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S&W Seed Company Provides Update on Delay of Form 10-K Filing for Fiscal Year 2024

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S&W Seed Company (Nasdaq: SANW) has provided an update regarding the delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024. The company is addressing reporting requirements related to the previously announced voluntary plan of administration for its wholly-owned subsidiary, S&W Seed Company Australia Pty , adopted on July 24, 2024.

Additionally, during year-end closing procedures, SANW identified that it had not prepared its fiscal year 2024 financial statements to include separate information for its reporting segments. The company is now analyzing the impacts of this change under ASC 250, Accounting Changes and Error Corrections, and is working to prepare all necessary segment disclosures.

S&W Seed Company aims to file its 10-K for the fiscal year ended June 30, 2024, and conduct a conference call as soon as possible.

S&W Seed Company (Nasdaq: SANW) ha fornito un aggiornamento riguardo al ritardo nella presentazione del suo Rapporto Annuale sul Modulo 10-K per l'anno fiscale conclusosi il 30 giugno 2024. L'azienda sta affrontando i requisiti di reporting relativi al piano di amministrazione volontaria precedentemente annunciato per la sua controllata interamente posseduta, S&W Seed Company Australia Pty, adottato il 24 luglio 2024.

Inoltre, durante le procedure di chiusura di fine anno, SANW ha identificato che non aveva preparato i propri bilanci dell'anno fiscale 2024 includendo informazioni separate per i suoi segmenti di reporting. L'azienda sta ora analizzando gli impatti di questa modifica secondo l'ASC 250, Cambiamenti Contabili e Correzioni di Errori, e sta lavorando per preparare tutte le necessarie informative sui segmenti.

S&W Seed Company mira a presentare il suo 10-K per l'anno fiscale conclusosi il 30 giugno 2024 e a condurre una conferenza telefonica il prima possibile.

S&W Seed Company (Nasdaq: SANW) ha proporcionado una actualización sobre el retraso en la presentación de su Informe Anual en el Formulario 10-K para el año fiscal que terminó el 30 de junio de 2024. La empresa está abordando los requisitos de informe relacionados con el plan de administración voluntaria previamente anunciado para su filial de propiedad total, S&W Seed Company Australia Pty, adoptado el 24 de julio de 2024.

Además, durante los procedimientos de cierre de fin de año, SANW identificó que no había preparado sus estados financieros del año fiscal 2024 para incluir información separada sobre sus segmentos de informe. La empresa ahora está analizando los impactos de este cambio bajo el ASC 250, Cambios Contables y Corrección de Errores, y está trabajando para preparar todas las divulgaciones necesarias de los segmentos.

S&W Seed Company tiene como objetivo presentar su 10-K para el año fiscal que terminó el 30 de junio de 2024 y realizar una conferencia telefónica lo antes posible.

S&W 씨앗 회사(Nasdaq: SANW)는 2024년 6월 30일 종료된 회계 연도의 10-K 연차 보고서 제출 지연에 대한 업데이트를 제공했습니다. 회사는 2024년 7월 24일에 채택된 자회사 S&W 씨앗 회사 호주 Pty에 대한 자발적 경영 계획과 관련된 보고 요구 사항을 다루고 있습니다.

추가로, 연말 마감 절차 중에 SANW는 2024 회계 연도의 재무 제표를 개별 보고 세그먼트에 대한 정보를 포함하지 않고 준비하지 않았음을 확인했습니다. 회사는 현재 ASC 250, 회계 변경 및 오류 수정에 따른 이 변경의 영향을 분석하고 있으며, 필요한 모든 세그먼트 공시를 준비하기 위해 노력하고 있습니다.

S&W 씨앗 회사는 2024년 6월 30일 종료된 회계 연도의 10-K를 제출하고 가능한 한 빨리 전화 회의를 진행하는 것을 목표로 하고 있습니다.

S&W Seed Company (Nasdaq: SANW) a fourni une mise à jour concernant le retard dans le dépôt de son Rapport Annuel sur le Formulaire 10-K pour l'exercice clos le 30 juin 2024. L'entreprise aborde les exigences de reporting liées au plan d'administration volontaire précédemment annoncé pour sa filiale à part entière, S&W Seed Company Australia Pty, adopté le 24 juillet 2024.

De plus, lors des procédures de clôture de fin d'année, SANW a identifié qu'elle n'avait pas préparé ses états financiers pour l'exercice 2024 en incluant des informations séparées pour ses segments de reporting. L'entreprise analyse désormais les impacts de ce changement selon l'ASC 250, Changements Comptables et Corrections d'Erreurs, et travaille à préparer toutes les divulgations nécessaires relatives aux segments.

S&W Seed Company vise à déposer son 10-K pour l'exercice clos le 30 juin 2024 et à organiser une conférence téléphonique dès que possible.

