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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------
FORM 10-Q
---------
(Mark one)
|x| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended January 31, 2010
or
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission File Number: 000-53861
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AURUM, INC.
(Exact name of registrant as specified in its charter)
--------
Delaware 27-1728996
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation) Identification No.)
Level 8, 580 St Kilda Road
Melbourne, Victoria, Australia 3004
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 001 (613) 8532 2800
--------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. |X| Yes |_| No
Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T
during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).* |_| Yes |_| No
* The registrant has not yet been phased into the interactive data
requirements
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See definitions of "accelerated filer," "large accelerated filer" and "smaller
reporting company" in Rule 12-b2 of the Exchange Act.
(Check one): Large accelerated filer |_| Accelerated filer |_|
Non-accelerated filer |_| Smaller reporting company |X|
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12-b2 of the Exchange Act). |_| Yes |X| No
There were 105,600,000 shares of common stock outstanding on March 15,
2010.
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Table Of Contents
PAGE NO
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PART I. FINANCIAL INFORMATION
Item 1 Financial Statements 2
Item 2 Management's Discussion and Analysis of Financial Condition and
Results of Operations 11
Item 3 Quantitative and Qualitative Disclosure about Market Risk 12
Item 4 Controls and Procedures 12
PART II OTHER INFORMATION
Item 1 Legal Proceedings 14
Item 1A Risk Factors 14
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 14
Item 3 Defaults Upon Senior Securities 14
Item 4 Other Information 14
Item 5 Exhibits 14
SIGNATURES 15
EXHIBIT INDEX 16
Exh. 31.1 Certification 17
Exh. 31.2 Certification 19
Exh. 32.1 Certification 21
Exh. 32.2 Certification 22
1
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Introduction to Interim Financial Statements.
The interim financial statements included herein have been prepared by
Aurum, Inc. ("Aurum" or the "Company") without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission (The "Commission").
Certain information and footnote disclosure normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such rules and regulations, although
the Company believes that the disclosures are adequate to make the information
presented not misleading.
In the opinion of management, all adjustments, consisting of normal
recurring adjustments necessary to present fairly the financial position of the
Company as of January 31, 2010, the results of its operations for the three
month periods ended January 31, 2010 and January 31, 2009 and for the cumulative
period September 29, 2008 (inception) through January 31, 2010, and the changes
in its cash flows for the three month periods ended January 31, 2010 and January
31, 2009 and for the cumulative period September 29, 2008 (inception) through
January 31, 2010, have been included. The results of operations for the interim
periods are not necessarily indicative of the results for the full year.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly,
actual results could differ from those estimates.
2
AURUM, INC.
(An Exploration Stage Company)
Balance Sheet
January 31, October 31,
----------- -----------
2010 2009
---- ----
US$ US$
-------------------------
(unaudited)
ASSETS
Current Assets:
Cash 2,249 189
Advances 20,734 12,971
Prepayments 10,608 14,250
-------------------------
Total Current Assets 33,591 27,410
-------------------------
Non Current Assets:
Property & Equipment, net of accumulated depreciation of $672 and $20 7,580 2,202
-------------------------
Total Non Current Assets 7,580 2,202
-------------------------
Total Assets 41,171 29,612
=========================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable and Accrued Expenses 27,581 36,242
-------------------------
Total Current Liabilities 27,581 36,242
-------------------------
Non Current Liabilities:
Advances payable to affiliate 341,588 61,779
-------------------------
Total Non Current Liabilities 341,588 61,779
-------------------------
Total Liabilities 369,169 98,021
-------------------------
Stockholders' Equity (Deficit) :
Common stock: $.0001 par value
500,000,000 shares authorised, and
105,600,000 shares issued and outstanding at
January 31, 2010 and October 31, 2009. 10,560 10,560
Additional Paid-in-Capital 11,040 11,040
Accumulated (Deficit) (349,598) (90,009)
-------------------------
Total Stockholders' Equity (Deficit) (327,998) (68,409)
-------------------------
Total Liabilities and Stockholders' Equity (Deficit) 41,171 29,612
=========================
See Notes to Financial Statements
3
AURUM, INC.
