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| NYER > SEC Filings for NYER > Form 8-K on 9-Sep-2009 | All Recent SEC Filings |
9-Sep-2009
Non-Reliance on Previous Financials, Audits or Interim Review
On September 2, 2009, the Audit Committee of the Board of Directors ("Audit Committee") of Nyer Medical Group, Inc. (the "Company" or "Nyer") concluded that the Company's financial statements and related audit reports thereon for the year ended June 30, 2008, in the Company's most recently filed Annual Report on Form 10-K for the year ended June 30, 2008, and the interim financial statements for the quarters ended December 31, 2007, and March 31, 2008, in the Quarterly Reports on Form 10-Q for the quarters ended December 31, 2007, March 31, 2008, December 31, 2008, and March 31, 2009, should no longer be relied upon due to errors in the Company's accounting for transaction costs associated with the purchase of the minority interest in DAW, Inc. , now a wholly owned subsidiary of the Company, in February 2008. Management had discovered these errors during its preparation of the Company's financial statements for the year ended June 30, 2009. Management then discussed the errors with the Audit Committee, which also consulted with the Company's current independent registered public accounting firm and the independent registered public accounting firm engaged by the Company for the year ended June 30, 2008, and through March 16, 2009, regarding the matters disclosed in this Current Report on Form 8-K.
The errors related to transaction costs that were expensed in the Company's Consolidated Statement of Operations in the quarters ended December 31, 2007, and March 31, 2008. These costs should have resulted in additional goodwill pursuant to the purchase price allocation. As a result of this error, selling, general, and administrative expenses were overstated and net income was understated, net of related tax effect, for the quarters ended December 31,2007, and March 31, 2008, and the year ended June 30, 2008.
Management is in the process of finalizing an analysis of the aggregate amount of these costs and their effect on the filings listed above. Upon completion of the analysis, the Company intends to restate amounts previously reported and amend prior filings as determined necessary.
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