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The displayed test result automatically considers the selected pendulum weight and the number of test specimens, eliminating the need for retroactive conversion.
The retroactive conversion determination precluded the company from adequately training staff and instituting new record keeping and compliance systems in advance of the June 30 closing.
and Subsidiaries Selected Balance Sheets Items (in thousands) December 31, 2006 Cash $ 544 Accounts receivable, net $ 3,527 Total current assets $ 4,965 Total Assets $ 5,494 Accounts payable and accrued expenses $ 3,707 Total liabilities $ 4,271 Total stockholders' equity $ 1,223 Total Liability and Stockholders' Equity $ 5,494 [TABLE OMITTED] (1) Reflects the retroactive conversion of Series C Convertible Preferred Stock issued in connection with the reverse acquisition and a 1-for-300 Reverse Split which the Company anticipates will become effective in the second quarter of 2007.