BAAR, SWITZERLAND–(Marketwired – Apr 9, 2014) – One Horizon Group, Inc. (OTCQB: OHGI) (“One Horizon” or the “Company”), which develops and licenses the world’s most bandwidth efficient mobile voice over Internet Protocol (“VoIP”) platform for smart phones, today announced that it will hold a conference call on Wednesday, April 16, 2014 at 9:00am ET to discuss its financial results for year ended December 31, 2013.
The Company’s Founder and CTO Brian Collins will host the call.
Date: Wednesday, April 16, 2014
Time: 9:00 am ET
US Dial-in: 1-877-407-0784
International Dial-in: 1-201-689-8560
Conference ID: 13579988
Please dial in at least 10 minutes before the start of the call to ensure timely participation. A playback of the call will be available until April 23, 2014 at 11:59pmET. To listen, call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally.
The Company filed a Form 12b-25 with the Securities and Exchange Commission (SEC) on April 1, 2014 to extend the filing of the Company’s Form 10-K for the year ended December 31, 2013 by April 15, 2014. The Company filed a Form 8-K on April 8, 2014 to report non-reliance on previously issued financial statements. In connection with the preparation of consolidated financial satements as at December 31, 2013 and for the fiscal year then ended, the Company re-evaluated its revenue recongnition model for master license fees and concluded that it would restate its issued audited financial statement for the transitional period of six months ended December 31, 2012, the twelve months ended December 31, 2013 and its unaudited financial statements for the quarterly periods ended March 31, 2013 and 2012, June 30, 2013 and 2012, and September 30, 2013 and 2012, included in the Company’s Quarterly Reports on Forms 10-Q, and the unaudited pro forma disclosures included in its Form 8-K/A filed on February 7, 2013. The reasons for the restatement are to correctly record the timing of revenue recognition for certain license fees. The Company noticed growing disparity between the revenue recognized and the payments of certain license contracts as they became due. As a result, the Company determined that the straight-line method was not appropriate to recognize the revenue from those contracts during the relevant periods, rather the Company should instead recognize the revenue for such contracts to the extent that payments become due.
The Company further re-evaluated its policy of accounting for license sales to top-tier customers, revenue from which sales had been recognized in the period of delivery of the master license to those customers at the net present value of the future fixed cash payments required under the contract. In consideration of its increased activities in these contracts,the Company determined that this policy for recognition may not have met all of the requirements of the relevant generally accepted accouonting principles applicable to these types of software sales during the relevant periods and that it should also recognize revenue for these contracts to the extent that fixed payments become due.
At this time, the Company believes that the adjustments necessary to make these amendments to the relevant periods will have no effect on previously reported cash and cash equivalents or cash flow from operations. The effect of the adjustments will be to reduce revenue recognized in the 10-K and earlier accounting periods and reduce the amount of net income. There is no change in the amount of revenue expected to be recognized over the life of the contracts, or in the amount and timing of cash collected under the master license contracts, just an adjustment to the accounting periods in which it is recognized. In addition, this adjustment is merely a change in accounting policy and will not affect the Company’s operations in terms of the way we conduct our business, our sales contracts, business model and practices, our products and services, or our relationships with customers.
The Company’s previously issued financial statements and other financial information for the periods will be restated in future filings with the SEC. Although the Company cannot estimate when it will file its restated financial statements and its Annual Report on Form 10-K for the year ended December 31, 2013, it is diligently pursuing completion of the restatements for the periods and intends to file its Annual Report on Form 10-K for the year ended December 31, 2013 by April 15, 2014, which will include restated financial statemetns for the transitional period of six months ended December 31, 2012 and for the year ended June 30, 2012.
For further information please see the 8-K filed with the SEC dated April 8, 2014.
About One Horizon Group, Inc.
One Horizon Group Inc.’s business is to optimize communications over the Internet through its wholly owned subsidiary, Horizon Globex GmbH, Baar, which develops and markets one of the world’s most bandwidth-efficient mobile voice over Internet Protocol (VoIP) platforms for smartphones, and also offers a range of other optimized data applications including messaging and mobile advertising. Horizon Globex GmbH is an ISO 9001 and ISO 20000-1 certified company. The Company has operations in Switzerland, the United Kingdom, China, India, Singapore, Hong Kong and Ireland. For more information on the Company, its products and services, please visit http://www.onehorizongroup.com
Safe Harbor Statement
This news release may contain “forward-looking” statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for the Company’s products, as well as additional risks and uncertainties that are identified and described in Company’s SEC reports. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
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