ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
On April 9, 2008, the board of directors terminated Williams & Webster, P.S., Certified Public Accountants as our independent accountants.
Williams & Webster, P.S.'s report dated July 31, 2007 on our financial statements for the period ended March 31, 2007 did not contain an adverse opinion or disclaimer of opinion, or qualification or modification as to uncertainty, audit scope, or accounting principles.
In connection with the audit of our financial statements for the period ended March 31, 2007 and in the subsequent interim periods through the date of termination, there were no disagreements, resolved or not, with Williams & Webster, P.S. on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Williams & Webster, P.S., would have caused Williams & Webster, P.S. to make reference to the subject matter of the disagreement in connection with their report on the financial statements for the period.
During the year ended March 31, 2007, and in the subsequent interim periods through the date of termination, there were no reportable events as described in Item 304(a)(1)(iv) of Regulation S-K.
We provided Williams & Webster, P.S. with a copy of the Current Report on Form 8-K prior to its filing with the Securities and Exchange Commission, and requested that they furnish us with a letter addressed to the Securities and Exchange Commission stating whether they agree with the statements made in the Current Report on Form 8-K, and if not, stating the aspects with which they do not agree. A copy of the letter provided from Williams & Webster, P.S. was filed as Exhibit 16.1 to our Form 8-K filed with the Securities and Exchange Commission on April 11, 2008.
On April 10, 2008, we engaged Malone & Bailey, PC, 2925 Briarpark, Suite 930, Houston, Texas 77042, an independent registered public accounting firm, as our principal independent accountant with the approval of our board of directors.
During the period ended March 31, 2007, and the subsequent interim periods through April 9, 2008, we have not, nor has any person on our behalf, consulted with Malone & Bailey, PC, regarding either the application of accounting principles to a specific completed or contemplated transaction, or the type of audit opinion that might be rendered on our financial statements, nor has Malone & Bailey, PC, provided to us a written report or oral advice regarding such principles or audit opinion on any matter that was the subject of a disagreement or reportable event set forth in Item 304(a)(1)(iv) of Regulation S-K with our former independent accountant.
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ITEM 9A. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures. Our Chief Executive Officer has reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 240.13a-15(e) or 15d-15(e)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer has concluded that our current disclosure controls and procedures provide her with reasonable assurance that they are effective to provide him with timely material information relating to us required to be disclosed in the reports we file or submit under the Exchange Act.
Annual report on internal control over financial reporting. Based upon the most recent pronouncements of the Securities and Exchange Commission, our first annual report on internal control over financial reporting is due for inclusion in our annual report on Form 10-K for the twelve month period ending March 31, 2009. We expect to begin the process during this fiscal year of identifying a framework to use to evaluate the effectiveness of our internal control over financial reporting as (as defined in Rule 13a-15(f) or 15d-15(f) under the Securities Exchange Act of 1934.)
Changes in Internal Control over Financial Reporting.Our management has evaluated whether any change in our internal control over financial reporting occurred during the last fiscal quarter. Based on that evaluation, management concluded that there has been no change in our internal control over financial reporting during the relevant period that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
PERSONS.
Each of our directors serves until his or her successor is elected and qualified. Each of our officers is elected by the board of directors to a term of one (1) year and serves until his or her successor is duly elected and qualified, or until he or she is removed from office. The board of directors has no nominating, auditing or compensation committees.
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The name, address, age and position of our present officers and directors are set forth below:
Name and Address
|
| Age
|
| Position(s)
|
| | | | |
Vladimir Vaskevich 20 Carl Crescent Toronto, Ontario Canada M1W 3R2 | | 30 | | President, principal executive officer, treasurer, principal financial officer and a member of the board of directors |
|
Mikhail Ratchkovski | | 43 | | Secretary and a member of the board of directors |
32 Bruce Street London, Ontario Canada N6C 1G4 | | | | |
The persons named above has held their offices/positions since inception of our company and are expected to hold their offices/positions until the next annual meeting of our stockholders.
