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<SEC-DOCUMENT>0001181431-08-000302.txt : 20080102
<SEC-HEADER>0001181431-08-000302.hdr.sgml : 20080101
<ACCEPTANCE-DATETIME>20080102164157
ACCESSION NUMBER:		0001181431-08-000302
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071226
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080102
DATE AS OF CHANGE:		20080102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN TECHNOLOGY CORP /DE/
		CENTRAL INDEX KEY:			0000924383
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651]
		IRS NUMBER:				870361799
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24248
		FILM NUMBER:		08502327

	BUSINESS ADDRESS:	
		STREET 1:		15378 AVENUE OF SCIENCE, SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92128
		BUSINESS PHONE:		858-676-1112

	MAIL ADDRESS:	
		STREET 1:		15378 AVENUE OF SCIENCE, SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92128
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rrd185635.htm
<DESCRIPTION>NON-RELIANCE ON QUARTER ENDED JUNE 30, 2007 FORM 10-Q
<TEXT>


<html><head>
<title>Prepared By R.R. Donnelley Financial -- Form 8-K</title>
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<b>UNITED STATES </b></font></div>

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<b>SECURITIES AND EXCHANGE COMMISSION </b></font></div>

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<b>Washington, D.C. 20549 </b></font></div>

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<b>Form 8-K </b></font></div> <div><font Size="1">&nbsp;</font></div>

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<b>Current Report </b></font></div>

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<b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </b></font></div>

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<b>Date of Report (Date of earliest event reported):&nbsp;&nbsp;12/26/2007 </b></font></div>




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<b>American Technology Corporation </b></font></div>

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<b>(Exact name of registrant as specified in its charter)</b></font></div>

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<b>Commission File Number:&nbsp;&nbsp;000-24248</b></font></div>

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<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>Delaware</b></font>
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<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>87-0361799</b></font>
</div>
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<b>(State or other jurisdiction of</b></font>
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<div Align="center"><font Face="times New Roman" Size="2" Color="#000000"><b>(IRS Employer</b></font>
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<b>incorporation)</b></font>
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<b>Identification No.)</b></font>
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<b>15378 Avenue of Science, Ste 100,</div><div Align="center">San Diego, California 92128</b></font></div>


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<b>(Address of principal executive offices, including zip code)</b></font>
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<b>858-676-1112 </b></font>
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<b>(Registrant&#146;s telephone number, including area code)</b></font>
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<b> </b></font>
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<b>(Former name or former address, if changed since last report) </b></font>
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<b>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:<BR><BR>
</b></font>


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<b>[&nbsp;&nbsp;]&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>