(An Exploration Stage Company)
Statements of Operations
(Unaudited)
For the three For the three For the period
months ended months ended from inception
January 31, January 31, September 29,
2010 2009 2008 to January
31, 2010
---------------------------------------------
Revenues US$- US$- US$-
Cost and expenses
Legal, Accounting & Professional 29,058 - 53,515
Administration Expense 121,138 3,500 186,090
Exploration Expense 103,445 - 103,445
------------------------------------------------
253,641 3,500 343,050
------------------------------------------------
(Loss) from Operations (253,641) (3,500) (343,050)
Foreign Currency Exchange (Loss) (5,957) - (5,957)
Other Income - Interest 9 - 9
------------------------------------------------
(Loss) before Income Tax (259,589) (3,500) (348,998)
Provision for Income Tax - -
------------------------------------------------
Net (Loss) (259,589) (3,500) (348,998)
------------------------------------------------
Basic net (Loss) per Common Equivalent Shares (0.00) (0.00) (0.00)
------------------------------------------------
Weighted Number of Common Equivalent
Shares Outstanding (000's) 105,600 96,000 102,112
------------------------------------------------
See Notes to Financial Statements
4
AURUM, INC.
(An Exploration Stage Company)
Statements of Stockholders' Equity (Deficit)
(Unaudited)
Common Additional
Stock Paid-in Accumulated
Shares Amount Capital (Deficit) Total
---------------------------------------------------------
US$ US$ US$ US$
---------------------------------------------------------
Inception, September 29, 2008 - - - - -
Issuance of Shares 96,000,000 9,600 - (600) 9,000
Net (loss) - - - (12) (12)
---------------------------------------------------------
Balance, October 31, 2008 96,000,000 9,600 - (612) 8,988
Issuance of Shares 9,600,000 960 11,040 - 12,000
Net (loss) - - - (89,397) (89,397)
---------------------------------------------------------
Balance, October 31, 2009 105,600,000 10,560 11,040 (90,009) (68,409)
Net (loss) - - - (259,589) (259,589)
---------------------------------------------------------
Balance, January 31, 2010 105,600,000 10,560 11,040 (349,598) (327,998)
---------------------------------------------------------
See Notes to Financial Statements
5
AURUM, INC.
(An Exploration Stage Company)
Statements of Cash Flows
(Unaudited)
For the period
from
inception
Three months Three months September 29,
ended ended 2008 to
January 31, January 31, January 31,
2010 2009 2010
US$ US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) (259,589) (3,500) (348,998)
Adjustments to reconcile net (loss) to net cash (used)
in operating activities:
Foreign Currency 5,957 - 4,638
Depreciation 652 - 672
Changes in operating assets and liabilities:
Prepayments 3,642 - (10,608)
Advances (7,763) - (20,734)
Accounts Payable and Accrued Expenses (8,661) - 27,581
----------------------------------------
Net Cash (used) in Operating Activities (265,762) (3,500) (347,449)
----------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Property & equipment (6,030) - (8,252)
----------------------------------------
Net Cash (used) in Investing Activities (6,030) - (8,252)
----------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of Shares - - 21,000
Advances Payable - Affiliate 279,809 - 341,588
----------------------------------------
Net cash provided by Financing activities 279,809 - 362,588
----------------------------------------
Effect of exchange rate changes on cash (5,957) - (4,638)
----------------------------------------
Net Increase/(Decrease) in Cash 2,060 (3,500) 2,249
Cash at Beginning of Period 189 8,988 -
----------------------------------------
Cash at End of Period 2,249 5,488 2,249
----------------------------------------
See Notes to Financial Statements
6
AURUM, INC.
(An Exploration Stage Company)
Notes to Financial Statements
January 31, 2010
(unaudited)
(1) ORGANIZATION AND BUSINESS
Aurum, Inc. ("Aurum" or the "Company") was incorporated in the State of
Florida in September 2008. The principal stockholder of Aurum is Golden Target
Pty Ltd., an Australian corporation ("Golden"), which owned 96.21% of Aurum as
of January 31, 2010.
On January 20, 2010, the Company re-incorporated in the state of Delaware
(the "Reincorporation") through a merger involving Liquid Financial Engines Inc.
