Cantaloupe will not file annual report in time, expects materials weaknesses (NASDAQ:CTLP)

Cantaloupe (NASDAQ:CTLP), a digital funds and software program providers firm for the unattended retail market, stated Wednesday it will not file its annual report for the fiscal 12 months ended June 30, 2022 inside the required interval.

The corporate’s administration is finalizing its evaluation of the effectiveness of its inside controls over monetary reporting and its unbiased registered accounting agency wanted extra time to finish its audit of inside controls over monetary reporting.

The corporate expects to report three materials weaknesses in its its inside management framework. They embrace: the design, implementation and working effectiveness of data expertise basic controls within the areas of person entry, change administration and segregation of duties inside varied methods that help the corporate’s accounting and reporting processes; the design, implementation and working effectiveness of controls over income and associated accounts; and threat evaluation and monitoring actions in figuring out and evaluating management deficiencies in a well timed method.

Cantaloupe (CTLP) continues to work with its unbiased accounting agency to finalize their associated audit procedures, and due to this fact is not ready to file the annual report inside the 15-calendar day extension offered by its 12b-25 submitting on Sept. 14, it stated. It anticipates submitting the shape 10-Okay report inside the subsequent two to 3 weeks.

The corporate expects that 10-Okay submitting will include no materials adjustments to the full-year 2022 and This fall 2022 outcomes disclosed in its Sept. 8 press launch.

Cantaloupe (CTLP) has dipped 0.5% in Wednesday after-market buying and selling.

Earlier this month, This fall GAAP EPS missed, income beat, and the corporate named a brand new CEO.