Arrhythmia Research
Technology, Inc. HRT (the "Company") reported today that
it was unable to file its annual report on Form 10-K for the fiscal
year ended December 31, 2012 within the automatic extension of its
due date to April 16, 2013 afforded by its filing of a Form 12b-25
Notification of Late Filing with the Securities and Exchange
Commission.
The delay in filing is due to an ongoing internal review by the Audit
Committee and the Company's independent auditor relating to the
recognition of revenue with multiple element arrangements associated
with respect to our tooling revenue. As of today's date, the audit is
not complete. However, for the year ended December 31, 2012, the
Company preliminarily expects to report the following:
Preliminary
December 31,
2012
---------------------------- ---------------
Consolidated Revenues $ 20,300,000
Net Loss 2,500,000
Total Assets 16,600,000
Total Liabilities 6,700,000
Total Stockholder Equity 9,900,000
Consequently, the Company is unable to determine with reasonable
certainty at this time the significance of any such adjustments and
their effect on the net loss and total assets, total liabilities and stockholders' equity. Management is working diligently with its Audit
Committee and the Company's independent auditor to determine whether
any potential adjustments are required and the extent thereof. The
Company expects to finalize the 10-K by April 26, 2013. However,
until the review is complete and a final determination is made, the
Company cannot provide further assurance regarding the results of
operations for the affected periods or whether adjustments will be
required.
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