("Liquid") and Aurum, Inc., a Delaware Corporation that was a wholly owned
subsidiary of Liquid. The Reincorporation was effected by merging Liquid with
Aurum, with Aurum being the surviving entity. For financial reporting purposes
Aurum is deemed a successor to Liquid.
In July 2009, Golden acquired a 96% interest in Aurum from certain
stockholders. In connection therewith, the Company appointed a new
President/Chief Executive Officer and Chief Financial Officer/Secretary and a
new sole Director. The sole director and stockholder of Golden is also the
President and Chief Executive Officer of the Company.
The Company has recently shifted its focus to mineral exploration for gold
and copper in the Lao Peoples Democratic Republic (Lao P.D.R or Laos). Laos is
known by the Company to have significant potential for gold and copper
discoveries and is a highly under explored nation with respect to all mineral
commodities.
The Company's ability to continue operations through the remainder of 2010
is dependent upon future funding from affiliated entities, capital raisings, or
its ability to commence revenue producing operations and positive cash flows.
(2) RECENT ACCOUNTING PRONOUNCEMENTS
In June 2009, the Financial Accounting Standards Board ("FASB")
issued the FASB Accounting Standards Codification and the Hierarchy of
Generally Accepted Accounting Principles, also known as FASB Accounting
Standards Codification ("ASC") 105-10, Generally Accepted Accounting
Principles, ("ASC 105-10"). ASC 105-10 establishes the FASB Accounting
Standards Codification ("Codification") as the single source of
authoritative US GAAP recognized by the FASB to be applied by
nongovernmental entities. Rules and interpretive releases of the Securities and
Exchange Commission ("SEC") under authority of federal securities laws are also
sources of authoritative US GAAP for SEC registrants. The subsequent
issuances of new standards will be in the form of Accounting Standards
Updates ("ASU") that will be included in the Codification. Generally, the
Codification is not expected to change US GAAP. All other accounting literature
excluded from the Codification will be considered nonauthoritative. This ASC is
effective for financial statements issued for interim and annual periods ending
after September 15, 2009. The Company adopted this ASC for our year ended
October 31, 2009. The adoption did not have any effect on our financial
condition or results of operations. All accounting references have been updated,
and therefore SFAS references have been replaced with ASC references
Effective November 1, 2009, the Company adopted the amended provisions of
ASC Topic 820, Fair Value Measurements and Disclosures. This topic defines fair
value, establishes a hierarchal disclosure framework for measuring fair value,
and requires expanded disclosures about fair value measurements. The provisions
of this topic apply to all financial instruments that are being measured and
reported on a fair value basis. The adoption of ASC 820 has not had a material
impact on the Company's financial position or results of operations
In December 2007, the FASB amended ASC Topic 805, Business Combinations,
which replaced FAS No. 141. ASC 805 establishes principles and requirements for
how the acquirer of a business recognizes and measures in its financial
statements the identifiable assets acquired and the liabilities assumed. The
provisions of ASC 805 are effective for the Company's fiscal year beginning
November 1, 2009 which applies prospectively to all business combinations
entered into on or after such date. Any future acquisitions will be impacted by
application of this topic.
7
In December 2007, the FASB amended ASC Topic 810, Noncontrolling Interests
in Consolidated Financial Statements. ASC 810 clarifies the accounting for
noncontrolling interests and establishes accounting and reporting standards for
the noncontrolling interest in a subsidiary, including classification as a
component of equity. ASC 810 is effective for the Company's fiscal year
beginning November 1, 2009. The Company does not currently have any
noncontrolling interests.
The Company adopted the amended provision of ASC 825, Financial Instruments
in May, 2009. This standard requires disclosures about fair value of financial
instruments in interim financial statements as well as in annual financial
statements.
(3) AFFILIATE TRANSACTIONS
In August 2009, the Company entered into an agreement with AXIS Consultants
Pty Ltd to provide management and administration services to the Company. AXIS
is affiliated through common management. The Company is one of ten affiliated
companies under common management with AXIS. Each of the companies has some
common Directors, officers and shareholders. In addition, each of the companies
is substantially dependent upon AXIS for its senior management and
administration staff. It has been the intention of the affiliated companies and
respective Boards of Directors that each of such arrangements or transactions
should accommodate the respective interest of the relevant affiliated companies
in a manner which is fair to all parties and equitable to the shareholders of
each. Currently, there are no material arrangements or planned transactions
between the Company and any of the affiliated companies other than AXIS.
