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BioElectronics Corporation Refutes SEC Order for Administrative Proceedings
BioElectronics Corporation Refutes SEC Order for Administrative Proceedings.
About this update from Bioelectronics Corp.
[{"type":"text","content":"\n\n\n\nBioElectronics Corporation Refutes SEC Order for Administrative Proceedings\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBioElectronics Corporation Refutes SEC Order for Administrative Proceedings\nPR Newswire\nFREDERICK, Md., Feb. 8, 2016\n\n\n\nFREDERICK, Md., Feb. 8, 2016 /PRNewswire/ -- BioElectronics Corporation (OTC Pink: BIEL), the maker of advanced consumer medical devices, announced today that it is responding to a notice of an order for administrative proceedings from the Securities and Exchange Commission posted on the agency website.  \n\n\"Although neither the Company nor any of the respondents have been formerly served, we have reviewed the allegations on the website. We want our shareholders to know that we consider the SEC position to be without merit or foundation in fact,\" said Richard Staelin, Chairman of the Board of BioElectronics Corporation and the Edward and Rose Donnell Professor of Business Administration at The Fuqua School of Business, Duke University.   \n\nStaelin explained that the SEC's document contains numerous factual errors and boils down to two issues, both of which have been disclosed previously to BioElectronics shareholders. These issues are:\n\n\nRevenue recognition for two sales in 2009.   Both sales were final and paid in full. Independent SEC-reporting consultants prepared the Company's financial statements and an independent, 225-person audit firm audited the transactions and determined they met the criteria required to recognize the revenue in the audit report and in the SEC filed 10k. The transactions are not a question of income recognition but an issue of when to record the sales. \nUse of convertible shareowner loans to fund the Company. As fully disclosed in Company financials, BioElectronics has financed its development operations in part with convertible loans. \nIt appears that the SEC objects to the Whelans sale of some of its loans to different individuals and entities. All note sales were to qualified investors in accordance with SEC Rule 144 and held for longer than the SE...