Braintech restates 2007 quarterly reports to reflect all stock-option expenses
MARCH 19, 2008--Braintech (Vancouver, BC, Canada) has decided to restate certain historical financial statements to record additional noncash stock-based compensation charges.
MARCH 19, 2008--Braintech (Vancouver, BC, Canada;www.braintech.com), whose vision software and technologies are used to develop products in the areas of vision recognition and robot guidance, has decided to restate certain historical financial statements to record additional noncash stock-based compensation charges. Braintech will restate its financial statements from the quarterly periods ended March 31, 2007, June 30, 2007, and September 30, 2007, as a result of its year-end review.
The company has determined that additional noncash stock-based compensation should have been recorded with respect to certain stock options granted during the first and second quarter of 2007. Furthermore, as a result of these stock option grants in the first and second quarter of 2007, the company has determined that less noncash stock-based compensation should have been recorded for the third quarter of 2007. The restatement will result in a net increase in the noncash expense for the first quarter of 2007 of $380,942, for the second quarter of 2007 of $66,369, and a net decrease in noncash expense for the third quarter of 2007 of $51,303.
Frederick (Rick) Weidinger, the new chief executive officer and president of Braintech, having joined Braintech in November 2007, indicated that "the need to restate the noncash charges arose primarily from the company not having properly applied the various accounting rules that have come into effect recently relating to accounting for non-cash stock and stock option compensation." Weidinger added, "While the restatement puts a bit of pressure on our 2007 financial statements, it relieves a bit of pressure going forward into 2008 and 2009 as a result of recognizing the change in timing of stock option expenses."