Notification That Quarterly Report Will Be Submitted Late (nt 10-q)In foul with SEC
Notification That Quarterly Report Will Be Submitted Late (nt 10-q)
Date : 08/12/2014 @ 4:29PM
Source : Edgar (US Regulatory)
Stock : United Online, Inc. (MM) (UNTD)
Quote : 12.71 0.0 (0.00%) @ 8:45AM
PART III — NARRATIVE
State below in reasonable detail why Forms 10 - K, 20 - F, 11 - K, 10 - Q, 10 - D, N - SAR, N - CSR, or the transition report or portion thereof, could not be filed within the prescribed time period. United Online, Inc. (the “Company”) has determined that it will be unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 by the filing deadline of August 11, 2014 without unreasonable effort or expense because the Company needs additional time to complete its accounting and related disclosures for income taxes. The Company is filing this Notification of Late Filing with the Securities and Exchange Commission and expects to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 as soon as practicable. In connection with the preparation of the Company’s provision for income taxes for the quarter ended June 30, 2014, the Company’s management determined that the accounting for income taxes in prior periods needs to be revised. In addition, the revisions in the accounting for income taxes is expected to negatively impact the goodwill impairment charge recorded by its Classmates reporting unit during the quarter ended September 30, 2013. Management has concluded that its previously-issued quarterly and annual financial statements were not materially misstated. However, if the entire correction is recorded in the quarter ended June 30, 2014, the cumulative amount would be material to the year ending December 31, 2014.
Therefore, the Company has determined that it will revise its prior-period financial statements when presented in future filings. Management has concluded that these matters relating to the accounting for income taxes constitute a material weakness and has determined that our internal control over financial reporting was not effective as of December 31, 2013 and our disclosure controls and procedures were not effective as of December 31, 2013 and March 31, 2014. The Company will (i) amend its Annual Report on Form 10-K for the year ended December 31, 2013 to (A) reflect management’s revised conclusions regarding our internal control over financial reporting and disclosure controls and procedures, and (B) revise our financial statements for the years ended December 31, 2013, 2012 and 2011 to reflect the immaterial changes resulting from the errors discussed above, as well as other immaterial adjustments to correct previously-identified uncorrected errors, and (ii) amend its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 to reflect management’s revised conclusions regarding our disclosure controls and procedures. SEC 1344 (04-09)
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