VISION INDUSTRIES CORP Files SEC form 8-K/A, Non-Reliance on Previous Financials, Audits or Interim Review

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. On November 12, 2009, Vision Industries Corp. (the "Company") determined that the Company's December 31, 2008 financial statements and the financial statements issued for the interim reporting periods ended March 31, 2009 and June 30, 2009 should no longer be relied upon due to an error in such statements involving understated assets. Information brought to our attention by Randall N. Drake, C.P.A., P.A, the Company's Independent Registered Certified Public Accountants ("Drake") on or about October 6, 2009, prompted the Company's review of matters disclosed herein. Drake informed the Company that the accounting treatment applied to the issuance of certain shares of common stock (1) for organizational costs and prepaid consulting fees and (2) for a third party's contributed assets appeared to be improper. The Company's review concurred that the accounting treatment was incorrectly applied leading to understated assets in the financial statements. First, the Company determined that the accounting treatment of the common stock transaction for organizational costs and prepaid consulting fees should have been classified as deferred compensation. Second, the Company determined that the accounting treatment of the issuance of common stock to a third party for contributed assets should have been valued differently and the transaction should have been allocated among the fixed assets, the intangible property, and contingent liabilities. The changes in accounting treatment of these two transactions will result in the recognition of additional assets valued at approximately $570,000. The Company concluded that its disclosure controls and procedures were not effective as of December 31, 2008, March 31, 2009 and June 30, 2009 due to a material weakness in its internal control over financial reporting solely related to the accounting treat...
Click here to read the whole Article (external link)

VISION INDUSTRIES CORP Files SEC form 8-K, Non-Reliance on Previous Financials, Audits or Interim Review

Show all filings for VISION INDUSTRIES CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for VISION INDUSTRIES CORP 16-Nov-2009Non-Reliance on Previous Financials, Audits or Interim Review Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for...
Click here to read the whole Article (external link)

Governor Arnold Schwarzenegger Invites Vision Industries to Debut its Zero Emission Tyrano Semi Truck

LOS ANGELES--(BUSINESS WIRE)--Vision Industries Corp. (OTCBB: VIIC - News), producers of the zero emission hydrogen fuel cell/plug-in electric hybrid Tyrano™ semi truck, are pleased to announce that Governor Arnold Schwarzenegger will be debuting the Tyrano™ to the people of California, at the East Steps of the State Capitol building in Sacramento, this morning at 11:30 AM. Anyone attending will have an opportunity to closely inspect the Tyrano and ask questions of the Governor and Vision management. Anyone not attending will be updated via local media and the company website at www.visionindustriescorp.com. About Vision Industries Corp.Vision is a provider of hydrogen fuel cell/plug-in electric powered vehicles and turnkey hydrogen fueling systems. Vision’s proprietary hydrogen fuel cell/plug-in electric hybrid drive system combines the superior acceleration of a battery powered electric vehicle with the extended range provided by a hydrogen fuel cell. Vision uses major manufacturers as partners or sub contr...
Click here to read the whole Article (external link)

Vision Industries is Exhibiting its Zero Emission Tyrano Truck at the Santa Monica Alt Car Expo.

LOS ANGELES--(BUSINESS WIRE)--Vision Industries Corp. (OTCBB: VIIC - News), is exhibiting its zero emission plug-in electric/hydrogen fuel cell hybrid Tyrano™ th annual Santa Monica Alternative Energy and Transportation Expo on Friday Oct. 2 & Saturday Oct. 3 from 10:00 AM until 5:00 PM daily. Location: Santa Monica Civic Auditorium, 1855 Main Street, Santa Monica, CA 90401.Martin Schuermann, President & CEO of Vision stated, “The City of Santa Monica has a proven track record of promoting and implementing green technologies. We are pleased to be invited to this prestigious expo and welcome all visitors to drop by for a close-up with our Tyrano truck.”About Vision Industries Corp.Vision is a provider of hydrogen fuel cell/plug-in electric powered vehicles and turnkey hydrogen fueling systems. Vision’s proprietary hydrogen fuel cell/plug-in electric drive system combines the superior acceleration of a battery powered electric vehicle with the extended range provided by a hydrogen fuel cell. Vision uses major ma...
Click here to read the whole Article (external link)

