HOLLYWOOD, Calif., April 2, 2013 /PRNewswire/ -- Medbox, Inc.
(OTC Markets: MDBX) (www.medboxinc.com), announced it has cleared a
financial audit of its prior 2 years of operations. Q Accountancy
Corporation of Irvine, California
headed up the audit as a public company accountancy and oversight
board (PCAOB) certified firm that specializes in complex audits of
this size and scope.
The audit was completed and the company learned a great deal on
keeping tabs of its books and records on a going forward basis to
assist in upcoming filings of K's and Q's that are a part of being
a fully reporting SEC company. To assist in that regard, the
company has hired a seasoned full-time CFO set to commence
employment April 15, 2013, and will
be formally announced in an upcoming press release.
Of the $2,397,000 in receivables
owed, $345,000 was written off by
Medbox as discounts that were voluntarily given to the clients in
question for materials and labor expended by said clients, that the
company would have had to expend anyway, in pursuit of finalizing
the contracted building of the dispensing locations. Those items
were deducted from revenue at the discretion of the Auditor as
opposed to being booked as revenue and offset as expenses, leaving
a total receivables balance of $2,052,000. Of that amount, $673,250 was labeled as deferred income and not
counted as revenue for the period ending 12/31/12. Between the
$345,000 in voluntary discounts given
to clients and the $673,250 in
deferred revenue, Medbox's 2012 revenue was reduced to $3,525,636. However, Medbox reports that all
$673,000 in deferred revenue was paid
in Q1 2013 and as a result added to that quarter's revenue figures
making Q1 2013 revenue well in excess of $2
million - a company record. In addition, the clients whom
Medbox gave discounts have reengaged the company for additional
equipment and services exceeding $350,000 booked in Q1 2013 to be paid in Q2
2013.
In addition, $1,535,000 in total
receivables owed by Medbox clientele was paid in Q1 2013. Medbox
anticipates that all receivables owed prior to March of 2013 will
be paid in full by the end of April
2013.
"We are absolutely thrilled that we have cleared this proverbial
hurdle in our company's history," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "We
anticipate filing our Form 10 by Friday and 60 days thereafter the
filing shall be deemed effective. We want to thank all of our
supporters that helped us in becoming a viable public
company."
The audit will be uploaded to the filings section of the MDBX
page of the OTC Markets site this week. The financial
statements, auditor's footnotes, and cover letter will be filed
with the SEC with the Form 10. In the meantime, audited financial
statements can be found at the following link on the company's
website:
http://www.thedispensingsolution.com/wp-content/uploads/2013/04/Medbox-2012-2011-Financials.pdf
About Medbox, Inc:
Medbox is a leader in the development, sales and service of
automated, biometrically controlled dispensing and storage systems
for medicine and merchandise. Medbox has offices throughout the
world, including New York,
Arizona, Connecticut, Massachusetts, Tokyo, London
and Toronto, and has their
corporate headquarters in Los
Angeles.
Medbox provides their patented systems, software and consulting
services to pharmacies, dispensaries, urgent care centers, drug
rehab clinics, hospitals, prison systems, hospice facilities, and
medical groups worldwide.
Medbox, Inc. is a publicly traded company, and is quoted on the
OTC Markets, ticker symbol MDBX.
For more information on Medbox, please contact the Medbox
Investor Relations Department at (800) 762-1452 or go online to
www.medboxinc.com.
SOURCE Medbox, Inc.