Background of officers and directors
Vladimir Vaskevich has been our president, principal executive officer, treasurer, principal financial officer, principal accounting officer and a director since March 30, 2007. From January 2006 till January 2007, Mr. Vaskevich worked as a realtor for Prudential Sterling Realty, in Burnaby, British Columbia. From January 2001 to January 2006, Mr. Vaskevich served as president and operations director for Centre City Health Recovery Inc. in Mississauga, Ontario. From April 2001 to September 2004, Mr. Vaskevich was executive vice president for Metro Assessment, Functional Capacity and Psychological Examination Centre in Toronto, Ontario. From 1998 to January 2001, he served as wholesale sales manager at Valvo Auto Sales in Toronto, Ontario. Other than our board of directors, Mr. Vaskevich has not been a member of the board of directors of any corporations during the last five years.
Mikhail Ratchkovski has been our secretary and a director since March 30, 2007. Since January 2005, Mr. Ratchkovski has been employed by Pacific Quorum Properties located in Vancouver as property manager, where he was responsible for overseeing stratified residential accounts, preparation of yearly maintenance and capital project budgets, hiring of staff for strata buildings, and conducting monthly and annual general meetings for the Stratas. From January 1993 to January 2005, Mr. Ratchkovski was employed with the Resort Municipality of Whistler in a Bylaw Services where he was responsible for compliance with city codes, sign permits and issuance of business licenses. Other than our board of directors, Mr. Ratchkovski has not been a member of the board of directors of any corporations during the last five years.
During the past five years, Messrs. Vaskevich and Ratchkovski have not been the subject of the following events:
1. Any bankruptcy petition filed by or against any business of which Messrs. Vaskevich and Ratchkovski were a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time.
2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding.
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3. An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting Messrs. Vaskevich's and Ratchkovski's involvement in any type of business, securities or banking activities.
4. Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.
Conflicts of Interest
There are no conflicts of interest.
Involvement in Certain Legal Proceedings
Other than as described in this section, to our knowledge, during the past five years, no present or former director or executive officer of our company: (1) filed a petition under the federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer appointed by a court for the business or present of such a person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer within two years before the time of such filing; (2) was convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting the following activities: (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, associated person of any of the foregoing, or as an investment advisor, underwriter, broker or dealer in securities, or as an affiliated person, director of any investment company, or engaging in or continuing any conduct or practice in connection with such activity; (ii) engaging in any type of business practice; (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodity laws; (4) was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described above under this Item, or to be associated with persons engaged in any such activity; (5) was found by a court of compe tent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any federal or state securities law and the judgment in subsequently reversed, suspended or vacate; (6) was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated.
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Audit Committee and Charter
We have a separately-designated audit committee of the board. Audit committee functions are performed by our board of directors. None of our directors are deemed independent. All directors also hold positions as our officers. Our audit committee is responsible for: (1) selection and oversight of our independent accountant; (2) establishing procedures for the receipt, retention and treatment of complaints regarding accounting, internal controls and auditing matters; (3) establishing procedures for the confidential, anonymous submission by our employees of concerns regarding accounting and auditing matters; (4) engaging outside advisors; and, (5) funding for the outside auditory and any outside advisors engagement by the audit committee. A copy of our audit committee charter is filed as an exhibit to this report.
Audit Committee Financial Expert
None of our directors or officers have the qualifications or experience to be considered a financial expert. We believe the cost related to retaining a financial expert at this time is prohibitive. Further, because of our limited operations, we believe the services of a financial expert are not warranted.
Code of Ethics
We have adopted a corporate code of ethics. We believe our code of ethics is reasonably designed to deter wrongdoing and promote honest and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of code violations; and provide accountability for adherence to the code. A copy of our code of ethics is filed as an exhibit to this report.