[&nbsp;&nbsp;]&nbsp;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</b>

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<b>Item 4.02.&nbsp;&nbsp;&nbsp;&nbsp;Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review</b></font>
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On December 26, 2007, the Management of American Technology Corporation (the "Company") as authorized by the Audit Committee of the Board of Directors of the Company, concluded that it was necessary to restate the previously reported unaudited consolidated financial statements of the Company for the period ended June 30, 2007, which were included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2007, and that the previously reported financial statements for this period should no longer be relied upon. This restatement is necessary to increase the estimated expense and related payroll tax liability recorded in such financial statements by $135,601 in connection with amended payroll tax returns for tax years 2004 and 2005 that were filed by the Company in December 2007 and estimated penalties and interest related to these filings.  The Company will file an amended Quarterly Report on Form 10-Q/A for the fiscal quarter ended June 30, 2007.  The restatement will not result in 
a change in the Company's previously reported revenues, cash flows from operations or total cash and cash equivalents in the consolidated financial statements for the quarter ended June 30, 2007.  Further explanation of the restatement is provided below.<p>As further described in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2006, in December 2006, the Audit Committee of the Company's Board of Directors completed a voluntary review of historical stock option grants and determined that errors had been made in the determination of measurement dates for a number of stock options granted prior to December 31, 2003. Based on its analysis of payroll tax liabilities relating to the above, the Company accrued a payroll tax liability in the amount of $200,601 as of September 30, 2006. During the Company's fiscal third quarter ended June 30, 2007, the Company revised its estimated payroll tax liability related to this matter to $65,000 as a result of certain assumptions which at that
 time, the Company believed would reduce the liability to this level. Following extensive subsequent analysis by the Company, its consultants and its independent registered public accounting firm, the Company determined that the reduction of the estimated payroll tax liability recorded during the fiscal third quarter resulted in an understatement of the payroll tax liability as of June 30, 2007 in the amount of $135,601 based on the final amended payroll tax filings and due to an increase for estimated penalties and interest that the Company now believes may be assessed. The revised estimates resulted in a $135,601 increase in total payroll tax liability and selling and administrative expenses for the three and nine months ended June 30, 2007. Following this adjustment, the aggregate estimated payroll tax liability related to prior tax years at the end of the Company's fiscal third quarter ended June 30, 2007 was $200,601.<p>When the Company files its Annual Report on Form 10-K for the fiscal year ended Sept
ember 30, 2007 and its amended Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2007 to effect the restatement described above, management expects the Company to report the existence of a material weakness in the Company's internal control over financial reporting relating to its accounting for payroll taxes.<p>The Company's management and the Audit Committee of the Company's Board of Directors have discussed the matters disclosed in this Current Report on Form 8-K with the Company's current and former independent registered public accounting firms.</font>
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<b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b></font>
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(d)&nbsp;&nbsp;&nbsp; Exhibits.<p>99.1&nbsp;&nbsp;&nbsp;Press Release, dated January 2, 2008, issued by American Technology Corporation.</font>
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<b>Signature(s) </b></font>
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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. </font>
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	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	American Technology Corporation</font>
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	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Date: January 02, 2008</font>
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	By:</font>
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	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	/s/&nbsp;&nbsp;&nbsp;&nbsp;Katherine H. McDermott</font>
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	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Katherine H. McDermott</font>
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	<div><font Face="times New Roman" Size="2" Color="#000000">Chief Financial Officer</font>
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<b>Exhibit Index </b></font>
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	<b>Exhibit&nbsp;No.</b></font>
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	<b>Description</b></font>
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	EX-99.1</font>
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	Press Release, dated January 2, 2008, issued by American Technology Corporation</font>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd185635_22766.htm
<DESCRIPTION>PRESS RELEASE, DATED JANUARY 2, 2008, ISSUED BY AMERICAN TECHNOLOGY CORPORATION
<TEXT>
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<TITLE>DRAFT 1: 022304</TITLE>
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<BODY LINK="#0000ff" VLINK="#800080">
<B><P>FOR IMMEDIATE RELEASE&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;</P>
<FONT SIZE=4><P ALIGN="CENTER">AMERICAN TECHNOLOGY TO AMEND FORM 10-Q FOR </P>
<P ALIGN="CENTER">THE PERIOD ENDED JUNE 30, 2007</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Company Expects to File Form 10-K Within the Next Week</P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><P>SAN DIEGO, CA, January 2, 2008 - American Technology Corporation (ATC) (NASDAQ: ATCO),</B> a leader in the innovation and production of directed sound products and technologies, today announced that it is filing an<I> </I>amended Form 10-Q for the quarter ended June 30, 2007. Following extensive subsequent analysis by the Company and its consultants and auditors, the Company determined to restate the June 30, 2007 unaudited consolidated financial statements to increase the estimated expense and related liability in connection with amended payroll tax returns for tax years 2004 and 2005 that were filed by the Company in December 2007.  The restatement will increase the liability by $135,601 at June 30, 2007 and increase selling and administrative expenses and the net loss for the three and nine months ended June 30, 2007 by $135,601 but will not result in a change in previously reported revenues, cash flows from operations or total cash and cash equivalents.</P>
<P>Since a portion of this adjustment had already been accrued in the fourth quarter and is a timing change between quarters, the Company expects to increase fiscal 2007 selling and administrative expenses and the net loss by $101,965 compared to previously released preliminary results for the fiscal year ended September 30, 2007. This adjustment does not change revenues, cash flows from operations or total cash and cash equivalents for the fiscal year ended September 30, 2007. After this adjustment the loss from operations is expected to decrease to $5.9 million for fiscal 2007 compared to $8.6 million for fiscal 2006, however such estimate may be subject to further review and adjustment.</P>
<P>The Company expects to file its amended Form 10-Q and its Form 10-K for the period ended September 30, 2007, which will reflect the adjustment described above, within the next week.</P>
<B><FONT SIZE=3><P>About American Technology Corporation</P>
</B><P>American Technology Corporation is Shaping the Future of Sound by providing directed audio solutions that place clear, highly intelligible sound exactly where needed. ATC's Long Range Acoustic Device (LRAD), HyperSonic Sound, and NeoPlanar product lines make up the core of an expanding portfolio of directed sound products and technologies. For more information about ATC and its directed sound solutions please visit the company's web site at <B>www.atcsd.com.</B> </P>
</FONT><B><FONT SIZE=2>
<P>Safe Harbor statement under the Private Securities Litigation Reform Act of 1995:</B> Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements, including but not limited to, our ability to complete our restated fiscal third quarter financial statements and file our amended Quarterly Report on Form 10-Q/A for the quarter ended June 30, 200
7, the impact of the late filing of our Annual Report on Form 10-K for the fiscal year ended September 30, 2007, the performance of our management team, market acceptance of our directed sound technologies and products, entry of competitors, the possibility our intellectual property protections will not prevent others from marketing products similar to or competitive with our products, potential technical or manufacturing difficulties that could delay product deliveries or increase warranty costs, and other risks identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the company's Form 10-K for the year ended September 30, 2006 and the company's Form 10-Q for the quarter ended June 30, 2007. America
n Technology Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.</P>
</FONT>
<P>FOR FURTHER INFORMATION CONTACT:</P>
<P>Investor Relations:&#9;&#9;&#9;&#9;&#9;</P>
<P>Robert Putnam&#9;&#9;&#9;&#9;&#9;</P>
<P>(858) 676-0519&#9;&#9;&#9;&#9;&#9;</P>
<P>robert@atcsd.com<FONT SIZE=3>&#9;</P>
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