Through a private transaction, Joshua Nadav has taken the control block of Orion Financial Group Inc.'s voting stock, buying 93,522,000 Orion Financial common shares from Orsus LLLP, Pegasus Motorsports LLLP, Catalyst Holding Group LLLP and The Orion Fund for $14,000.
Nadav used personal funds for the transaction. Nadav has been working with small and medium-sized businesses providing services and solutions for small businesses and with merchants offering credit card processing, personal and business credit repair, according to a regulatory filing.
Additionally, Orion Financial is looking for a new independent registered public accountant following the resignation of MaloneBailey LLP. The auditor's report in the company's financial statements for years ended Dec. 31, 2013, and 2012 did not contain an adverse opinion or disclaimer of opinion or were qualified or modified as to uncertainty, audit scope or accounting principles, other than as related to the company's ability to continue as a going concern.
The company had no disagreements with MaloneBailey on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
However, Orion Financial found that its internal controls over financial reporting were not effective due to material weaknesses in impairment determination, revenue recognition and supervisory responsibilities. The company found there were deficiencies in segregation of duties over financial reporting as of Dec. 31, 2013, as the CEO and the CFO could not provide an independent review because they were actively involved in preparing financial statements.
Kenneth Green and Lincoln Ong resigned as officers and directors of Orion Financial. Nadav was appointed CEO, treasurer, secretary and sole director of the company.