Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : American Bio Medica (ABMC) drug test solution -taking off! -- Ignore unavailable to you. Want to Upgrade?

To: David L. Wasylenko who wrote (622)	2/9/2004 11:49:31 AM
From: Skywatcher	Respond to of 629

WOW...actual NEWS! CC

To: David L. Wasylenko who wrote (622)	2/3/2006 2:21:20 PM
From: Skywatcher	Respond to of 629

just when things are going well...THEY SCREW UP! got out from the last remaining 500 shares at a buck after reading this... now to wait for the .80's ONCE AGAIN! Form 8-K for AMERICAN BIO MEDICA CORP -------------------------------------------------------------------------------- 3-Feb-2006 Non Reliance on Prev Financials, Audits or Interim Review Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review (a) On January 30, 2006, the Registrant's Chief Financial Officer discovered and reported to the Audit Committee that he had concluded, due to an internal typographical data input error, the Registrant's quarterly report on Form 10-QSB for the period ending September 30, 2005 should no longer be relied upon. The Audit Committee concurred with the Chief Financial Officer's findings. As a result the Registrant will file an amendment to its quarterly report on Form 10-QSB for the period ending September 30, 2005. The value of inventory for the interim period ending September 30, 2005 was reported as $336,608 higher than actual due to the typographical data input error. To correct this error, in the Registrant's amendment to its quarterly report on Form 10-QSB for the period ending September 30, 2005, the amount reported on the Statements of Operations for the three and nine months ending September 30, 2005 for cost of goods sold will increase by $336,608, resulting in a decrease in net income of the same amount. In addition, the amount reported on the Balance Sheet as of September 30, 2005 for inventory will decrease by $336,608, and the amount of accumulated deficit will increase by the same amount. While the cash used in operating activities did not change, the net income and inventory changes reported on the Statement of Cash Flows for the nine months ending September 30, 2005 will change by $336,608. The effect of this adjustment is a decrease from $.02 to $.01 in basic and diluted earnings per share for the nine months ending September 30, 2005, and a decrease from $.01 to $.00 in basic and diluted earnings per share for the three months ending September 30, 2005.