Tesla Delays Their 10 K

Is the Musketeer planning on running a ten kilometer race in Alaska in one of his Model Ss  and has delayed his plans because he wants the weather to warm up?  No the Musketeer will delay issuing his 10 K financial report that must be filed with the SEC.

John Petersen a very astute financial writer wrote the following:

“Friday was a day of unfortunate delays for Elon Musk, the CEO of Tesla Motors (TSLA). He had two critical items on his To-Do List - launch the SpaceX Dragon Capsule and file Tesla's Form 10-K for last year.

Neither went according to plan. The Dragon will have a late rendezvous with the space station and the Form 10-K will suffer a similar fate.

While it's rare for a large accelerated filer like Tesla to miss an SEC filing deadline, there can be any number of reasons including clerical errors and even technical glitches with the SEC's Edgar system. If it was a simple clerical error or technical glitch, Tesla's annual report will be on file at the SEC before the market opens on Monday.

However, if Tesla requests a 15-day extension by submitting a Form 12b-25 Notification of Late Filing, the most likely reason will be unresolved audit issues. Prudent investors should carefully monitor the situation as it develops.”

I am no financial guru but me thinks that Tesla is out of money and the auditors are getting rather scared.  Remember how Enron caused the demise of Arthur Anderson.  Tesla’s auditor is PricewatershouseCoopers (PWC).  I guess PWC maybe saying to Elon you are “Probably Wanting Cash”.  PWC to the Department of Entropy that gave the Musketeer over $450 million will mean Pretty Wicked Crisis.  PWC to folks who made deposits on their cars will mean Pretty Worried Customers.  

Here is the link to the full article Petersen wrote.

The photo is of Napoleon's retreat in November 1812 from Russia and is by Adolf Northen.  The eastern front has also been harsh on Elon and he might need a white knight to save Tesla as the white horse looks pretty beat up.