Re: |
Thorium
Power, Ltd.
|
Draft
Post-Effective Amendment No. 2 to Registration Statement on Form
SB-2
Commission
File No. 333-135437
|
Draft
Amendment on Form 10-KSB for the Fiscal Year Ended December 31, 2006,
filed March 20, 2007
Commission
File No. 000-28543
|
Draft
Amendment on Form 10-QSB for the Fiscal Quarter Ended March 31, 2007,
filed May 10, 2007
Commission
File No. 000-28543
|
1. |
We
note your response to our prior comment 3, and reissue it. Your controller
or principal accounting officer, or person acting in that capacity
must
sign the registration statement. Please refer to Instruction no.
1 of the
Instruction for Signatures at the end of Form
SB-2.
|
2. |
Please
revise your explanatory note on page 3 and introductory note on page
F-10
to replace references to SEC comments or letters constituting the
basis
for your revisions with a discussion of the significant issues and
reasons
these have required an amendment to your filing (e.g. to clarify
or
correct earlier disclosures, or to correct your financial accounting
to
comply with generally accepted accounting
principles).
|
3. |
We
see the revisions you made in response to prior comment 8, regarding
the
recasting of share activity based on the share exchange ratio in
your
reverse merger. On page F-12 you now state that as a result of the
reverse
merger, there were 296,399,328 common shares outstanding on October
6,
2006 (including 36,659,837 shares of common stock with registration
rights).” Please further revise your disclosure to clarify how these
figures reconcile to the amounts reported in your Statements of Changes
in
Stockholders’ Deficiency, including the 124,101,637 share count on the
reverse merger line, and the total of the preceding activity, amounting
to
135,637,854 shares, which agrees with your disclosure of newly issued
shares utilized in your recasting
exercise.
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4. |
We
note your response to prior comment 9, concerning the $5.2 million
allocated expenses covering the period from January 1, 2006 through
June
30, 2006, recorded as additional paid-in capital on page F-9. Tell
us why
the additional $2.3 million in allocated expenses, covering period
from
July 1, 2006 to October 6, 2006, is not also reflected as a contribution
to equity. Provide us with the journal entries made in recording
the $2.3
million allocated expenses.
|
5. |
We
see that you have added in your marked draft amendment an introductory
statement and notes to the interim financial statements in response
to
prior comment 15. However, the unmarked version of your draft amendment
appears to have some of the notes to these interim financial statements
interspersed with the notes to the annual financial statements on
pages
F-20 through F-25; and is also missing the notes appearing on pages
F-26
through F-31 of your marked amendment to Exhibit 99. Please advise
us of
all other inconsistencies between your marked and unmarked draft
amendments.
|
6. |
We
note your addition of the controls and procedures disclosure responding
to
prior comment 16. Please expand your disclosure to specify the period
covered by your controls and procedures evaluation and effectiveness
conclusion, noting the requirements under Item 307 of Regulation
S-B.
|
Sincerely,
Thorium
Power, Ltd.
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By: | /s/ Seth Grae | |
Seth Grae |
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Chief Executive Officer |