Summary
This 8-K filing from TASER International, Inc. (now Axon Enterprise, Inc.) on April 20, 2005, announces a restatement of previously issued financial statements. Specifically, the financial statements for the year ended December 31, 2004, included in their Form 10-KSB, must be disregarded. The inaccuracy stems from an error in calculating the future tax benefit related to employee stock option exercises and subsequent stock sales. While the exact impact is still being determined, the company expects this correction to lead to an increase in deferred tax assets, accrued expenses, and additional paid-in capital. Importantly, management indicates that this error is not expected to significantly affect the company's results of operations or cash flows. An amended 10-KSB will be filed to reflect these adjustments.
Key Highlights
- 1TASER International, Inc. is restating its financial statements for the year ended December 31, 2004.
- 2The restatement is due to an error in accounting for the tax effects of employee stock option exercises.
- 3Previously issued financial statements for the year ended December 31, 2004, should no longer be relied upon.
- 4The error relates to the calculation of future tax benefits from employee stock option exercises.
- 5The company expects an increase in deferred tax assets, accrued expenses, and additional paid-in capital.
- 6The restatement is not anticipated to have a significant impact on results of operations or cash flows.
- 7An amended Form 10-KSB will be filed to reflect the corrected financial information.