It has come to the point where Global Power Equipment Group Inc. (OTCMKTS: GLPW) feels it can provide timing for updating its past financial data going back to 2011. The company has tentatively selected September 30 as the date when it will file annual report for fiscal 2015 and restate financial statements for some prior years.
Annual and quarterly reports for 2015
For 2015, Global Power Equipment Group Inc. (OTCMKTS: GLPW) said it will file both annual and quarterly financial statements and related information. The company also said that its Form 10-K will also contain audited restated financial statements for 2014 and 2013. Additionally, the report will contain selected unaudited financial data for 2012 and 2011.
In order to become currently reporting, Global Power also said it will file Form 10-Q that will include the financial statements for its 1Q2016 and 2Q2016. But the quarterly filing will come shortly after the company completes the annual filings.
Dates for Global Power Equipment Group Inc. (OTCMKTS: GLPW)’s quarterly filing
Although Global Power Equipment Group Inc. (OTCMKTS: GLPW) has provided tentative date for filing of its annual reports, it hasn’t provided a date for making the quarterly results. The management only said that quarterly filing will come after the annual reports are completed, but a definitive date for making the quarterly reports date is expected to be announced.
Dissolution of special committee
Together with the announcing timing for filing of the updated annual and quarterly reports, Global Power Equipment Group Inc. (OTCMKTS: GLPW) also announced the dissolution of a special committee that was forced back in May 2015. The special committee was formed to look into the facts relating to restating of certain historical financial results. According to Global Power, the special committee didn’t find any evidence of fraud relating to the company’s financial statements that will be restated. As such, the special committee is being dissolved because it has completed its mandate.
Strengthening internal controls
According to Global Power’s CEO, Terence J. Cryan, the company took the opportunity during the review process of the historical financial statements to strengthen both its internal controls and financial reporting.
Listing on NYSE
Global Power Equipment Group Inc. (OTCMKTS: GLPW) plans to reapply for listing on the New York Stock Exchange once it puts its financial information in order.