Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
BVX > SEC Filings for BVX > Form 8-K on 8-May-2014All Recent SEC Filings

Show all filings for BOVIE MEDICAL CORP

Form 8-K for BOVIE MEDICAL CORP


8-May-2014

Non-Reliance on Previous Financials, Audits or Interim Review


Item 4.02 Non-Reliance on Previously Issued Financial
Statements or a Related Audit Report or Completed Interim Review.

On May 8, 2014, the Audit Committee of the Board of Directors of Bovie Medical Corporation (the "Company"), in conjunction with discussions held with the Company's independent registered public accounting firm, determined that it will be required to restate the Company's financial statements for the fiscal year ended December 31, 2013, due to the fact that these financial statements can no longer be relied upon. The restatement relates to correcting the Company's basic and diluted earnings per share as reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as filed with the Securities and Exchange Commission on March 31, 2014. The Audit Committee has discussed the matters disclosed in this Current Report on Form 8-K with its Chief Financial Officer and Kingery & Crouse, P.A., the Company's independent registered public accounting firm.

The requirement to restate the Company's basic and diluted earnings per share is due to the failure to deduct: (a) $2.616 million attributable to the beneficial conversion feature of the Series A 6% Convertible Preferred Stock (the "Preferred Stock") issued on December 13, 2013; and (b) the accretion of $39,000 related to the Preferred Stock from December 13, 2013 through December 31, 2013, from the calculation in accordance with ASC 480-10-S99-2-20. The impact of this change is an increase in the Company's basic and diluted loss per share of $0.15 to $0.40 for the year ended December 31, 2013. The $2.616 million deduction is a one-time non-cash, deemed dividend. The $39,000 accretion of the Preferred Stock is a reduction in the net income (loss) attributable to common shareholders, which will be recorded until the Preferred Stock is fully accreted to its face value. The above-mentioned corrections do not have an effect on net income, comprehensive income or cash flows for the year ended December 31, 2013, and does not impact total stockholder's equity as of December 31, 2013.

The Company intends to file restated financial statements for the fiscal year ended December 31, 2013 as soon as practicable.

  Add BVX to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for BVX - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.