KOIL Energy Announces Delay in Filing of Annual Report on Form 10-K and anticipates reporting profitable growth in revenues
Koil Energy Solutions (OTCQB: KLNG) has announced a delay in filing its Annual Report on Form 10-K for fiscal year 2024, extending beyond the original March 31, 2025 deadline. The company will utilize a 15-day extension granted by the SEC due to the discovery of a material weakness in internal control over financial reporting.
The delay stems from the need to complete additional audit procedures following the identification of a $140,000 accounting adjustment related to expired stock options that were incorrectly reversed under Accounting Standards Codification 718. Despite this material weakness, the company states this adjustment is not expected to materially impact its financial position or operations.
Notably, KLNG anticipates reporting profitable growth in revenues for both Q4 and full-year 2024 compared to previous periods. The company plans to announce a new filing date and earnings call timing soon.
Koil Energy Solutions (OTCQB: KLNG) ha annunciato un ritardo nella presentazione del suo Rapporto Annuale sul Modulo 10-K per l'anno fiscale 2024, che si estenderà oltre la scadenza originale del 31 marzo 2025. L'azienda utilizzerà un'estensione di 15 giorni concessa dalla SEC a causa della scoperta di una debolezza materiale nel controllo interno sulla rendicontazione finanziaria.
Il ritardo deriva dalla necessità di completare ulteriori procedure di audit dopo l'identificazione di un aggiustamento contabile di $140.000 relativo a opzioni su azioni scadute che sono state erroneamente annullate secondo il Codice degli Standard Contabili 718. Nonostante questa debolezza materiale, l'azienda afferma che questo aggiustamento non dovrebbe avere un impatto significativo sulla sua posizione finanziaria o sulle operazioni.
In particolare, KLNG prevede di riportare una crescita redditizia nei ricavi sia per il quarto trimestre che per l'intero anno 2024 rispetto ai periodi precedenti. L'azienda prevede di annunciare presto una nuova data di presentazione e il timing della chiamata sugli utili.
Koil Energy Solutions (OTCQB: KLNG) ha anunciado un retraso en la presentación de su Informe Anual en el Formulario 10-K para el año fiscal 2024, que se extenderá más allá de la fecha límite original del 31 de marzo de 2025. La empresa utilizará una extensión de 15 días otorgada por la SEC debido al descubrimiento de una debilidad material en el control interno sobre la información financiera.
El retraso se debe a la necesidad de completar procedimientos de auditoría adicionales tras la identificación de un ajuste contable de $140,000 relacionado con opciones sobre acciones vencidas que fueron revertidas incorrectamente bajo la Codificación de Normas Contables 718. A pesar de esta debilidad material, la empresa afirma que este ajuste no se espera que impacte materialmente su posición financiera u operaciones.
Notablemente, KLNG anticipa reportar un crecimiento rentable en los ingresos tanto para el cuarto trimestre como para el año completo 2024 en comparación con períodos anteriores. La empresa planea anunciar pronto una nueva fecha de presentación y el momento de la llamada de ganancias.
Koil Energy Solutions (OTCQB: KLNG)는 2024 회계연도에 대한 10-K 양식 연례 보고서 제출 지연을 발표했으며, 이는 원래의 2025년 3월 31일 마감일을 초과하게 됩니다. 이 회사는 재무 보고에 대한 내부 통제에서 발견된 물질적 약점으로 인해 SEC에서 부여한 15일 연장을 활용할 것입니다.
지연은 회계 기준 코드 718에 따라 잘못 반전된 만료된 주식 옵션과 관련된 $140,000의 회계 조정이 확인된 후 추가 감사 절차를 완료해야 할 필요성에서 비롯됩니다. 이러한 물질적 약점에도 불구하고, 회사는 이 조정이 재무 상태나 운영에 중대한 영향을 미치지 않을 것으로 예상한다고 밝혔습니다.