Disclosure Committee and Charter
We have a disclosure committee and disclosure committee charter. Our disclosure committee is comprised of all of our officers and directors. The purpose of the committee is to provide assistance to the Chief Executive Officer and the Chief Financial Officer in fulfilling their responsibilities regarding the identification and disclosure of material information about us and the accuracy, completeness and timeliness of our financial reports. A copy of the disclosure charter is filed as an exhibit to this report.
Section 16(a) of the Securities Exchange Act of 1934
As of the date of this report, we are not subject to section 16(a) of the Securities Exchange Act of 1934.
ITEM 11. EXECUTIVE COMPENSATION.
The following table sets forth the compensation paid by us for the last three fiscal years for the month ending February. The compensation addresses all compensation awarded to, earned by, or paid to our named executive officers for the fiscal year ended March 31, 2008. This information includes the dollar value of base salaries, bonus awards and number of stock options granted, and certain other compensation, if any.
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Summary Compensation Table
| | | | | | Non- | Nonqualified | | |
| | | | | | Equity | Deferred | All | |
| | | | | | Incentive | Compensa- | Other | |
| | | | Stock | Option | Plan | tion | Compen- | |
Name and | | Salary | Bonus | Awards | Awards | Compensation | Earnings | sation | Total |
Principal Position | Year | (US$) | (US$) | (US$) | (US$) | (US$) | (US$) | (US$) | (US$) |
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) |
| | | | | | | | | |
Vladimir Vaskevich | 2008 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
President | 2007 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2006 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| | | | | | | | | |
Mikhail Ratchkovski | 2008 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Secretary | 2007 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2006 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
We do not anticipate paying any salaries in 2008. We do not anticipate paying salaries until we have a defined ore body and begin extracting minerals from the ground.
Compensation of Directors
The members of our board of directors are not compensated for their services as directors. The board has not implemented a plan to award options to any directors. There are no contractual arrangements with any member of the board of directors. We have no director's service contracts.
Director's Compensation Table |
| | Fees | | | | | | | | | | | | |
| | Earned | | | | | | | | Nonqualified | | | | |
| | or | | | | | | Non-Equity | | Deferred | | | | |
| | Paid in | | Stock | | Option | | Incentive Plan | | Compensation | | All Other | | |
| | Cash | | Awards | | Awards | | Compensation | | Earnings | | Compensation | | Total |
Name | | (US$) | | (US$) | | (US$) | | (US$) | | (US$) | | (US$) | | (US$) |
(a) | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) |
| | | | | | | | | | | | | | |
Vladimir Vaskevich | | 2008 | | 0 | | 0 | | 0 | | 0 | | 0 | | 0 |
|
Mikhail Ratchkovski | | 2008 | | 0 | | 0 | | 0 | | 0 | | 0 | | 0 |
Option/SAR Grants
There are no stock option, retirement, pension, or profit sharing plans for the benefit of our officers and directors.
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Long-Term Incentive Plan Awards
We do not have any long-term incentive plans.
IndemnificationUnder our Articles of Incorporation and Bylaws of the corporation, we may indemnify an officer or director who is made a party to any proceeding, including a law suit, because of his position, if he acted in good faith and in a manner he reasonably believed to be in our best interest. We may advance expenses incurred in defending a proceeding. To the extent that the officer or director is successful on the merits in a proceeding as to which he is to be indemnified, we must indemnify him against all expenses incurred, including attorney's fees. With respect to a derivative action, indemnity may be made only for expenses actually and reasonably incurred in defending the proceeding, and if the officer or director is judged liable, only by a court order. The indemnification is intended to be to the fullest extent permitted by the laws of the State of Nevada.