The payable to affiliate at January 31, 2010 in the amount of $341,588 is
all due to AXIS. During the three months ended January 31, 2010, AXIS provided
services in accordance with the services agreement, incurred direct costs on
behalf of the Company and provided funding of $279,809. The Company intends to
repay these amounts with funds raised either via additional debt or equity
offerings, but as this may not occur within the next 12 months, the Company has
decided to classify the amounts payable as non current in the accompanying
balance sheet.
(4) GOING CONCERN
The accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America, which
contemplate continuation of Aurum as a going concern. Aurum has incurred net
losses since inception and may continue to incur substantial and increasing
losses for the next several years, all of which raises substantial doubt as to
its ability to continue as a going concern.
In addition Aurum is reliant on loans and advances from corporations
affiliated with the President of Aurum. Based on discussions with these
affiliate companies, Aurum believes this source of funding will continue to be
available. Other than the arrangements noted above, Aurum has not confirmed any
other arrangement for ongoing funding. As a result Aurum may be required to
raise funds by additional debt or equity offerings in order to meet its cash
flow requirements during the forthcoming year.
The accumulated deficit of the Company from inception (September 2008) through
January 31, 2010 amounted to $349,598.
(5) INCOME TAXES
Aurum plans to file its income tax returns on an accrual basis.
Effective January 1, 2009, the Company implemented the new accounting
requirements associated with uncertainty in income taxes using the provisions of
Financial Accounting Standards Board (FASB) ASC 740, Income Taxes. Using that
guidance, tax positions initially need to be recognized in the financial
statements when it is more-likely-than-not the positions will be sustained upon
examination by the tax authorities. It also provides guidance for derecognition,
classification, interest and penalties, accounting in interim periods,
disclosure and transition. As of January 31, 2010, the Company has no uncertain
tax positions that qualify for either recognition or disclosure in the financial
statements.
8
The Company is required to file tax returns in the United States. The
Company should have available net operating losses carry forward aggregating
approximately US$89,400 as of October 31, 2009 which would expire in 2029. The
Company will need to file its income tax returns for the applicable years for
which income tax returns are not filed to establish the tax benefits of such
losses.
(6) STOCKHOLDERS EQUITY
On September 29, 2009 the Company's Board of Directors declared an 8-for-1
stock split in the form of a stock dividend that was payable in October 2009 to
stockholders of record as of October 23, 2009. The Company has accounted for
this bonus issue as a stock split and accordingly, all share and per share data
has been retroactively restated.
In September 2008, 96,000,000 shares of common stock were issued to the
Company's founder raising $9,000.
In March 2009, the Company raised $12,000 in a registered public offering
of 9,600,000 shares of common stock share pursuant to a prospectus dated January
30, 2009.
(7) FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company's financial instruments consist of cash, advances, accounts
payable and accrued expenses. The carrying amounts of cash and advances
approximate their respective fair values because of the short maturities of
those instruments. Financial liabilities for which carrying values approximate
fair value include accounts payable and accrued expenses. Amounts payable to
affiliate do not approximate fair value as these amounts are related party
transactions with no defined payment terms.
(8) EXPLORATION STAGE COMPANY
As a result the Company's recent focus on mineral exploration, it is
considered an exploration stage company. The FASB requires such companies to
report their operations, shareholders deficit and cash flows since inception
through the date that revenues are generated from management's intended
operations. Since inception, the Company has incurred an operating loss of
$348,998. The Company's working capital has been primarily generated through the
sales of common stock as well as advances from an affiliated entity.
(9) NET LOSS PER SHARE
The Company adopted the standard issued by the FASB, which requires
presentation of basic earnings or loss per share and diluted earnings or loss
per share. Basic income (loss) per share is computed by dividing net income
(loss) available to common stockholders by the weighted average number of common
shares outstanding during the period. Diluted earnings per share is similarly
calculated using the treasury stock method except that the denominator is
increased to reflect the potential dilution that would occur if dilutive
securities at the end of the applicable period were exercised. There were no
potential dilutive securities as of January 31, 2010 and 2009.
