Dalrada Corporation Announces Delay in Annual Report on Form 10-K

Rhea-AI Summary

Dalrada Financial Corporation (OTCQB: DFCO) announced a delay in filing its annual report on Form 10-K for the fiscal year ended June 30, 2022. Despite allocating significant resources, the company was unable to meet the extended due date of October 14, 2022. This delay is attributed to the consolidation of several new business units, particularly in energy services and life sciences. Dalrada aims to finalize and submit the Form 10-K by October 26, 2022.

Positive

• The company is establishing new business units, which may contribute to future growth.
• Dalrada plans to file the 10-K report by October 26, 2022, indicating proactive management.

Negative

• Delay in the filing of the Form 10-K may raise concerns about financial oversight.
• Inability to meet the original filing deadline could impact investor confidence.

SAN DIEGO--(BUSINESS WIRE)-- Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada,” the “Company”) announced today a delay in the filing of its annual report on Form 10-K for the fiscal year ended June 30, 2022.

While the Company has allocated significant resources to finalizing its audited and consolidated financial statements and related disclosures, it was unable to file Form 10-K prior to the extended October 14, 2022 due date.

Several new business units acquired and established throughout the past fiscal year, particularly with regard to Dalrada’s fast-growing energy services division and life sciences units, required additional time to phase in, consolidate and complete a comprehensive review of the financial statements included on Form 10-K, to ensure an accurate annual report.

The Company is working diligently to finalize and file the 10-K report which it fully expects to release on or before October 26, 2022.

About Dalrada Financial Corporation

Dalrada Financial Corporation (OTCQB: DFCO) is a future-facing organization that builds transformative innovations with major impact. The company works continually to develop products and services that accelerate positive change for current and future generations.

Since 1982, Dalrada has driven success while redefining possibilities, particularly in the emerging markets of health care, energy, technology, and manufacturing, and boldly tackles ongoing global challenges with cutting-edge, creative solutions.

Dalrada is comprised of four unique business divisions: Dalrada Health, Dalrada Energy Services, Dalrada Precision Manufacturing, and Dalrada Technologies. For more information, please visit www.dalrada.com, and follow us on Twitter, Facebook, and LinkedIn.

Disclaimer

Statements in this press release are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to several important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations regarding these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221018006311/en/

Mike Eslinger (meslinger@dalrada.com)

Source: Dalrada Financial Corporation

FAQ

When is Dalrada Financial Corporation expected to file its Form 10-K?

Dalrada Financial Corporation expects to file its Form 10-K by October 26, 2022.

What caused the delay in Dalrada's Form 10-K filing?

The delay was due to the consolidation and review of several new business units in the energy services and life sciences sectors.

What is the significance of the Form 10-K for Dalrada Financial Corporation?

The Form 10-K provides a comprehensive overview of Dalrada's financial performance and business operations for the fiscal year.

How might the delay in filing affect Dalrada's investors?

The delay could potentially raise concerns about the company's financial oversight and impact investor confidence.