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Medbox Completes Financial Audit
Date:4/2/2013

HOLLYWOOD, Calif., April 2, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), announced it has cleared a financial audit of its prior 2 years of operations. Q Accountancy Corporation of Irvine, California headed up the audit as a public company accountancy and oversight board (PCAOB) certified firm that specializes in complex audits of this size and scope.

The audit was completed and the company learned a great deal on keeping tabs of its books and records on a going forward basis to assist in upcoming filings of K's and Q's that are a part of being a fully reporting SEC company. To assist in that regard, the company has hired a seasoned full-time CFO set to commence employment April 15, 2013, and will be formally announced in an upcoming press release.   

Of the $2,397,000 in receivables owed, $345,000 was written off by Medbox as discounts that were voluntarily given to the clients in question for materials and labor expended by said clients, that the company would have had to expend anyway, in pursuit of finalizing the contracted building of the dispensing locations. Those items were deducted from revenue at the discretion of the Auditor as opposed to being booked as revenue and offset as expenses, leaving a total receivables balance of $2,052,000. Of that amount, $673,250 was labeled as deferred income and not counted as revenue for the period ending 12/31/12. Between the $345,000 in voluntary discounts given to clients and the $673,250 in deferred revenue, Medbox's 2012 revenue was reduced to $3,525,636. However, Medbox reports that all $673,000 in deferred revenue was paid in Q1 2013 and as a result added to that quarter's revenue figures making Q1 2013 revenue well in excess of $2 million - a company record. In addition, the clients whom Medbox gave discounts have reengaged the company for additional equipment a
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SOURCE Medbox, Inc.
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