Annual Report & Accounts 2011 - Report of ICP Accountants
Report of Independent Certified
Public Accountants
TYRATECH, INC. • ANNUAL REPORT 2011 • PAGE 29
The Board of Directors
TyraTech, Inc.:
We have audited the accompanying consolidated balance
sheets of TyraTech, Inc. and subsidiaries as of December 31,
2011 and 2010, and the related consolidated statements of
operations, shareholders' (deficit) equity, and cash flows for
the years then ended. These consolidated financial statements
are the responsibility of the Company's management.
Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America.
Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express
no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures
in the financial statements, 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 consolidated financial statements referred
to above present fairly, in all material respects, the financial
position of TyraTech, Inc. and subsidiaries as of December 31,
2011 and 2010, and the results of their operations and cash
flows for the years then ended in conformity with accounting
principles generally accepted in the United States of America.
The accompanying financial statements have been prepared
assuming that the Company will continue as a going
concern. As discussed in Note 1, the Company incurred
a net loss of US$2,720,659 during the year ended December
31, 2011, and, as of that date, had a a stockholders' deficit
of $2,156,246. These factors, amongst others, as discussed in
Note 1 to the financial statements, raise substantial doubt
about the Company's ability to continue as a going concern.
Management's plans regarding these matters are also discussed
in Note 1. The consolidated financial statements do
not include any adjustments that might result from the outcome
of this uncertainty.
Grant Thornton LLP
Raleigh, North Carolina
June 28, 2012
