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): February 5, 2014
OptimizeRx Corporation
(Exact name of registrant as specified in its charter)
| Nevada | 000-53605 | 26-1265381 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 400 Water Street, Suite 200, Rochester, MI | 48307 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: 248-651-6568
|
___________________________________________________ (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 – Other Events
Item 8.01 Other Events
On February 5, 2014, the Company issued a press release announcing its accounting and audit firm has determined a needed adjustment to the accounting policy so that the revenue share expenses are properly accrued each quarter and at the end of the year, versus when they are paid, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 8.01 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
99.1 Press Release, dated February 5, 2014
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.
OptimizeRx Corporation
| /s/ H. David Lester |
| H. David Lester Chief Operating Officer |
| Date: February 11, 2014 |
| 2 |
OPTIMIZERx Announces Accounting Change
ROCHESTER, MI, Feb 05, 2014 (Marketwired via COMTEX) -- OPTIMIZERx Corp
(OTCQB: OPRX) announced its accounting and audit firm has determined a needed adjustment to the accounting policy so that the
revenue share expenses are properly accrued each quarter and at the end of the year, versus when they are paid. The method of
recording revenue share payments previously aligned with our contractual terms with our platform partners -- which generally required
payment 30 days after we received the fees from our sponsored manufacturers in the following quarter. Therefore, for year-end
2012 and each quarter of 2013, there will be a journal entry needed to record the revenue share amounts due on an accrual basis
rather than recording these as an expense when they are paid.
This does not have any impact on the revenue of our company, as we recently pre-released unaudited figures of $5.030 Million for 2013 -- which more than doubled from last year's $2,048,699 million. However, this expense recognition only became material as our revenue, and associated revenue share, accelerated quarter over quarter. Moving forward, 2014 will continue to reflect the accrued expenses and will have no further impact.
"We're very pleased that our revenues continue to grow so strongly and of course we want our financial reporting to reflect our business with compete accuracy and transparency, which is why we are proactively making this change. It does not in any way reflect additional expenses, only the timing and policy for their accrual and recognition of revenue share. We anticipate Optimizerx's sales and net profitability will continue to grow as you've all come to expect throughout 2014 and beyond," stated David Harrell, CEO of OptimizeRx Corp.
'SAFE HARBOR'
This press release contains forward-looking statements within the definition of Section 27A of the Securities Act of 1933, as amended and such section 21E of the Securities Act of 1934, amended. These forward-looking statements should not be used to make an investment decision. The words 'estimate,' 'possible' and 'seeking' and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Investor Contact:
Chris Schreiber
(917) 445-6207
SOURCE: OPTIMIZERx Corporation
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SUBJECT CODE: Medical and Healthcare:Healthcare