-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K7S0bK6yVJY1niRF866Ya9hTiUn22zzCJHuqPShlflHu7OtYuGMtUUmiy3xyAYAR IJ672DJkoWYGjtphMY084A== 0000950123-10-013190.txt : 20100216 0000950123-10-013190.hdr.sgml : 20100215 20100216154233 ACCESSION NUMBER: 0000950123-10-013190 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100209 ITEM INFORMATION: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review FILED AS OF DATE: 20100216 DATE AS OF CHANGE: 20100216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lifevantage Corp CENTRAL INDEX KEY: 0000849146 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 841097796 STATE OF INCORPORATION: CO FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30489 FILM NUMBER: 10607271 BUSINESS ADDRESS: STREET 1: 11545 WEST BERNARDO COURT STREET 2: SUITE 301 CITY: SAN DIEGO STATE: CA ZIP: 92127 BUSINESS PHONE: 858-312-8000 MAIL ADDRESS: STREET 1: 11545 WEST BERNARDO COURT STREET 2: SUITE 301 CITY: SAN DIEGO STATE: CA ZIP: 92127 FORMER COMPANY: FORMER CONFORMED NAME: LIFELINE THERAPEUTICS, INC. DATE OF NAME CHANGE: 20041019 FORMER COMPANY: FORMER CONFORMED NAME: YAAK RIVER RESOURCES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ANDRAPLEX CORP DATE OF NAME CHANGE: 19920406 8-K 1 a55230e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 9, 2010
LifeVantage Corporation
(Exact name of registrant as specified in its charter)
         
Colorado   000-30489   90-0224471
         
(State or other Jurisdiction of
Incorporation) 		  (Commission File Number)   (IRS Employer Identification No.)
     
11545 W. Bernardo Court, Suite 301, San Diego,    
California   92127
     
(Address of Principal Executive Offices)   (Zip Code)
Registrant’s telephone number, including area code: (858) 312-8000
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
(a) On February 9, 2010, the Audit Committee (the “Audit Committee”) of the Board of Directors of Lifevantage Corporation (the “Company”), upon the recommendation of management, concluded that the Company’s previously issued unaudited financial statements as of and for the three months ended September 30, 2009 (the “September 30, 2009 Financial Statements”) contained errors in the application of certain recently effective accounting guidance. As a result, the September 30, 2009 Financial Statements should no longer be relied upon. In addition, the Company’s prior related earnings and news releases and similar communications should no longer be relied upon to the extent they relate to the September 30, 2009 Financial Statements. Management and the Audit Committee have discussed the determination with Ehrhardt Keefe Steiner & Hottman PC, the Company’s independent registered public accounting firm.
Amended Form 10-Q for the Quarter Ended September 30, 2009
     The Company has prepared and is filing contemporaneously with this Form 8-K an amendment (the “Amended September 30, 2009 10-Q”) to the Company’s Form 10-Q for the quarter ended September 30, 2009, which was filed November 12, 2009. The Amended September 30, 2009 10-Q restates the Company’s condensed consolidated balance sheet as of September 30, 2009 and the related condensed consolidated statements of income and cash flows for the three months ended September 30, 2009.
Effect of Restatement on the Quarter Ended September 30, 2009
     The Company identified conversion features embedded within the convertible notes, which were issued in September and October 2007. These notes contain ratchet price-based anti-dilution provisions whereby the conversion price can be adjusted based on subsequent issuances having lower exercise or issuance prices. Accounting guidance that was effective July 1, 2009 applies to these types of conversion adjustments. Under this guidance the Company determined that the embedded conversion features are not indexed to the Company’s own stock and, therefore, are embedded derivative financial liabilities (the “Embedded Derivatives”). The Embedded Derivatives require bifurcation and separate accounting. The Company originally recorded a beneficial conversion feature related to these conversion features. In order to correct the accounting, the Company reclassified the amount originally recorded as a beneficial conversion feature from equity to a derivative liability and the differences between these amounts and the fair values of the embedded derivatives at the original issuance dates were recorded as cumulative effect adjustments to beginning stockholders deficit. At each balance sheet date, the Company adjusts the embedded derivatives to fair value.
     The Company adjusted previously issued consolidated financial statements for the three months ended September 30, 2009 to record the embedded derivatives as follows:
                         
    As Previously        
    Reported   Adjustment   As Restated
Short-term derivative liabilities
   $ —     $ 1,102,197     $ 1,102,197  
 
                        
Long-term derivative liabilities
   $ 4,134,962     $ 432,068     $ 4,567,030  
 
                        
Short-term convertible debt, net of discount
   $ 376,236     $ (50,196 )   $ 326,040  
 
                        
Long-term convertible debt, net of discount
   $ 91,661     $ (22,541 )   $ 69,120  
 
                        
Cumulative effect of change in accounting principle
   $ —     $ (1,461,528 )   $ (1,461,528 )
 
                        
Total stockholders’ deficit
   $ (3,970,455 )   $ (1,461,528 )   $ (5,431,983 )
 
                        
Change in fair value of derivative liabilities
   $ 4,294,748     $ 1,732,988     $ 6,027,736  
 
                        
Interest expense
   $ (135,950 )   $ (17,751 )   $ (153,701 )
 
                        
Net income
   $ 1,150,309     $ 1,715,237     $ 2,865,546  
 
                        
Net income per share- Basic
   $ 0.02     $ 0.03     $ 0.05  
 
                        
Net income per share- Diluted
   $ 0.02     $ 0.03     $ 0.05  

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
         
Dated: February 16, 2010 LifeVantage Corporation  
 
 
  By:   /s/ Carrie E. Carlander    
    Carrie E. Carlander   
    Chief Financial Officer, Secretary & Treasurer   
 

 

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