Tuesday, August 8, 2017

GlobalSCAPE Restates Results, Launches Financial Investigation

San Antonio-based software developer GlobalSCAPE said on Monday afternoon, that it has restated its financial results, and launched an internal investigation into what it says were "improper arrangements with customers that circumvented the Company's internal controls". GlobalSCAPE said those issues overstated its amount of accounts receivable as of December 31, 2016, and license revenue for the three months and year ended December 31, 2016, by approximately $403,000 and $396,000. The company did not detail exactly how its controls were circumvented, but said it has retained Weaver and Tidwell as its independent registered public accounting firm to audit the Company's financial statements.