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VSRV > SEC Filings for VSRV > Form 8-K on 14-Nov-2012All Recent SEC Filings

Show all filings for VOICESERVE INC



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 November 9, 2012 ,the Audit Committee of the Board of Directors of VoiceServe, Inc. (the "Company"), after consultation with management, determined that the financial statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2012 could no longer be relied upon. These determinations were made during the completion of the audit process for the fiscal quarter ended September 30, 2012, in connection with the preparation of our annual report for the same period. The Audit Committee has discussed the matters disclosed herein with MaloneBailey, LLP, our registered independent public accounting firm.

The following are a summary of the anticipated restatements:

1. We had originally applied a 50% discount to the closing price of our common stock that was used to determine the fair value of 3,000,000 shares issued on April 20, 2012 to officers and directors of the Company. After additional review and analysis, we now believe that this discount should not have been applied. Accordingly, our records were adjusted to reflect the additional $486,000 in stock based compensation.

2. We had previously not accounted for 1,800,000 shares granted but not issued to a member of the Company's Board of Directors and to two consultants for prior services rendered of the Company on April 26, 2012. The management now believes that the issuance should be accounted for in the quarter ending June 30, 2012. The fair value of the stock was $383,400 and has been expensed for the period ended June 30, 2012.

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