BOCA RATON, Fla., Aug. 15, 2011 /PRNewswire/ -- Vycor Medical, Inc. ("Vycor" or the "Company") has determined that its historical financial statements for the fiscal quarter ended March 31, 2011, the year ended December 31, 2010, the fiscal quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 and the year ended December 31, 2009 included in the Company's periodic reports filed with the Securities and Exchange Commission ("SEC") require restatement to reflect the proper accounting for certain common stock purchase warrants issued in connection with consulting and other service agreements, and to reflect the proper accounting treatment for the conversion feature associated with certain debt convertible into common stock.
The Company is in the process of preparing amendments to the Forms 10-Q and Forms 10-K for the periods noted above and plans to file amendments to such Forms 10-Q and 10-K with the SEC as soon as possible, incorporating the aforementioned restatements. Further information concerning the restatement is detailed in the Company's Current Report on Form 8-K filed with the SEC on August 15, 2011 relative to this matter. A summary of the matters requiring restatement, which impacts fiscal quarters ended December 31, 2009 to March 2011, is as follows:
1. Warrants issued in connection with consulting or other service agreements have been expensed over the period of the life of the warrant and not the life of the agreement, as required by ASC 505. They have also been recognized on a monthly basis rather than being recorded as a prepaid expense asset at the outset.
2. The Company has, since December 2009, been recognizing and expensing a beneficial conversion discount on convertible debt based on a fair value method; under the intrinsic value method as required under ASC 470, no such discount should have been recognized and expensed.
These matters came to light as a result of a full review of the Company's accountin
|SOURCE Vycor Medical, Inc.|
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