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KIT digital issues mea culpa on financial statement errors

US firm KIT digital, a provider of video management software and services, is being forced to reissue all financial statements for the past three years after discovering errors and irregularities as part of an ongoing audit process.

The accounting errors and irregularities relate primarily to certain perpetual software license agreements entered into by the prior management team in 2010 and 2011, but other effects on previous financial statements are also possible.

KIT digital adds that it “cannot currently quantify the potential impact of the restatement”, and will also be unable to issue its quarterly report for the three months to September 30th of this year on time as a result.

Full-year financial statements for the years ended December 31st 2009, 2010 and 2011 are believed to be affected, along with all quarterly statements issued during those three years.

KIT digital adds that it has already experienced “substantial” losses this year, and will likely incur additional costs as a result of these newly-discovered errors, and is thus considering a range of options which include the sale of the company or its assets.

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