ADA-ES, Inc. (ADES) To Restate Balance Sheets and Other Statements
Tweet Send to a FriendGet Alerts ADES Hot Sheet
Up)
Trade ADES Now!
ADA-ES, Inc. (NASDAQ: ADES) announced that on June 20, 2012, management, in consultation with the Company’s Board of Directors and Audit Committee, concluded that it will restate the presentation of its consolidated balance sheets, consolidated statements of changes in stockholders’ equity and consolidated statements of cash flows for the year ended December 31, 2011 and for the quarterly periods ended June 30, 2011, September 30, 2011 and March 31, 2012.
This determination was made following an assessment of the accounting treatment of the equity in our joint venture, Clean Coal Solutions, LLC (“CCS”), that has been held by an affiliate of The Goldman Sachs Group, Inc. (NYSE: GS) since May 2011.
The Company classified GS’s interest in CCS as “non-controlling interest” in stockholders’ equity as of the end of the above-mentioned periods. After completion of a recent review and evaluation of the applicable agreement and authoritative accounting literature, management determined that GS’s interest is more appropriately classified as “temporary equity” because of a provision in the agreement that permits GS to require redemption of its interest under certain limited circumstances.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
This determination was made following an assessment of the accounting treatment of the equity in our joint venture, Clean Coal Solutions, LLC (“CCS”), that has been held by an affiliate of The Goldman Sachs Group, Inc. (NYSE: GS) since May 2011.
The Company classified GS’s interest in CCS as “non-controlling interest” in stockholders’ equity as of the end of the above-mentioned periods. After completion of a recent review and evaluation of the applicable agreement and authoritative accounting literature, management determined that GS’s interest is more appropriately classified as “temporary equity” because of a provision in the agreement that permits GS to require redemption of its interest under certain limited circumstances.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Kodak (EKDKQ) Asks Court to Approve $406M Rights Offering on Bankruptcy Emergence
- Protalix (PLX) Pens Agreement with Brazilian Ministry of Health
- CIT Group (CIT), Boeing (BA) Announce Order for 30 737 MAX 8 Airplanes
Create E-mail Alert Related Categories
Corporate News
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
