Business Context and Reporting Period
Company: Flotek Industries, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 29, 2020
Context: The filing addresses a delay in the submission of the Company's Form 11-K regarding the audit of its 401(k) plan, attributed to operational challenges caused by the COVID-19 outbreak.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
The primary material change is the anticipated delay in regulatory compliance. The Company expects to be unable to meet the June 30, 2020 deadline for its Form 11-K filing. This delay is due to difficulties in communication between internal personnel and external advisors, as well as challenges in receiving information from outside vendors during the COVID-19 emergency.
Guidance, Outlook, and Risks
- Regulatory Relief: The Company intends to rely on the SEC order issued on March 25, 2020 (Release No. 34-88465), which grants exemptions related to reporting requirements for certain public companies.
- Expected Filing Date: The Company expects to file the Form 11-K on or around July 31, 2020.
- Risk Factors: The filing incorporates by reference the risk factor included in Item 8.01 of the Company's Current Report on Form 8-K filed on May 7, 2020.
Investor Verification Checklist
- Verify the actual filing date of the Form 11-K to confirm if it was submitted by the expected date of July 31, 2020.
- Review the Form 8-K filed on May 7, 2020, to understand the specific risk factors incorporated by reference.
- Confirm the Company's continued eligibility for the SEC reporting exemptions granted under Release No. 34-88465.