(10) CASH
The Company maintains cash deposits with financial institutions in
Australia. Cash deposits maintained in Australia are translated into US dollars
at the period end exchange rate with the related adjustment recognized in
operations.
9
(11) SUBSEQUENT EVENTS
The Company has evaluated the existence of subsequent events through March
15, 2009 and has not indentified any significant subsequent events or
transactions which would require recognition or disclosure in the financial
statements.
10
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
General
The following discussion and analysis of our financial condition and plan
of operation should be read in conjunction with the Financial Statements and
accompanying notes and the other financial information appearing elsewhere in
this report. This report contains numerous forward-looking statements relating
to our business. Such forward-looking statements are identified by the use of
words such as believes, intends, expects, hopes, may, should, plan, projected,
contemplates, anticipates or similar words. Actual operating schedules, results
of operations and other projections and estimates could differ materially from
those projected in the forward-looking statements.
Overview
Aurum, Inc. is an exploration stage company and was incorporated in Florida
on September 29, 2008, to develop and market financial software. In July 2009,
Golden Target Pty Ltd, an Australian corporation ("Golden") acquired a 96%
interest in Aurum from Daniel McKelvey and certain other stockholders. Mr.
McKelvey resigned as Sole Director and Officer of Aurum, Joseph Gutnick was
appointed President, Chief Executive Officer and a Director and Peter Lee was
appointed Chief Financial Officer and Secretary. Commencing August 2009, the
Company decided to focus on various business opportunities in the energy and
mining fields. The Company's planned operations have not commenced and is
considered to be in the exploration stage. On January 20, 2010, the Company
re-incorporated in the state of Delaware through a merger involving Liquid
Financial Engines Inc. and Aurum, Inc., with Aurum being the surviving entity.
The Company has recently shifted its focus to mineral exploration for gold
and copper in the Lao Peoples Democratic Republic (Lao P.D.R or Laos). Laos is
known by the Company to have significant potential for gold and copper
discoveries and is a highly under explored nation with respect to all mineral
commodities.
We have incurred net losses since our inception and may continue to incur
substantial and increasing losses for the next several years. Since inception
(September 2008) we have incurred accumulated losses of $348,998 which was
funded primarily by the sale of equity securities and advances from affiliates.
RESULTS OF OPERATIONS
Three Months Ended January 31, 2010 vs. Three Months Ended January 31, 2009.
Costs and expenses increased from $3,500 in the three months ended January
31, 2009 to $253,641 in the three months ended January 31, 2010.
Other income increased from $nil for the three months ended January 31,
2009 to $9 for the three months ended January 31, 2010.
The increase in costs and expenses is a net result of:
a) an increase in legal, accounting and professional expense from $nil for
the three months ended January 31, 2009 to $29,058 for the three months ended
January 31, 2010, primarily as a result of legal costs associated with the
Company's SEC compliance obligations and accounting fees.
b) an increase in administrative costs including salaries from $3,500 in the
three months ended January 31, 2009 to $121,138 in the three months ended
January 31, 2010, primarily as a result of an increase in the cost of donations
to the typhoon victims in Southern Laos, services provided by AXIS in accordance
with the service agreement and costs of filing documents with the SEC.
c) an increase in the exploration expense from $nil for the three months
ended January 31, 2009 to $103,445 for the three months ended January 31, 2010.
The costs primarily relate to consultants providing preliminary reviews and
advice.
11
As a result of the foregoing, the loss from operations increased from
$3,500 for the three months ended January 31, 2009 to $253,641 for the three
months ended January 31, 2010.
The Company recorded a foreign currency exchange loss of $5,957 for the
three months ended January 31, 2010 compared to a foreign currency exchange loss
of $nil for the three months ended January 31, 2009, primarily due to
revaluation of amounts payable to affiliates.
The net loss was $259,589 for the three months ended January 31, 2010
compared to a net loss of $3,500 for the three months ended January 31, 2009.
Liquidity and Capital Resources
For the three months ended January 31, 2010, net cash used in operating
activities was $265,762 consisting mainly of the net loss from operations; net
cash used in investing activities was $6,030 being the cost of additional
equipment; net cash provided by financing activities being advances from
affiliates.
