ORLANDO, FL (April 2, 2018) – IZEA, Inc. (NASDAQ: IZEA), today announced that it will reschedule its earnings release and conference call to discuss its fourth quarter and full year 2017 financial results which was previously scheduled for Monday, April 2, 2018.
The company is in the process of working with its independent accounting firm to finalize its financial statements for fourth quarter and full year 2017.
In connection with the preparation of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, the company’s Audit Committee of the Board of Directors (the “Audit Committee”) determined that there was an error in accounting for revenue and cost of sales related to the self-service Content Workflow portion of the company’s revenue. Historically, the company has reported revenue from the company’s Content Workflow services as the gross amounts billed to marketers for their transactions. Upon further review, the Audit Committee determined that this portion of the company’s revenue should have been reported on a net transaction basis. Therefore, the amount that the company previously reported as the gross profit on Content Workflow should be the amount reported as revenue.
As a result of additional review procedures necessitated by the accounting adjustments, the company needs additional time to file its Annual Report on Form 10-K for the year ended December 31, 2017 and plans to file a request for an extension on Form 12b-25 with the Securities and Exchange Commission.
IZEA will release its fourth quarter and full year 2017 financial results as soon as practicable. Management will provide updates on the timing of the earnings call as appropriate.