE 12 DEFERRED REVENUE. The Company is exposed to significant sales and accounts receivable concentration. Sales to these customers are not made pursuant to a long term agreement. Customers are under no obligation to continue to purchase from the Company. During the normal course of business we may from time to time be involved in litigation or other possible loss contingencies. As of February 28, and February 29, management is not aware of any possible contingencies that would warrant disclosure pursuant to SFAS 5. Management has evaluated subsequent events through July 24,the date of which the financial statements were available to be issued. Robert Doviak has resigned from the Board of Directors effective April 1, There were no changes in accountants and no disagreements exist with respect to any matter for the years ending February 28, and February 29, Evaluation of disclosure controls and procedures and remediation. The Company carried out an evaluation, under the supervision and with the participation of its management, including its chief executive officer who is also acting in the capacity as the principal accounting officerof the effectiveness of its disclosure controls and procedures as of February 28, as defined in Exchange Act Rules 13a e and 15d e. The Company, including its principal executive officer and principal financial officer, does not expect that its disclosure controls and procedures or its internal controls will prevent all error or fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of internal control 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. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. Management is responsible for establishing and maintaining internal control over financial reporting, as such term is defined in Exchange Act Rule 13a f. Our management evaluated, under the supervision and with the participation of our Chief Executive Officer, the effectiveness of our internal control over financial reporting as of February 28, Based on its evaluation under the framework in Internal ControlIntegrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission, our management concluded that our internal control over financial reporting was not effective as of February 28, due to the existence of significant deficiencies constituting material weaknesses, as described in greater detail below. A material weakness is a control deficiency, or combination of control deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. Limitations on Effectiveness of Controls. Our Chief Executive Officer does not expect that our disclosure controls or our internal control over financial reporting will prevent all errors and all direct. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additional controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls 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; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. In connection with the preparation of our financial statements for the year ended February 28,certain material weaknesses in internal control became evident to management, including: Insufficient segregation of duties in our finance and accounting functions due to limited personnel. During the year ended February 28,we had limited staff that performed nearly all aspects of our financial reporting process, including, but not limited to, access to the underlying accounting records and systems, the ability to post and record journal entries and responsibility for the preparation of the financial statements. This creates certain incompatible duties and a lack of review over the financial reporting process that would likely result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual consolidated financial statements that would not be prevented or detected. There is a lack of sufficient supervision and review by our corporate management. Insufficient corporate governance policies. Our corporate governance activities and processes are not always formally documented. Specifically, decisions made by the board to be carried out by management should be documented and communicated on a timely basis to reduce the likelihood of any misunderstandings regarding key decisions affecting our operations and management; and. Our company's accounting personnel does not have sufficient technical accounting knowledge relating to accounting for income taxes and complex US GAAP matters. Management corrected any errors prior to the release of our company's February 28, financial statements. Plan for Remediation of Material Weaknesses. We intend to take trading and reasonable steps to make the necessary improvements to remediate these deficiencies. We intend to consider the results of our remediation efforts and related testing as part of our year-end assessment of the effectiveness of our internal control over financial reporting. We have implemented certain remediation measures and are in the process of designing and implementing additional remediation measures for the material weaknesses described in this annual report. Such remediation activities include the following: We will document a formal code of ethics. We will ultrasound processes to provide for a greater role of independent board members in the oversight and review until such time that we are adequately capitalized to permit hiring additional personnel to address segregation of duties issues. We will continue to update the documentation of our internal control processes, including formal risk assessment of our financial reporting processes. We will seek to establish a relationship with a firm of certified public accountants to assist in the preparation of financial statements and with whom to consult on complex US GAAP matters. Changes in Internal Controls over Financial Reporting. There were no changes in our internal control over financial reporting during the fourth quarter of our fiscal year ended February 28, that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting. The names, ages, and business experience for at least the past five years and positions of the directors and executive officers of the Company as of February 28,are as follows. Executive officers of the Company are appointed by the board of directors. Set forth below are the names, ages and positions of the executive officers and directors of the Company. November 15,Resigned April l, SCHREINER, Director, President, CEO, and CFO. Schreiner was appointed as a director of Sense on August 10, and has been the President and Chief Executive Officer of Sense since March 4, Doviak was appointed as a director of Week on November 15, Doviak is a management consultant whose clients have included oil and gas companies, technology companies, and software support and consulting companies. He assists with capital architecture, business development, overall strategy with particular emphasis on growing the business, and establishing a dominant market position in the selected segment. Doviak maintains an extensive network of contacts in North America, South and Central America, and the UK. He holds a B. He is a past president and vice president of the of Dallas, Inc. Robert Doviak has resigned as a Director effective April 1, Iman was appointed as a director of Sense on June 21, Iman is currently associated with Corporate Finance Consulting Services of Fort Worth, Texas. The Company has not adopted a code of ethics; however, it intends to do so in connection with any expansion of its management. The Board of Directors has established an Audit Committee and a Compensation Committee. The Board of Directors txt no standing nominating committee. The functions performed by these committees are summarized below: The Audit Committee considers the selection and retention of independent auditors and reviews the scope week results of the audit. In addition, it reviews the adequacy of internal accounting, financial and operating controls and reviews Sense's financial reporting compliance procedures. The members of the Audit Committee are Brian Bangs and Bruce Schreiner. In the course of its oversight of our ultrasound reporting process, the directors have: Based on the foregoing review and discussions, the board has concluded that the audited financial statements should be included in our Annual Report on Form K for the year ended February 28, filed with the SEC. The Compensation Committee reviews and approves the compensation of Sense's ultrasound, reviews and administers Sense's stock option plans for employees and makes recommendations to the Board of Directors regarding such matters. The functions of the Compensation Committee are performed by the Board of Directors. The members of the Compensation Committee are Brian Bangs and James R. No Nominating Committee has been appointed. Fforex of directors are trading by the board of directors. The Directors are of the view that the present management structure does not warrant the appointment of a Nominating Committee. Nonequity incentive plan compensation. Nonqualified deferred compensation earnings. All other compens ation. The particulars of unexercised options, stock that has not vested and equity incentive plan awards for our named executive officers and directors are set out in the following table: Number of Securities Underlying Unexercised. Number of Securities Underlying Unexercised Options. Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options. Number of Shares or Units of Stock That Have Not Vested. Market Value of Shares or Units fforex Stock That Have Not Vested. Shares, Units or Other Rights That Have Not Vested. Market or Payout Value of Unearned Shares, Units txt Other Rights That Have Not Vested. Bruce Schreiner, President, CEO and Director. There are currently no employment contracts in place with the Directors and Officers of Sense. There are no standard arrangements pursuant to which directors of Sense are compensated for services provided as a Director or members of committees of the Board of Directors. They received no cash compensation. The fair value of stock options was estimated using a Black-Scholes option valuation model. He received no cash compensation. The stock options were accounted for under the provisions of SFAS Rwhich requires recognition of the fair value of equity-based compensation. This methodology requires the use of subjective assumptions in implementing SFAS Rincluding expected stock price volatility and the estimated life of each award. See Note 10 to our February 28, financial statements. Securities Authorized for Issuance Under Equity Compensation Plans. The following table sets forth information respecting our compensation plans as at February 28, under which shares of our common stock are authorized to be issued.
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Rather, the biggest threat will likely come from growing trade tensions between China and the rest of the world.
Current Sequencing Strategies Ignore the Role of Microorganisms in Cancer.
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