OPTIMIZERx Announces Accounting Change
05 Februar 2014 - 5:06PM
Marketwired
OPTIMIZERx Announces Accounting Change
ROCHESTER, MI--(Marketwired - Feb 5, 2014) - OPTIMIZERx
Corp (OTCQB: OPRX) announced its accounting and audit firm has
determined a needed adjustment to the accounting policy so that the
revenue share expenses are properly accrued each quarter and at the
end of the year, versus when they are paid. The method of recording
revenue share payments previously aligned with our contractual
terms with our platform partners -- which generally required
payment 30 days after we received the fees from our sponsored
manufacturers in the following quarter. Therefore, for year-end
2012 and each quarter of 2013, there will be a journal entry needed
to record the revenue share amounts due on an accrual basis rather
than recording these as an expense when they are paid.
This does not have any impact on the revenue of our company, as
we recently pre-released unaudited figures of $5.030 Million for
2013 -- which more than doubled from last year's $2,048,699
million. However, this expense recognition only became material as
our revenue, and associated revenue share, accelerated quarter over
quarter. Moving forward, 2014 will continue to reflect the
accrued expenses and will have no further impact.
"We're very pleased that our revenues continue to grow so
strongly and of course we want our financial reporting to reflect
our business with compete accuracy and transparency, which is why
we are proactively making this change. It does not in any way
reflect additional expenses, only the timing and policy for their
accrual and recognition of revenue share. We anticipate
Optimizerx's sales and net profitability will continue to grow as
you've all come to expect throughout 2014 and beyond," stated David
Harrell, CEO of OptimizeRx Corp.
'SAFE HARBOR'
This press release contains forward-looking statements within
the definition of Section 27A of the Securities Act of 1933, as
amended and such section 21E of the Securities Act of 1934,
amended. These forward-looking statements should not be used to
make an investment decision. The words 'estimate,' 'possible' and
'seeking' and similar expressions identify forward-looking
statements, which speak only as to the date the statement was made.
The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether because of new information,
future events, or otherwise. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted, or quantified. Future events and actual results could
differ materially from those set forth in, contemplated by, or
underlying the forward-looking statements. The risks and
uncertainties to which forward-looking statements are subject
include, but are not limited to, the effect of government
regulation, competition and other material risks.
Investor Contact: Chris Schreiber (917) 445-6207
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