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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2007.
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the transition period from ___________ to ___________.
Commission file number 0-12697
DYNATRONICS CORPORATION
(Name of small business issuer in its charter)
Utah 87-0398434
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(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
7030 Park Centre Drive
Salt Lake City, Utah 84121-6618
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(Address of principal executive offices, Zip Code)
Issuer's telephone number (801) 568-7000
Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act: Common
Stock, no par value
Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act. Yes ___ No X
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Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes X No
Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ x ]
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).
Yes No X
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The issuer's revenues for the fiscal year ended June 30, 2007 were
$17,837,104. The aggregate market value of the voting and non-voting common
stock held by non-affiliates of the issuer was approximately $17.6 million as of
September 17, 2007, based on the average bid and asked price on that date.
As of September 17, 2005, there were 13.7 million shares of the
issuer's common stock outstanding.
Documents Incorporated by Reference
The issuer hereby incorporates information required by Part III (Items
9, 10, 11 and 14) of this report by reference to the issuer's definitive proxy
statement to be filed pursuant to Regulation 14A and provided to shareholders
subsequent to the filing of this report.
Transitional Small Business Disclosure Format (Check one): Yes No X
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TABLE OF CONTENTS
PART I
Item 1. Description of Business........................................1
Item 2. Description of Property........................................7
Item 3. Legal Proceedings..............................................8
Item 4. Submission of Matters to a Vote of Security Holders............8
PART II
Item 5. Market for Common Equity, Related Stockholder Matters
and Small Business Issuer Purchases of Equity Securities.......8
Item 6. Management's Discussion and Analysis or Plan of Operation......9
Item 7. Financial Statements.........................................F-1
Item 8. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure...........................17
Item 8A. Controls and Procedures.......................................17
Item 8B. Other Information.............................................17
PART III
Item 9. Directors and Executive Officers of the Registrant............17
Item 10. Executive Compensation........................................17
Item 11. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters....................17
Item 12. Certain Relationships and Related Transactions................17
Item 13. Exhibits......................................................17
Item 14. Principal Accountant Fees and Services........................19
Signatures ..............................................................20
Certifications ............................................................21
Unless the context otherwise requires, all references in this report to "we,"
"us," "our," "Dynatronics" or the "Company" include Dynatronics Corporation, a
Utah corporation.
Explanatory Note
This amendment is filed solely for the purpose of filing the opinion of the
Company's auditor accompanying the Company's consolidated audited financial
statements forming a part of the report, which was inadvertently omitted from
the original filing on September 28, 2007.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of
Dynatronics Corporation
We have audited the consolidated balance sheets of Dynatronics Corporation and
subsidiary as of June 30, 2007 and 2006, and the related consolidated statements
of operations, stockholders' equity, and cash flows for the years then ended.
These consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. We were not engaged to
perform an audit of the Company's internal control over financial reporting. Our
audit included consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control over financial reporting. Accordingly, we express no
such opinion. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of
Dynatronics Corporation and subsidiary as of June 30, 2007 and 2006, and the
consolidated results of their operations and their cash flows for the years then
ended in conformity with accounting principles generally accepted in the United
States of America.
/s/ Tanner LC
Salt Lake City, Utah
September 28, 2007
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this amended report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DYNATRONICS CORPORATION
By /s/ Kelvyn H. Cullimore, Jr.
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Kelvyn H. Cullimore, Jr.
Chief Executive Officer and President
Date: October 1, 2007
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