CHENGDU, China, June 17, 2011 /PRNewswire-Asia-FirstCall/ -- Tianyin Pharmaceutical Co., Inc. (NYSE Amex: TPI, the "Company"), a pharmaceutical company that specializes in patented biopharmaceutical medicine, modernized traditional Chinese medicine, branded generics and active pharmaceutical ingredients (API) today discussed the non-cash, non-operational financial impact from the warrants issued in January 2008 under the ASC 815-40-15 (formerly EITF 07-05).
In the financial report of Third quarter fiscal year 2011 ending March 31, 2011, the Company has disclosed that under ASC 815-40-15, the Company's accounting treatment of the Series A and B warrants from July 1, 2009 until December 31, 2010 is subject to revisions. Due to the presence of certain anti-dilutive (down round protection) clauses in both warrants during the above period, these financial instruments have been re-categorized as liabilities while they were previously treated as equity.
On January 14, 2011, these anti-dilutive clauses in both series of warrants were removed therefore the warrants were re-categorized as equity in the third quarter of fiscal year 2011 while the accounting issues related to the warrants ceased to exist.
Based on the warrants' exercise data and weighted valuation, the Company has calculated the non-cash impact for the fiscal year 2010 and the first two quarters of fiscal year 2011. The analysis indicated that
- The non-cash impact from the warrants for fiscal year 2010 ending June 30, 2010 was a loss of ($0.16) million, or (1.07%) to pretax net income of $14.7 million
- The non-cash impact from the warrants for the first two quarters of fiscal year 2011 was a gain of $1.28 million, or 12.9% to net income for the first two quarters of fiscal year 2011 of $9.9 million.
Management and the Board of Directors of the Company discussed this matter with the Company's principal accountants and de
Page: 1 2 3 Related medicine technology :1
|SOURCE Tianyin Pharmaceutical Co., Inc.|
Copyright©2010 PR Newswire.
All rights reserved
. Inhibikase Therapeutics Discusses New Platform for Infectious Disease Pharmaceuticals at BIOCOM 20092
. VHGI Discusses Recent Addition to the Regulation SHO Threshold Security Listing3
. Robotic Surgery Expert Dr. David B. Samadi, MD Discusses New Evidence That Proves The Low Complication Rates of Robotic Prostatectomy4
. With Over 3,000 Robotic Prostatectomy Surgeries to His Credit, Dr. David Samadi, MD Discusses SMART Surgery and How it Improves Sexual and Urinary Function5
. Prostate Cancer Treatment Expert Dr. David Samadi, MD Discusses Study Which Found That Low-Income Men Had High-Risk Prostate Cancer Tumors6
. Robotic Prostatectomy Expert Dr. David Samadi, MD Discusses Prostate Cancer Treatment Drug Abiraterone7
. Robotic Surgery Expert Dr. David Samadi, MD Discusses FDA Warnings on the Effect of GnRH Agonists8
. New York Robotic Surgery Expert Dr. David Samadi, MD Discusses New Findings that Hormone Therapy May Increase Risk of Developing Colorectal Cancer9
. Robotic Prostatectomy Expert Dr. David Samadi, MD Discusses Prostate Cancer Staging and Prostate Cancer Recurrence Study10
. Dr. David B. Samadi Discusses Why Robotic Surgery is Quickly Becoming the Go-To Standard for Prostate Cancer Treatment11
. Questcor Discusses ISS Proxy Recommendations; Provides Business Update