Preferred stock committed decreased about $1,800,000, representing acquisition payments made by LexReal in first quarter 2006 that have been converted to preferred stock commitments.
12. Restatement
During the course of reporting on the first quarter 2006 results, management identified adjustments necessary to the 2005 financial statements as previously released. The primary factor for the adjustments relates to the funding of the acquisitions (see Note 3). The adjustments noted primarily reversed in the first quarter of 2006, so there was no significant net change in equity as reported through March 31, 2006.
Accounts payable increased approximately $1,100,000 primarily related to the portion of Pro Mold purchase price not paid until first quarter 2006.
Preferred stock committed decreased about $1,800,000, representing acquisition payments made by LexReal in first quarter 2006 that have been converted to preferred stock commitments.
Net loss was reduced by about $57,500.
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Filed 16 Jun 06 |
