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 21, 1998
LASER TECHNOLOGY INC.
(Exact name of registrant as specified in its charter)
Delaware 1-11642 840970494
(State of incorporation) (Commission file number) (IRS Employer
Identification
No.)
7070 S TUSCON WAY, GARDEN LEVEL B, ENGLEWOOD, CO 80112
(Address of principal executive offices) (Zip Code)
(303) 649-1000
(Registrant's telephone number)
Not Applicable
(Former name and address)
Item 4. Changes in Registrant's Certifying Accountant
BDO Seidman, LLP ("BDO") served as independent accountant for the Company
for the years ended September 30, 1993 through 1997. On December 21, 1998, BDO
resigned as independent accountant for the Company, citing the following
reportable events:
1. The Company's internal controls cannot be relied upon to develop
reliable financial statements.
2. Information has come to BDO's attention which indicates that they can no
longer rely on management's representations.
3. BDO has concluded that the above events materially impact the
reliability of the financial statements for the fiscal years ending September
30, 1993, 1994, 1995, 1996 and 1997. Therefore, BDO is unwilling to be
associated with the above mentioned financial statements and has withdrawn its
opinions on those years.
The Audit Committee of the Company's Board of Directors is conducting an
investigation of the Company's accounting systems and procedures. During the
pendency of the investigation, the Company has appointed an interim Chief
Financial Officer who reports directly to the Audit Committee and has instituted
additional internal controls to ensure the integrity of the investigation and
the Company's financial reporting processes. The Company is actively seeking a
new independent accountant.
Although the Audit Committee has not completed its investigation,
management of the Company believes that the Company's internal controls are
adequate, that management's representations can be relied on by the Company's
auditors and that the Company's prior financial statements are accurate in all
material respects.
The Registrant has submitted a copy of this Form 8-K to BDO and has
requested that BDO furnish the Registrant with a letter addressed to the
Commission stating whether it agrees with the statements made by the Registrant
herein and, if not, stating the respects in which it does not agree. The
Registrant has requested that BDO provide the letter as promptly as possible so
that the Registrant can file the letter with the Commission within ten business
days after the date of filing this Form 8-K, by amendment to this Form 8-K.
Item 7. Financial Statements and Exhibits
c. Exhibits
Exhibit No. Description
16 To be filed by amendment.
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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.
Date: December 28, 1998 LASER TECHNOLOGY INC.
By: /s/ David W. Williams
David W. Williams
President
