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): September 22, 2008
PARADIGM MEDICAL INDUSTRIES,
INC.
(Exact
name of registrant as specified in this Charter)
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Delaware
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0-28498
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87-0459536
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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2355 South 1070 West,
Salt Lake City, Utah
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84119
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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: (801)
977-8970
Does Not
Apply
(Former
name or former address, if changed since last report)
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SECTION
4
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Matters Related to Accountants
and Financial Statements
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ITEM
4.02
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Non-reliance of Previously
Issued Financial Statements or Related Audit Report or Completed Interim
Review
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On
September 22, 2008, the Company's Chief Financial Officer and the Company's
outside counsel had a telephone conference with the staff of the Securities and
Exchange Commission (the "Commission") concerning whether the Company correctly
followed the requirements of Statement of Financial Accounting Standards No. 133
("SFAS No. 133), Accounting
for Derivative Instruments and Hedging Activities, which was issued by
the Financial Accounting Standards Board, when accounting for the convertible
notes and related embedded derivatives in the financial statements of the
Company's Form 10-Q for the period ended June 30, 2008. On the basis
of the discussion with the Commission staff on September 22, 2008, the Company's
executive officers determined that the financial statements and related
disclosures in the Form 10-Q report for the period ended June 30, 2008 should no
longer be relied upon because of errors in such financial statements and related
disclosures.
The
errors in the financial statements and related disclosures in the Form 10-Q for
the period ended June 30, 2008 were due to the Company not correctly following
the requirements of SFAS No. 133 when accounting for the convertible notes and
related embedded derivatives in the financial statements of such Form 10-Q
report. These errors require material changes to the financial
statements and related disclosures in such Form 10-Q report. The
Company's executive officers discussed the matters disclosed in this Form 8-K
report with the Company's independent accountants, including that the financial
statements and related disclosures in such Form 10-Q report should no
longer be relied upon because of the above-described errors
therein.
As the
certifying officers, Mr. Mostacero and I believe that as of the end of the
period ended June 30, 2008, the Company's disclosure controls and procedures
were not effective and adequate because, in disclosing the convertible
notes in the financial statements of the Form 10-Q report for the
period ended June 30, 2008, the Company did not correctly follow the
requirements of SFAS No. 133 when accounting for the convertible notes and
related embedded derivatives in such financials.
SIGNATURES
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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PARADIGM
MEDICAL INDUSTRIES, INC. |
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(Registrant) |
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Date:
September 23, 2008
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By /s/ Raymond P.L.
Cannefax
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Raymond
P.L. Cannefax
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President
and Chief Executive Officer
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