In addition to its 2011 results, the Company reported that a re-audit of its 2010 financial statements resulted in a restatement of the Company's results for that year.
"While we are disappointed to have to restate our 2010 financial results, it's important to note that this restatement largely reflects a technical calculation regarding the beneficial conversion feature of our notes payable and had little impact on our previously reported 2010 revenues and operating loss and no net impact on 2010 cash flows," stated GeneLink's Chief Financial Officer, John A. Webb.
A re-audit of 2010 was required when, on March 5, 2012, the Company was notified that the Public Company Audit Oversight Board ("PCAOB") announced that it had suspended for one year the registration of Buckno Lisicky & Company, P.C. ("Buckno"). Buckno, the Company's prior independent registered accountants, was suspended for failure to timely file 2010 and 2011 annual reports with the PCAOB – a matter unrelated to its work with GeneLink. As a result of that suspension, the SEC determined that GeneLink could no longer include the audit reports of Buckno in its filings with them. A re-audit by a new firm was required to address 2010 comparative figures included in the 2011 Form 10-K filing.
Additional information regarding the restatement will be included in a Form 8-K to be filed by the Company on or about May 11, 2012 with the U.S. Securities and Exchange Commission.
About GeneLink Biosciences, Inc.:
GeneLink Biosciences is a 17-year old leading biosciences company specializing in consumer genomics. GeneLink's patented technologies include proprietary DNA test assessments linked to personalized health, beauty and wellness
|SOURCE GeneLink, Inc.|
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