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After these internal reorganizations, Philippines Co III conducts our business operations relating to the free trial lessons delivered by our free trial teachers based in Baguio City, Philippines, and Philippines Co II conducts the remainder of our business operations in the Philippines, including teacher sourcing, teacher engagement, teacher training, teacher quality control, course content development and free trial lessons offered by our free trial teachers based in Manila, Philippines.
Philippines Co I currently does not have any material business operation, and we intend to gradually liquidate Philippines Co I. Under the Philippine Corporation Code, the business, assets and affairs of a corporation is handled and managed 422459 a board of directors, which is composed of the of individuals mandated under the corporation's articles of incorporation. Philippines law further requires that each director own at least one 5 Table of Contents share of stock in his or her name in dn books of the corporation.
In Januarywe acquired and consolidated the business operations and assets of 91Waijiao, a provider of English education programs in China that focused on offering live lessons conducted by foreign teachers online. Each of Mr.
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An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise 555 generally to public companies. The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial ing standards until such date that a private company is otherwise required to comply with such new or revised ing standards.
However, we have elected to "opt out" of this provision and, as a result, we will comply with new or revised ing standards as required when they are adopted for public companies.
Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above. Single mature and calm. So, it was great.
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