특히, KLNG는 2024년 4분기 및 전체 연도에 대한 수익에서 수익성 있는 성장을 보고할 것으로 예상합니다, 이는 이전 기간과 비교됩니다. 회사는 곧 새로운 제출 날짜와 수익 전화 회의 일정을 발표할 계획입니다.
Koil Energy Solutions (OTCQB: KLNG) a annoncé un retard dans le dépôt de son Rapport Annuel sur le Formulaire 10-K pour l'exercice 2024, qui s'étendra au-delà de la date limite initiale du 31 mars 2025. L'entreprise utilisera une prolongation de 15 jours accordée par la SEC en raison de la découverte d'une faiblesse matérielle dans le contrôle interne des rapports financiers.
Ce retard provient de la nécessité de terminer des procédures d'audit supplémentaires après l'identification d'un ajustement comptable de 140 000 $ lié à des options d'actions expirées qui ont été annulées incorrectement selon la Codification des Normes Comptables 718. Malgré cette faiblesse matérielle, l'entreprise indique que cet ajustement ne devrait pas avoir d'impact significatif sur sa situation financière ou ses opérations.
Notamment, KLNG prévoit de signaler une croissance rentable des revenus pour le quatrième trimestre et l'année entière 2024 par rapport aux périodes précédentes. L'entreprise prévoit d'annoncer bientôt une nouvelle date de dépôt et le moment de l'appel de résultats.
Koil Energy Solutions (OTCQB: KLNG) hat eine Verzögerung bei der Einreichung ihres Jahresberichts auf Formular 10-K für das Geschäftsjahr 2024 angekündigt, die über die ursprüngliche Frist vom 31. März 2025 hinausgeht. Das Unternehmen wird eine von der SEC gewährte 15-tägige Verlängerung nutzen, die aufgrund der Entdeckung einer wesentlichen Schwäche in der internen Kontrolle über die Finanzberichterstattung gewährt wurde.
Die Verzögerung resultiert aus der Notwendigkeit, zusätzliche Prüfungsverfahren abzuschließen, nachdem ein buchhalterischer Anpassungsbedarf von 140.000 $ im Zusammenhang mit abgelaufenen Aktienoptionen festgestellt wurde, die gemäß den Rechnungslegungsstandards Kodifizierung 718 fälschlicherweise rückgängig gemacht wurden. Trotz dieser wesentlichen Schwäche gibt das Unternehmen an, dass dieser Anpassungsbedarf voraussichtlich keine wesentlichen Auswirkungen auf seine finanzielle Lage oder den Betrieb haben wird.
Bemerkenswert ist, dass KLNG mit einem profitablen Wachstum der Einnahmen sowohl für das vierte Quartal als auch für das Gesamtjahr 2024 im Vergleich zu vorherigen Perioden rechnet. Das Unternehmen plant, bald ein neues Einreichungsdatum und den Zeitpunkt der Gewinnbesprechung bekannt zu geben.
- Anticipates profitable growth in revenues for Q4 and full-year 2024
- Material weakness identified in internal control over financial reporting
- $140,000 accounting adjustment required for expired stock options
- Delay in filing Annual Report Form 10-K
HOUSTON, March 29, 2025 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (OTCQB: KLNG), (the “Company”) today announced that it will be filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with the Securities and Exchange Commission (the “SEC”) later than the originally scheduled date of March 31, 2025. The Company anticipates filing the Annual Report within the extended timeframe granted by the SEC of fifteen days. The delay is due to the requirement to complete certain audit procedures after a material weakness in internal control over financial reporting was discovered during the final review cycle. The Company’s financial statements are being updated to reflect a
The Company is working diligently to complete all remaining audit procedures and intends to file the Annual Report on Form 10-K as soon as possible. We will announce a new filing date and earnings call shortly.
About KOIL (www.koilenergy.com)
KOIL Energy is a leading energy services company offering subsea equipment and support services to the world's energy and offshore industries. We provide innovative solutions to complex customer challenges presented between the production facility and the energy source. Our core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, KOIL Energy's experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world.
Forward-Looking Statements
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Investor Relations:
ir@koilenergy.com
281-862-2201
FAQ
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