NuZee Seeks OK To Delay Quarterly Report Filing
Coffee supplier NuZee has filed a request for an automatic extension related to the filing of its 10-Q quarterly report.
With a filing deadline of February 19, the company is seeking the extension for its report that covers its fiscal year first quarter ended December 31.
The 10-Q filing delay is the latest challenge facing NuZee. In late January, the company received a delisting notice from Nasdaq saying the company’s stockholders’ equity as noted in its annual report did not meet minimum requirements for the stock market. Nasdaq’s listing rule requires stockholders' equity be at least $2.5 million. In its Form 10-K, the company reported stockholders' equity of $1,674,357.
NuZee has 45 calendar days from the date of the notification to submit a plan to regain compliance, which the company said it intends to do. If the company's compliance plan is accepted, it may be granted up to 180 calendar days from January 23, 2024, to evidence compliance.
Additionally, the company on January 2 said it was delaying the filing of its 10-K annual report as it was starting a restructuring program in an effort to generate annual cash savings.
In a press release issued just prior to the start of 2024, Randell Weaver, the company’s president, CEO and CFO, said NuZee is looking to save more than $1 million from cash savings in immediate consulting, payroll and related expense reductions.
"While the delayed filing of our Form 10-K is disappointing, we believe it is important to ensure continued improvement in all operating aspects of the business,” Weaver said. “My focus as newly appointed president and COO has been to rebuild the relationship with our largest customer and significantly improve our performance in meeting their standards. That effort has largely been successful, and we expect quarterly revenues from this customer to increase significantly beginning in our Q1.”
Weaver, who joined NuZee in August of 2023 as company CFO, was named president and COO in mid-December.