The Company's ability to continue operations through 2010 is dependent upon
future funding from affiliated entities, capital raisings, or its ability to
commence revenue producing operations and positive cash flows.
The Company continues to search for additional sources of capital, as and
when needed; however, there can be no assurance funding will be successfully
obtained. Even if it is obtained, there is no assurance that it will not be
secured on terms that are highly dilutive to existing shareholders.
The accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America, which
contemplates continuation of Aurum, Inc. as a going concern. However, Aurum,
Inc. has limited assets, has not yet commenced revenue producing operations and
has sustained recurring losses since inception.
Cautionary "Safe Harbour" Statement under the United States Private Securities
Litigation Reform Act of 1995.
Certain information contained in this Form 10-Q are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 ("the Act"), which became law in December 1995. In order to obtain the
benefits of the "safe harbor" provisions of the Act for any such forward-looking
statements, we wish to caution investors and prospective investors about
significant factors which, among others, have in some cases affected our actual
results and are in the future likely to affect our actual results and cause them
to differ materially from those expressed in any such forward-looking
statements. This Form 10-Q contains forward-looking statements relating to
future financial results. Actual results may differ as a result of factors over
which we have no control, including, without limitation, the risks of
exploration and development stage projects, political risks of development in
foreign countries, risks associated with environmental and other regulatory
matters, mining risks and competitors, the volatility of commodity prices and
movements in foreign exchange rates.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
At January 31, 2010, the Company had no outstanding loan facilities.
Item 4. Controls and Procedures.
a) Evaluation of Disclosure Controls and Procedures
12
Our principal executive officer and our principal financial officer
evaluated the effectiveness of our disclosure controls and procedures (as
defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934
as amended) as of the end of the period covered by this report. Based on that
evaluation, such principal executive officer and principal financial officer
concluded that, the Company's disclosure control and procedures were effective
as of the end of the period covered by this report at the reasonable level of
assurance.
b) Change in Internal Control over Financial Reporting
No change in our internal control over financial reporting occurred during
our most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect our internal control over financial reporting.
c) Other
We believe that a controls system, no matter how well designed and
operated, cannot provide absolute assurance that the objectives of the controls
system are met, and no evaluation of controls can provide absolute assurance
that all control issues and instances of fraud, if any, within a company have
been detected. Therefore, 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. Our disclosure controls and procedures
are designed to provide such reasonable assurances of achieving our desired
control objectives, and our principal executive officer and principal financial
officer have concluded, as of January 31, 2010, that our disclosure controls and
procedures were effective in achieving that level of reasonable assurance.
13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
Not Applicable
Item 1A. Risk Factors.
Not Applicable
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Not Applicable
Item 3. Defaults Upon Senior Securities.
Not Applicable
Item 4. Other Information.
Not Applicable
Item 5. Exhibits.
(a) Exhibit No. Description
---------- -----------
31.1 Certification of Chief Executive Officer required by Rule
13a-14(a)/15d-14(a) under the Exchange Act
31.2 Certification of Chief Financial Officer required by Rule
13a-14(a)/15d-14(a) under the Exchange Act
32.1 Certification of Chief Executive Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of
Sarbanes-Oxley act of 2002
32.2 Certification of Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of
Sarbanes-Oxley act of 2002
14
(FORM 10-Q)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Aurum, Inc.
By:
/s/ Joseph I. Gutnick
---------------------
Joseph I. Gutnick
Chairman of the Board, President
and Chief Executive Officer
(Principal Executive Officer)
By:
/s/ Craig Michael
-----------------
Craig Michael
Director and Executive General
Manager
By:
/s/ Peter Lee
-------------
Peter Lee
Secretary and
Chief Financial Officer
(Principal Financial Officer)
Dated March 16, 2010
15
EXHIBIT INDEX
Exhibit No. Description
- ---------- -----------
31.1 Certification of Chief Executive Officer required by Rule
13a-14(a)/15d-14(a) under the Exchange Act
31.2 Certification of Chief Financial Officer required by Rule
13a-14(a)/15d-14(a) under the Exchange Act
32.1 Certification of Chief Executive Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of
Sarbanes-Oxley act of 2002
32.2 Certification of Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of
Sarbanes-Oxley act of 2002
16