Regarding indemnification for liabilities arising under the Securities Act of 1933, which may be permitted to directors or officers under Nevada law, we are informed that, in the opinion of the Securities and Exchange Commission, indemnification is against public policy, as expressed in the Act and is, therefore, unenforceable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
The following table sets forth, as of the date of this report, the total number of shares owned beneficially by each of our directors, officers and key employees, individually and as a group, and the present owners of 5% or more of our total outstanding shares. The stockholders listed below have direct ownership of their shares and possess sole voting and dispositive power with respect to the shares.
| | Direct Amount of | | Percent |
Name of Beneficial Owner | | Beneficial Owner | | of Class |
| | | | |
Vladimir Vaskevich | | 2,500,000 | | 35.71% |
20 Carl Crescent | | | | |
Toronto, Ontario Canada M1W 3R2 | | | | |
|
Mikhail Ratchkovski | | 2,500,000 | | 35.71% |
32 Bruce Street | | | | |
London, Ontario Canada N6C 1G4 | | | | |
|
All officers and directors as | | 5,000,000 | | 71.42% |
a group (2 Individuals) | | | | |
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Changes in Control
There are no arrangements which may result in a change of control of Riverdale Mining Inc. There are no known persons that may assume control of us.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
2,500,000 shares of common stock were issued to Mr. Vaskevich, one of our officers and directors in March 2007 and 2,500,000 shares of common stock were issued to Mr. Ratchkovski, one of our officers and directors in March 2007. The 5,000,000 shares are restricted securities, as defined in Rule 144 of the Rules and Regulations of the SEC promulgated under the Securities Act. Under Rule 144, the shares can be publicly sold, subject to volume restrictions and restrictions on the manner of sale, commencing one year after their acquisition. Rule 144 provides that a person may not sell more than 1% of the total outstanding shares in any three month period and the sales must be sold either in a brokers transaction or in a transaction directly with a market maker.
A total of 5,000,000 shares of our stock are currently owned by our officers and directors. They will likely sell a portion of their stock if the market price goes above $0.00001. If they do sell their stock into the market, the sales may cause the market price of the stock to drop.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
(1) Audit Fees
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for our audit of annual financial statements and review of financial statements included in our Form 10-QSBs or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years was:
2008 | | $ 20,000 | | Malone & Bailey, PC, Independent Registered Public Accountants |
2007 | | $ 16,982 | | Williams & Webster, P.S., Certified Public Accountants |
(2) Audit-Related Fees
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountants that are reasonably related to the performance of the audit or review of our financial statements and are not reported in the preceding paragraph:
2008 | | $ 0 | | Malone & Bailey, PC, Independent Registered Public Accountants |
2007 | | $ 0 | | Williams & Webster, P.S., Certified Public Accountants |
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(3) Tax Fees
The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning was:
2008 | | $ 0 | | Malone & Bailey, PC, Independent Registered Public Accountants |
2007 | | $ 0 | | Williams & Webster, P.S., Certified Public Accountants |
(4) All Other Fees
The aggregate fees billed in each of the last two fiscal years for the products and services provided by the principal accountant, other than the services reported in paragraphs (1), (2), and (3) was:
2008 | | $ 0 | | Malone & Bailey, PC, Independent Registered Public Accountants |
2007 | | $ 0 | | Williams & Webster, P.S., Certified Public Accountants |
(5) Our audit committee's pre-approval policies and procedures described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were that the audit committee pre-approve all accounting related activities prior to the performance of any services by any accountant or auditor.
(6) The percentage of hours expended on the principal accountant's engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full time, permanent employees was 0%.
