SEC Comment Letter for Idaho Copper Corp (COPR) (CIK 0001263364) (COPR) — Aug 3, 2011
Idaho Copper Corp (COPR) (CIK 0001263364)
Date: Aug. 3, 2011 · CIK: 0001263364 · Accession: 0000000000-11-047098
AI Filing Summary & Sentiment
File numbers found in text: 333-108715
Referenced dates: April 13, 2011
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August 3, 2011 Via E-Mail Jinghe Zhang, Chief Executive Officer Joway Health Industries Group In c. (f/k/a G2 Ventures, Inc.) 16th Floor, Tianjin Global Zh iye Square, 309 Nanjing Road, Nankai District, Tianjin, PRC Re: Joway Health Industries Group In c. (f/k/a G2 Ventures, Inc.) Form 8-K/A Filed June 13, 2011 Form 10-K for the Fiscal Year Ended December 31, 2010 Filed April 14, 2011 File No. 333-108715 Dear Mr. Zhang: We have reviewed your response and have th e following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter within ten business days by amending your filing, by providing the requested information, or by advi sing us when you will provide the requested response. If you do not believe our comments apply to your fact s and circumstances or do not believe an amendment is appropriate, pl ease tell us why in your response. After reviewing any amendment to your filing and the information you provide in response to these comments, we ma y have additional comments. Form 8-K/A Filed on June 13, 2011 Corporate Structure and History, page 4 1. We reissue comment two of our letter da ted April 13, 2011. Please revise to provide clear disclosure as to the ownership of Cr ystal Globe and Dynamic Elite. Clarify the entrust agreement and whether the entrust agreement provided Mr. Zhang ownership of Dynamic Elite. In addition, as previously requested, while you stat e the founders of the companies you do not clearly state the controllin g shareholder(s) before the transactions. Clarify whether Mr. Zhang had any ownership, directly or indirectly, of Crystal Globe and Dynamic Elite before the transactions. 2. We reissue comment three of our letter da ted April 13, 2011. Please revise to disclose the material terms of the July 25, 2010 and July 28, 2010 share acquisition agreements Jinghe Zhang Joway Health Industries Group In c. (f/k/a G2 Ventures, Inc.) August 3, 2011 Page 2 with Chen Jingyum and Wang Aiying to sell their shares to the Joway Group. In addition, please advise use whether Exhibits 10.21 and 10.23 are complete. We note that these agreements omit the consideration to be paid. Description of Business, page 11 3. We note your response to comment four of our letter dated April 13, 2011 regarding the scientific support for your claims of the benefits of tourmaline. It appears the studies and articles cited references some possible bene fits of tourmaline, but your statements still appear promotional in nature compared to the measured statements cited as support for your claims. Please revise to remove the promotional language and provide a more balanced view of the benefits of tourmaline. 4. We reissue comment eight of our letter da ted April 13, 2011. Please revise your Form 8- K to describe the business of Shenyang Joway and its similarities and relationships with the Joway Group. Also discuss the circumst ances and timing of why and when it ceased being an operating company. In 2008 and 2009, Shenyang Joway was one of your largest suppliers, but it is unclear w hy and when it ceased operations and how that impacted your business. Security Ownership of Certain Benefi cial Owners and Management, page 60 5. We note that footnote four of your benefici al ownership table is inconsistent with footnote five as to who has voting power ove r the shares of Crystal Globe. Please reconcile. Exhibits 6. Please revise the exhibits index, as the *** doe s not indicate where such exhibits can be found. 7. We note that exhibit 10.20 is missing Appendix 1. Please file this exhi bit in its entirety. Form 10-K for Fiscal Year Ended December 31, 2010 General 8. Please revise to your annual report to addre ss any relevant issue not ed in our comments above and to comply with the prior comments issued on the Form 8-K. Item 9A. Controls and Procedures Management’s Annual Report on Internal C ontrol over Financial Reporting, page 57 9. Considering (i) your response to our pr ior comments 24-29 from our letter dated Jinghe Zhang Joway Health Industries Group In c. (f/k/a G2 Ventures, Inc.) August 3, 2011 Page 3 November 5, 2010 and (ii) your risk factor disc losure on page 33 which states that most of your accounting and finance staff are not ed ucated and trained in U.S. GAAP and SEC reporting requirements, please provide us with a detailed discussion of the factors you considered in assessing whet her this pervasive issue would result in a significant deficiency or material weakness and how this issue was overcome to support your conclusion that your internal controls over fina ncial reporting were effective at December 31, 2010. 10. Please revise to provide disclosures require d by Item 308(c) of Regulation S-K. Please ensure you sufficiently detail all material ch anges to your internal control over financial reporting that resulted from the share ex change transaction in October 2010. You may contact Angela Halac at (202) 551-3398 or Brian Bh andari at (202) 551-3390 if you have questions regarding comments on the fina ncial statements and related matters. Please contact Edwin Kim at (202) 551-3297 or Pamela Howell, Special Counsel, at (202) 551-3357 with any other questions. Sincerely, /s/ Pamela Howell for John Reynolds Assistant Director