Almost two months after declaring it had to delay filing its 10-K form on its fourth quarter 2022 and full-year 2022 financials, F45 Training, Austin, Texas, shared on May 10 that it was also delaying the filing of its 10-Q form for first quarter 2023.
In the notification, F45 Training stated that “its focus is on the preparation, finalization and audit and review of the company’s financial statements to be included in its Annual Report on Form 10-K for the year ended December 31, 2022 (the 2022 Annual Report).”
F45 Training announced on March 16 that it was unable to finalize the 2022 Form 10-K by the deadline. Public companies have 90 days after the end of a quarter to file a Form 10-K or 10-Q with the Securities and Exchange Commission (SEC).
In March, the company said the delay on the 2022 filing was due to its company and independent registered public accounting firm needing additional time to complete certain items with respect to the form’s preparation and review processes, including management’s assessment of the effectiveness of the company’s internal controls over financial reporting for 2022.
It also said the recent appointment of an interim CFO was contributing to the delay. It repeated that claim in the notification of the delay of its first quarter 10-Q form, adding that the appointment of new CEO Tom Dowd on March 30 was also contributing to the delay.
On April 14, F45 received a notice from the New York Stock Exchange (NYSE), the market on which its shares are traded, that the company is not in compliance with NYSE rules due to not yet filing its 2022 Form 10-K.
F45 Training expects that the results of operations to be included in the quarterly report “will reflect significant changes in results of operations from the prior year.”
In part, the changes will be the result of “increases in allowances for doubtful accounts and provisions for bad debts and impairment charges associated with certain assets previously acquired by the company,” the company said.