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Amedica Announces Delayed Filing of Annual Report on Form 10-K and Receipt of Nasdaq Letter
e...hanno fatto un piccolo errore di calcolo
During the preparation of its consolidated financial statements for the fiscal year ended December 31, 2016, the Company identified errors due to failure to record a one-time non-cash charge of $3,779,000 for the deemed dividend related to the accretion of a discount on conversion of Series A Preferred Stock reported in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. Based on the Company’s reassessment of relevant accounting guidance the effect of this adjustment results in an increase in the non-cash deemed dividend related to the accretion of a discount on conversion of Series A Preferred Stock. The increase in the deemed dividend went from a previously reported amount $2,499,000 to $6,278,000, an increase of $3,779,000. As a result of the adjustment, the net loss attributable to common stockholders is $10,616,000 for the three month period ended September 30, 2016 and $19,068,000 for the nine month period ended September 30, 2016. The adjustment also caused an increase in the per share net loss attributable to common stockholders for the three month period ended September 30, 2016 from $0.30 to $0.46 and an increase in the per share net loss attributable to common stockholders for the nine month period ended September 30, 2016 from $0.97 to $1.21.
To correctly present the deemed dividend on Series A Preferred Stock, net loss attributable to common stockholders and per share net loss attributable to common stockholders, the Company’s interim unaudited condensed consolidated financial statements as of and for the three and nine month periods ended September 30, 2016 will be restated in an amended Quarterly Report on Form 10-Q/A.
The registrant’s Audit Committee discussed the matters disclosed in this Item 4.02 (a) with the registrant’s independent registered public accounting firm, BDO USA, LLP.
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e...hanno fatto un piccolo errore di calcolo
During the preparation of its consolidated financial statements for the fiscal year ended December 31, 2016, the Company identified errors due to failure to record a one-time non-cash charge of $3,779,000 for the deemed dividend related to the accretion of a discount on conversion of Series A Preferred Stock reported in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. Based on the Company’s reassessment of relevant accounting guidance the effect of this adjustment results in an increase in the non-cash deemed dividend related to the accretion of a discount on conversion of Series A Preferred Stock. The increase in the deemed dividend went from a previously reported amount $2,499,000 to $6,278,000, an increase of $3,779,000. As a result of the adjustment, the net loss attributable to common stockholders is $10,616,000 for the three month period ended September 30, 2016 and $19,068,000 for the nine month period ended September 30, 2016. The adjustment also caused an increase in the per share net loss attributable to common stockholders for the three month period ended September 30, 2016 from $0.30 to $0.46 and an increase in the per share net loss attributable to common stockholders for the nine month period ended September 30, 2016 from $0.97 to $1.21.
To correctly present the deemed dividend on Series A Preferred Stock, net loss attributable to common stockholders and per share net loss attributable to common stockholders, the Company’s interim unaudited condensed consolidated financial statements as of and for the three and nine month periods ended September 30, 2016 will be restated in an amended Quarterly Report on Form 10-Q/A.
The registrant’s Audit Committee discussed the matters disclosed in this Item 4.02 (a) with the registrant’s independent registered public accounting firm, BDO USA, LLP.
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