S&W Seed Company (Nasdaq: SANW) hat ein Update zur Verzögerung der Einreichung ihres Jahresberichts im Formular 10-K für das zum 30. Juni 2024 endende Geschäftsjahr gegeben. Das Unternehmen befasst sich mit den Berichtspflichten in Zusammenhang mit dem zuvor angekündigten freiwilligen Verwaltungsplan für seine hundertprozentige Tochtergesellschaft, S&W Seed Company Australia Pty, der am 24. Juli 2024 angenommen wurde.

Zusätzlich hat SANW während der Abschlussverfahren am Jahresende festgestellt, dass es die Finanzberichte für das Geschäftsjahr 2024 nicht vorbereitet hatte, um separate Informationen zu seinen Berichtsegmenten einzuschließen. Das Unternehmen analysiert nun die Auswirkungen dieser Änderung gemäß ASC 250, Änderungen der Rechnungslegung und Fehlerkorrekturen, und arbeitet daran, alle erforderlichen Segmentoffenlegungen zu erstellen.

S&W Seed Company plant, ihren 10-K für das zum 30. Juni 2024 endende Geschäftsjahr einzureichen und so schnell wie möglich eine Telefonkonferenz durchzuführen.

Positive
  • None.
Negative
  • Delay in filing Annual Report on Form 10-K for fiscal year 2024
  • Identified issues with segment reporting in financial statements
  • Need for additional analysis and preparation of segment disclosures

Insights

This update from S&W Seed Company highlights significant challenges in their financial reporting process. The delay in filing the Form 10-K is concerning, as it suggests potential internal control issues or complexities in their financial statements. The voluntary administration of their Australian subsidiary adds another layer of complexity, likely impacting consolidated financial reporting.

The company's realization of improper segment reporting is particularly troubling. This indicates a possible material weakness in financial controls and could lead to a restatement of previous financial reports. Investors should be cautious, as such issues often lead to increased scrutiny from auditors and regulators.

The lack of a specific timeline for the 10-K filing and earnings call is also worrisome. This uncertainty could negatively impact investor confidence and potentially lead to compliance issues with Nasdaq listing requirements if the delay becomes prolonged. Overall, this situation raises red flags about the company's financial management and reporting capabilities.

LONGMONT, Colo., Oct. 16, 2024 /PRNewswire/ -- S&W Seed Company (Nasdaq: SANW) today provided an update with respect to the Late Filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

The Company is continuing to work through reporting requirements as a component of the previously announced voluntary plan of administration ("VA") for S&W Seed Company Australia Pty Ltd, a wholly-owned subsidiary of the Company, which was adopted on July 24, 2024. As part of its year-end closing procedures, the Company also reviewed applicable segment reporting requirements and concluded it did not prepare its fiscal year 2024 financial statements to include separate information regarding its reporting segments. Due to the change in its reportable segments, the Company is analyzing the impacts of this change under ASC 250, Accounting Changes and Error Corrections, and is working to prepare all necessary segment disclosures with a goal to file its 10-K for the fiscal year ended June 30, 2024 and conduct a conference call as soon as possible.

About S&W Seed Company

Founded in 1980, S&W Seed Company is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary sorghum and alfalfa seeds with significant research and development, production and distribution capabilities. Through a partnership, S&W is also focused on sustainable biofuel feedstocks primarily within camelina. For more information, please visit www.swseedco.com.

Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "anticipates," "believe," "may," "future," "plan," "should" or "expects." Forward-looking statements in this release include, but are not limited to, the expected timing of the filing of the Form 10-K. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks and uncertainties related to the compilation and finalization of the Company's financial statements and Annual Report. These and other risks are identified in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended June 30, 2023 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

Company Contact:

Investor Contact:

Mark Herrmann, Chief Executive Officer

Robert Blum

S&W Seed Company

Lytham Partners, LLC

Phone: (720) 593-3570

Phone: (602) 889-9700 

www.swseedco.com

sanw@lythampartners.com


www.lythampartners.com

 

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SOURCE S&W Seed Company

FAQ

Why is S&W Seed Company (SANW) delaying its Form 10-K filing for fiscal year 2024?

S&W Seed Company is delaying its Form 10-K filing due to ongoing work on reporting requirements related to a voluntary plan of administration for its Australian subsidiary and the need to prepare separate information for its reporting segments.

What accounting issue did S&W Seed Company (SANW) identify during its year-end closing procedures?

S&W Seed Company identified that it had not prepared its fiscal year 2024 financial statements to include separate information regarding its reporting segments, necessitating additional analysis and disclosure preparation.

When does S&W Seed Company (SANW) expect to file its 10-K for the fiscal year ended June 30, 2024?

S&W Seed Company aims to file its 10-K for the fiscal year ended June 30, 2024, as soon as possible, but has not provided a specific date in the update.

What accounting standard is S&W Seed Company (SANW) using to analyze the impact of its reporting segment changes?

S&W Seed Company is analyzing the impacts of the change in its reportable segments under ASC 250, Accounting Changes and Error Corrections.

S&W Seed Company

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