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| ALRN > SEC Filings for ALRN > Form 8-K on 18-Jun-2012 | All Recent SEC Filings |
18-Jun-2012
Results of Operations and Financial Condition, Non-Reliance on Previous Fi
As more fully discussed below under Item 4.02, on June 18, 2012, American Learning Corporation (the "Company") issued a press release announcing that the previously issued financial statements contained in the Company's Annual Report on Form 10-K ("Annual Report") for the fiscal year ended March 31, 2011 ("Fiscal 2011") and the subsequent Quarterly Reports on Form 10-Q ("Quarterly Reports") for the quarterly periods ended June 30, 2011, September 30, 2011 and December 31, 2011 should no longer be relied upon because of an error in the Fiscal 2011 financial statements and that those financial statements would be restated to make the necessary accounting adjustments. The press release is furnished as Exhibit 99.1 and incorporated by reference herein.
On June 18, 2012, the Company issued a press release announcing that, on June 15, 2012, the Audit Committee of the Company's Board of Directors ("Audit Committee"), upon the recommendation of management, concluded that the previously issued financial statements contained in the Company's Annual Report for Fiscal 2011 and the subsequent Quarterly Reports for the quarterly periods ended June 30, 2011, September 30, 2011 and December 31, 2011 should no longer be relied upon because of an error in the Fiscal 2011 financial statements and that the Company would restate those financial statements to make the necessary accounting corrections. This error relates to a non-cash goodwill impairment charge of $70,000 which should have been recorded by the Company in the fourth quarter of Fiscal 2011. The amended financial statements for Fiscal 2011 will be included in the Company's Annual Report for the fiscal year ended March 31, 2012.
The Audit Committee has discussed with Holtz Rubenstein Reminick LLP, the Company's independent registered public accounting firm, the matters disclosed in this Current Report on Form 8-K.
(d) Exhibits.
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