REMMINGTON ENTERPRISES, INC.

Altovida, Inc. (the "Company") was originally incorporated under the laws of the State of Nevada on July 15, 2011 as Remmington Enterprises, Inc. On May 02 2014, Remmington Enterprises, Inc. acquired Altovida Biosciences Ltd (formerly Mitovie Pharma Europe Ltd) and changed its business focus from the mining activities to the pharmaceutical industry. Following the acquisition, the Company amended its articles of incorporation to change its name from Remmington Enterprises, Inc. to Altovida, Inc. on October 29, 2014.

Basis of Presentation

The condensed interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

These statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the period ended July 31, 2014 and notes thereto included in the Company's Form 10-K. The Company follows the same accounting policies in the preparation of interim reports. 

During the three moth period we had total other expenses in the amount of $53,324 comprised of interest expense in the amount of $6,675 and a loss on our foreign currency transactions of $46,649. We anticipate interest to remain consistent through out the remainder of the year. Our loss on foreign currency transactions will continue to fluctuate in concert with the foreign exchange rates between the U.S. dollar and the British pound.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of October 31, 2014, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

Remediation Plan to Address the Material Weaknesses in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended October 31, 2014 that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.