SeaChange International Inc. said Monday that it expects to file its third-quarter Form 10Q with the Securities and Exchange Commission by Wednesday.
The company said it needed additional time to review its quarterly financial statements and make sure they conformed with “FIN 46R” regulations.
SeaChange’s October 2002 and December 2003 agreements with ON Demand Group Ltd. are at issue.
The video-on-demand vendor invested approximately $2.4 million in October 2002, representing approximately 23% of ODG’s total outstanding capital stock on that date, then purchased another $692,000 of additional shares in December 2003.
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