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PART IV
ITEM 15. | | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. | | | | |
|
| | | | Incorporated by reference | | |
| | | | | | |
| | | | | | | | | | Filed |
Exhibit No. Document Description | | Form | | Date | | Number | | herewith |
| | | | | | | | |
3.1 | | Articles of Incorporation. | | SB-2 | | 8/02/07 | | 3.1 | | |
| | | | | | | | | | |
3.2 | | Bylaws. | | SB-2 | | 8/02/07 | | 3.2 | | |
| | | | | | | | | | |
4.1 | | Specimen Stock Certificate. | | SB-2 | | 8/02/07 | | 4.1 | | |
| | | | | | | | | | |
10.1 | | Trust Agreement | | 8-K | | 12/26/07 | | 10.1 | | |
| | | | | | | | | | |
14.1 | | Code of Ethics. | | | | | | | | X |
| | | | | | | | | | |
16.1 | | Letter from Williams & Webster, P.S | | 8-K | | 4/11/08 | | 16.1 | | |
| | | | | | | | | | |
31.1 | | Certification pursuant to Rule 13a-15(e) and | | | | | | | | X |
| | 15d-15(e), promulgated under the Securities | | | | | | | | |
| | and Exchange Act of 1934, as amended. | | | | | | | | |
| | | | | | | | | | |
32.1 | | Certification pursuant to 18 U.S.C. Section | | | | | | | | X |
| | 1350, as adopted pursuant to Section 906 of the | | | | | | | | |
| | Sarbanes-Oxley Act of 2002. | | | | | | | | |
| | | | | | | | | | |
99.1 | | Subscription Agreement | | SB-2 | | 08/02/07 | | 99.1 | | |
| | | | | | | | | | |
99.2 | | Audit Committee Charter. | | | | | | | | X |
| | | | | | | | | | |
99.3 | | Disclosure Committee Charter. | | | | | | | | X |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing of this Form 10-K and has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in Toronto, Ontario, Canada, on this 30th day of June, 2008.
RIVERDALE MINING INC.
BY: VLADIMIR VASKEVICH
Vladimir Vaskevich, President, Principal Executive
Officer, Treasurer, Principal Financial Officer,
Principal Accounting Officer, and a member
of the Board of Directors
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities.
Signature | | Title | | Date |
|
VLADIMIR VASKEVICH | | President, Principal Executive Officer, Treasurer, | | June 30, 2008 |
Vladimir Vaskevich | | Principal Accounting Officer, Principal Financial | | |
| | Officer, and a Director | | |
|
MIKHAIL RATCHKOVSKI | | Secretary and a Director | | June 30, 2008 |
Mikhail Ratchkovski | | | | |
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|
|
EXHIBIT INDEX |
|
| | | | Incorporated by reference | | |
| | | | | | |
| | | | | | | | | | Filed |
Exhibit No. Document Description | | Form | | Date | | Number | | herewith |
| | | | | | | | |
3.1 | | Articles of Incorporation. | | SB-2 | | 8/02/07 | | 3.1 | | |
| | | | | | | | | | |
3.2 | | Bylaws. | | SB-2 | | 8/02/07 | | 3.2 | | |
| | | | | | | | | | |
4.1 | | Specimen Stock Certificate. | | SB-2 | | 8/02/07 | | 4.1 | | |
| | | | | | | | | | |
10.1 | | Trust Agreement | | 8-K | | 12/26/07 | | 10.1 | | |
| | | | | | | | | | |
14.1 | | Code of Ethics. | | | | | | | | X |
| | | | | | | | | | |
16.1 | | Letter from Williams & Webster, P.S | | 8-K | | 4/11/08 | | 16.1 | | |
| | | | | | | | | | |
31.1 | | Certification pursuant to Rule 13a-15(e) and | | | | | | | | X |
| | 15d-15(e), promulgated under the Securities | | | | | | | | |
| | and Exchange Act of 1934, as amended. | | | | | | | | |
| | | | | | | | | | |
32.1 | | Certification pursuant to 18 U.S.C. Section | | | | | | | | X |
| | 1350, as adopted pursuant to Section 906 of the | | | | | | | | |
| | Sarbanes-Oxley Act of 2002. | | | | | | | | |
| | | | | | | | | | |
99.1 | | Subscription Agreement | | SB-2 | | 08/02/07 | | 99.1 | | |
| | | | | | | | | | |
99.2 | | Audit Committee Charter. | | | | | | | | X |
| | | | | | | | | | |
99.3 | | Disclosure Committee Charter. | | | | | | | | X |
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