UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 16, 2008
LIBERATOR MEDICAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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NEVADA
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000-05663
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87-0267292 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification Number) |
2979 SE Gran Park Way, Stuart, Florida 34997
(Address of Principal Executive Offices)
(772) 287-2414
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligations of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 4.02 |
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Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review |
On January 16, 2008, the management and the Board of Directors of Liberator Medical
Holdings, Inc., a Nevada corporation (the “Company”), determined that the Company’s financial
statements contained in its Current Report on Form 10-QSB as of June 30, 2007, and December 31,
2006, and for the three and six months ended June 30, 2007 and 2006, could no longer be relied
upon because of improper accounting treatment of lease incentives, operating leases with scheduled
rent increases, and for compensation expense resulting from an employee stock grant and stock
issued to an independent contractor for services.
The Company did not properly record lease incentives as of June 30, 2007 and December 31, 2006.
The effect of this adjustment will be an increase in net fixed assets at June 30, 2007, and
December 31, 2006, by approximately $311,000 and $326,000, respectively, and corresponding
increases to deferred rent at those dates. The adjustments did not have a material effect on
earnings and earnings per share for the three months and six months ended June 30, 2007, and 2006.
The Company did not properly amortize rent expense on a straight-line basis in accordance with
FASB Statement No. 13. The effect of this adjustment will be an increase in rent expense of
approximately $3,000 and $6,000 for the three months ended June 30, 2007 and 2006, respectively,
and approximately $6,000 and $12,000 for the six months ended June 30, 2007 and 2006, respectively.
Also, accrued liabilities will increase by approximately $6,000 and $12,000 as of June 30, 2007
and December 31, 2006, respectively. Earnings per share will not change for the three months and
six months ended June 30, 2007.
The Company did not properly account for an employee incentive stock grant in December 2006. The
effect of this adjustment will be taken as a period rather than deferred expense and decreases
expenses by $11,200 and $22,400 for the three and six months ended June 30, 2007 respectively.
Also prepaid expenses will decrease by $22,400 and $44,800 at June 30, 2007 and December 31, 2006
respectively. Earnings per share will not change for the three months and six months ended June
30, 2007 and 2006.
The Company did not properly account for stock issued for a two year financial consulting contract
starting in June 2007 and ending in June 2009, resulting in an increase in prepaid expenses of
approximately $852,000 at June 30, 2007, and an increase in expenses by approximately $25,000 (for
a partial month in June) for the three and six months ended June 30, 2007. Earnings per share will
not change for the three months and six months ended June 30, 2007. Also, stockholder equity will
increase by approximately $852,000 at June 30, 2007.
The Board of Directors and the Company’s Chief Financial Officer have discussed the restatement
with the Company’s registered independent accounting firm.
The Company intends to amend its Current Report on Form 10-QSB for June 30, 2007 . We will be
restating the statement of operations for the three and six months ended June 30, 2007 and 2006,
and the balance sheets for June 30, 2007, and December 31, 2006.
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