Action sports company Orange 21 said it won't be able to file its annual report on Form 10K on time due to material weaknesses in its accounting processes.
“As a result of such material weaknesses, the registrant was required to conduct additional tests and analysis in order to complete its financial statements,” read a statement signed by CFO Jerry Collazo filed Monday with the Securites & Exchange Comssion. “The registrant will not be in a position to file its Annual Report until after the financial statements have been completed, which will not occur within the prescribed time period for the filing of the Annual Report.”
Annual reports generally must be filed within 60 to 90 days of the closing of a company's fiscal year. For Orange 21 that was Dec. 31 .
Orange 21 said its management was working “diligently” to complete its 10K and anticipated filing it within 15 days of its original due date.
Orange 21 designs, develops, markets and produces premium products for the action sport and youth lifestyle markets. Orange 21's primary brand, Spy Optic (TM), manufactures sunglasses and goggles targeted toward the action sports and youth lifestyle markets.
