Cryoport, Inc. Form 8-K Summary
Business Context and Reporting Period
Cryoport, Inc. filed this Current Report on Form 8-K on October 26, 2009. The filing addresses a material restatement of the Company's interim consolidated financial statements for the quarter ended June 30, 2009, originally reported in a Form 10-Q.
Key Financial Metrics and Material Changes
The filing does not provide current revenue, profit, cash flow, or liquidity metrics. The primary financial disclosure concerns a restatement of prior period data:
- Restatement Cause: An error in recording a journal entry regarding principal conversions of convertible debentures issued in October 2007.
- Impact on Interest Expense: An approximate increase of $713,000 in previously reported interest expense for the quarter ended June 30, 2009.
- Impact on Debt: A corresponding decrease to the debt discount for the convertible debentures.
Management Commentary and Outlook
The Audit Committee, upon recommendation from management and discussion with independent auditors KMJ Corbin and Company, concluded that the June 30, 2009 financial statements should no longer be relied upon. Management is directed to file an amended Quarterly Report (Form 10-Q/A) containing restated statements and revised evaluations of disclosure controls and procedures. The amended report is scheduled for filing on November 2, 2009.
Investor Verification Checklist
- Verify the filing of the amended Form 10-Q/A on November 2, 2009, for detailed restated financial figures.
- Review the revised evaluation of the Company's disclosure controls and procedures included in the upcoming 10-Q/A.
- Confirm the specific impact of the $713,000 interest expense adjustment on the Company's net loss and retained earnings for the period.
- Assess the status of the outstanding convertible debentures issued in October 2007.