Annual Report & Accounts 2014 - Report of ICP Accountants
TYRATECH • ANNUAL REPORT 2014 • PAGE 23
Rep o r t o f I n d e p e n d e n t C e r t i f i e d
Publ i c A c c o u n t a n t s
We have audited the accompanying consolidated financial
statements of TyraTech, Inc. and subsidiaries, which comprise
the consolidated balance sheets as of December 31, 2014 and
2013, and the related consolidated statements of operations,
stockholders' equity (deficit), and cash flows for the years then
ended, and the related notes to the financial statements.
Management's responsibility for the financial statements
Management is responsible for the preparation and fair
presentation of these consolidated financial statements in
accordance with accounting principles generally accepted
in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to
the preparation and fair presentation of consolidated financial
statements that are free from material misstatement, whether
due to fraud or error.
Auditor's responsibility
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 consolidated financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material
misstatement of the consolidated financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation
and fair presentation of the consolidated financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the entity's internal control. Accordingly,
we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of
the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
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, 2014 and
2013, and the results of their operations and their cash flows for
the years then ended in accordance with accounting principles
generally accepted in the United States of America.
Emphasis of a matter regarding going concern
The accompanying financial statements have been prepared
assuming the Company will continue as a going concern. As
discussed in Note 2 to the financial statements, the Company
has experienced operating losses in each year since inception
and has recurring significant cash flow deficits from operations
since its inception and an accumulated deficit as of December
31, 2014. These conditions, along with other matters as set forth
in Note 2, raise substantial doubt about the Company's ability
to continue as a going concern. Management's plans related
to these matters are also described in Note 2. The financial
statements do not include any adjustments that might result from
the outcome of this uncertainty. Our opinion is not modified with
respect to this matter.
Grant Thornton LLP
Certified Public Accountants
Charlotte, NC
22 June 2015
