Cantaloupe, Inc. (NASDAQ:CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, today announced that it will not timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (the “Annual Report”).
As reported by the Company on September 14, 2022, in the Form 12b-25 filed with the Securities and Exchange Commission, the Company was unable to file its Form 10-K within the prescribed time period due to management finalizing its assessment of the effectiveness of its internal controls over financial reporting as of June 30, 2022 and the independent registered accounting firm required additional time to complete its audit of the Company’s internal controls over financial reporting.
The Company is continuing to work with its independent registered accounting firm to finalize their related audit procedures, and as such, is not in a position to file the Annual Report within the 15-calendar day extension provided by the 12b-25 filing. The Company anticipates filing its Form 10-K within the next two to three weeks.
Based on progress made to date in the assessments of the effectiveness of internal controls over financial reporting, the Company currently expects to report three material weaknesses in its internal control framework. This includes the design, implementation and operating effectiveness of information technology general controls in the areas of user access, change management and segregation of duties within various systems that support the Company’s accounting and reporting processes, the design, implementation and operating effectiveness of controls over revenue and related accounts, and risk assessment and monitoring activities with respect to identifying and evaluating control deficiencies in a timely manner. The remediation of the identified material weaknesses to date is already underway and the Company will provide more details on the remediation plan in its 10-K filing.
The Company anticipates the 2022 Form 10-K will contain no material changes to the full year of 2022 and fourth quarter of 2022 results announced in its press release dated September 8, 2022.