Vision Industries Enters into Distribution Agreement with Los Angeles Freightliner

LOS ANGELES--(BUSINESS WIRE)--Vision Industries Corp. (OTCBB: VIIC - News), producers of the zero emission plug-in electric/hydrogen fuel cell Tyrano™ truck, announced today that it has entered into a distribution agreement with Los Angeles Freightliner and Velocity Vehicle Group. Los Angeles Freightliner is to be an authorized dealer of the Tyrano™ truck within the territory described as Southern California. Los Angeles Freightliner also agrees to administer all product warranties, services and repairs programs established by Vision. Brad Fauvre, President of Los Angeles Freightliner stated, “We would like to commend Vision on its hydrogen hybrid truck and their commitment to the use of the cleanest available alternative fuel trucks to ...
Click here to read the whole Article (external link)

VISION INDUSTRIES CORP Financials

PERIOD ENDING30-Jun-0931-Mar-0931-Dec-0830-Sep-08Total Revenue -   -   -   -  Cost of Revenue380   -  3   -  Gross Profit(380) -  (3) -  Operating ExpensesResearch Development8   -   -   -  Selling General and Administrative838  1,342  18  (31)Non Recurring -   -   -   -  Others39  35  4  3  Total Operating Expenses -   -   -   -  Operating Income or Loss(1,264)(1,377)(25)28  Income from Continuing OperationsTotal Other Income/Expenses Net -   -  0   -  Earnings Before Interest And Taxes(1,264)(1,377)(25)28  Interest Expense58   -  1  1  Income Before Tax(1,323)(1,377)(25)27  Income Tax Expense -  1   -   -  Minority Interest -   -   -   -  Net Income From Continuing Ops(1,323)(1,378)(25)27  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   -   - ...
Click here to read the whole Article (external link)

VISION INDUSTRIES CORP Files SEC form 10-Q, Quarterly Report

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The following discussion should be read in conjunction with our financial statements and the notes thereto. Forward-Looking Statements This quarterly report contains forward-looking statements relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. When used in this Report, the words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. These statements reflect management's current view of us concerning future events and are subject to certain risks, uncertainties and assumptions, including among many others: our potential inability to raise additional capital, the possibility that third parties hold proprietary rights that preclude us from marketing our products, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, a general economic downturn, a downturn in the securities markets, Securities and Exchange Commission regulations which affect trading in the securities of "penny stocks," and other risks and uncertainties. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Report as anticipated, estimated or expected. Use of Certain Defined Terms Except as otherwise indicated by the context, references in this report to "Vision" "we," "us," or "our" and the "Company" are references to the business of Vision Industries Corp. Use of GAAP Financial Measures We use GAAP financial measures in the section of this quarterly report captioned &qu...
Click here to read the whole Article (external link)

VISION INDUSTRIES CORP Files SEC form 10-Q, Quarterly Report

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The following discussion should be read in conjunction with our financial statements and the notes thereto. Forward-Looking Statements This quarterly report contains forward-looking statements relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. When used in this Report, the words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. These statements reflect management's current view of us concerning future events and are subject to certain risks, uncertainties and assumptions, including among many others: our potential inability to raise additional capital, the possibility that third parties hold proprietary rights that preclude us from marketing our products, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, a general economic downturn, a downturn in the securities markets, Securities and Exchange Commission regulations which affect trading in the securities of "penny stocks," and other risks and uncertainties. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Report as anticipated, estimated or expected. Use of Certain Defined Terms Except as otherwise indicated by the context, references in this report to "Vision" "we," "us," or "our" and the "Company" are references to the business of Vision Industries Corp. Use of GAAP Financial Measures We use GAAP financial measures in the section of this quarterly report captioned &qu...
Click here to read the whole Article (external link)