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Stock Market & Financial Investment News

News Breaks
May 24, 2012
11:17 EDTSTRNSutron Corp consummates acquisition of IPS MeteoStar
Sutron Corporation has consummated the transaction to acquire substantially all of the commercial and operating assets of IPS MeteoStar for a cash purchase price of $4.175M, subject to a partial escrow to secure certain representations and warranties.
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March 26, 2015
15:27 EDTSTRNSutron says found errors related to costs in past financial statements
Sutron disclosed in a regulatory filing that on March 20, the audit committee of the company’s board of directors, upon the recommendation of management and after discussion with our independent registered public accounting firm, Yount, Hyde & Barbour, P.C. has concluded that the previously issued interim financial statements contained in our Form 10-Qs for the three months ended March 31, the six months ended June 30, and the nine months ended September 30, should no longer be relied upon because of errors in those financial statements. The company noted, "The errors were identified by the company during its annual review process and relates to overstating the costs associated with the company’s service department. The company’s service department repairs products either under warranty or for a fee. The company’s accounting system is set up to accumulate service department repair costs in two places, costs of goods sold for costed repair orders and costs accumulated that are recorded when the customer is invoiced for a particular repair order. Historically, to avoid double counting the service department costs, a manual entry has been performed to reverse the costs the system records for costed repair orders. In the 2014 year-end review process, it was discovered that the manual entry to reverse the costs the system records for costed repair orders was not made for the first three quarters of 2014. This overstatement of cost was confined solely to the 2014 quarterly statements. The adjustments to remove these costs from each respective 2014 quarter had no impact on the company’s liquidity or cash position."

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