MedicalCV correcting financial statement
MedicalCV (Minneapolis), which makes cardiovascular devices, reported that as a result of an internal review of the company's financial statements, it is making a line-item correction to its audited financial statements contained in its Form 10-KSB for the fiscal year ended April 30, 2005.
The company said the restatement would have no impact on its previously reported financial position, net loss or cash flows as of and for that year.
“An internal review of our historical financial results determined that approximately $900,000 of operating expenses related to discontinued operations were incorrectly recorded in our financial statements,“ said Marc Flores, president and CEO. “Our review determined that these expenses should have been recorded in our loss from discontinued operations as they were incurred as part of our discontinued heart valve operations. While the correction of this line item has no impact on our net loss for fiscal 2005, it does result in our determination that our financial statements for fiscal year 2005 should be restated. We are currently in the process of preparing the appropriate filings.“