Business Context and Reporting Period
This Form 8-K is filed by RumbleOn, Inc. (not Ridenow Group, Inc.) on March 31, 2022. The report addresses a delay in the filing of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The delay is attributed to the Company's ongoing first-year assessment of internal control over financial reporting under Section 404(b).
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document explicitly states that the delay in filing and identified control issues have not impacted previously reported financial results for the quarterly period and year ended December 31, 2021.
Material Changes and Internal Controls
- Material Weaknesses: The Company's review of internal controls has identified material weaknesses in its control environment.
- Financial Impact: Management concludes that previously reported financial results fairly present the Company's financial condition and results of operations in all material respects.
- Filing Status: The Form 10-K for the year ended December 31, 2021, will be filed after the March 31, 2022 deadline.
Guidance, Outlook, and Risks
Management provides no assurance that a change to previously reported financial information will not be required when the Form 10-K is filed. There is a risk that additional material weaknesses may be identified as the internal control assessment is finalized. The Company states it is working diligently to complete the assessment and will file the report as soon as practicable. Forward-looking statements regarding the lack of impact on financial results are based on current expectations and are subject to change.
Investor Verification Checklist
- Verify the exact date of the delayed Form 10-K filing once announced.
- Monitor for any restatements or adjustments to previously reported financial results for the year ended December 31, 2021.
- Review the final Form 10-K for a detailed description of the material weaknesses in the control environment and the remediation plan.
- Confirm that no other material weaknesses are identified during the finalization of the internal control assessment.