Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported) December 12, 2006
Glowpoint,
Inc.
(Exact
name of registrant as specified in its Charter)
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Delaware
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0-25940
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77-0312442
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(State
or other jurisdiction
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(Commission
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(I.R.S
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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225
Long Avenue Hillside, NJ
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07205
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code (312) 235-3888
Not
Applicable
(Former
name or former address, if changed since last report)
ITEM
8.01. OTHER EVENTS.
On
October 26, 2006, Glowpoint, Inc. (“Glowpoint” or the “Company”) announced a
potential tax owed by All Communications Corp. (“AllComm”) to New York State
Department of Taxation and Finance (the “AllComm Tax Liability”). The
total amount of the AllComm Tax Liability as of that date was approximately
$1.25 million. Since then, the Company reviewed historical files, contacted
AllComm vendors and customers, and addressed the issues raised by New York
State’s audit. Company representatives then met with New York State officials
and presented the supporting documentation in an attempt to have this matter
resolved on the merits of the case.
On
or
about December 12, 2006, New York State and the Company agreed that the
appropriate amount owed to settle the AllComm Tax Liability was approximately
$0.27 million, which consists of an assessed sales and use tax liability of
approximately $0.09 million for the period January 1, 1998 through May 18,
2000
(at which time AllComm was merged into ViewTech, Inc.), approximately $0.15
million for interest due thereon, and approximately $0.03 million in penalties,
inclusive of all credits. Upon receipt of the final payment, the Company expects
New York State will discharge the tax lien, which was recorded by New York
State
with the Clerk of Albany County, New York in August 2003.
The
AllComm tax liability will increase the previously reported selling, general
and
administration (“SG&A”) expense and increase previously reported operating
losses and net losses for the indicated fiscal and quarterly periods. Other
than
corrections to classifications resulting from the restatement, previously
reported cash flows are not expected to be impacted. In addition, the Company's
cash position reported in the prior periods is not expected to be impacted.
With
the
resolution of the Allcomm Tax Liability, the Company has restarted the
restatement process for the year ended December 31, 2004 and restated interim
financial statements for the quarters ended March 31, 2005, June 30, 2005,
and
September 30, 2005 and expects to begin issuing financial statements no later
than early January 2007.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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GLOWPOINT,
INC. |
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By: |
/s/
Michael Brandofino |
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Michael
Brandofino
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Chief
Executive Officer
and
President
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Date:
December 14, 2006