Social Reality To Restate Financial Statements Dating Back To 1Q17
Social Reality Inc. (SRAX), a digital marketing and consumer data management technology company, said Monday that has management concluded — and the audit committee has concurred — that previously issued consolidated financial statements dating back to the first quarter of 2017 should no longer be relied upon.
The quarterly and year-to-date unaudited accounts for the 2017 periods ending on March 31, June 30, Sept. 30 and Dec. 31 are inaccurate, as are those for the 2018 periods ending March 31, June 30 and Sept. 30. Audited consolidated financial statements for the year ending Dec. 31, 2017, are also inaccurate, the company said.
Press releases, earnings releases and investor communications describing the company’s financial statements for these periods should no longer be relied upon, the company added.
“The errors identified are all non-cash and primarily related to the company’s classification of certain outstanding warrants with provisions that allow the warrant holder to force cash redemption under certain circumstances,” said Social Reality Inc.
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Management plans to file amended and restated financial condition and financial results for the affected periods “as soon as practicable”.