Tesla delays filing annual report on accounting error
(Bloomberg) -- Tesla Motors Inc., the maker of electric vehicles led by billionaire Elon Musk, said it’s delaying the company’s annual report after finding an error related to accounting for capital expenditures.
“A probable error in the presentation of certain non-cash items relating to capital expenditures” on consolidated statements of cash flow was identified in the final review of a Form 10-K scheduled to be completed March 1, the Palo Alto, Calif.-based company said today in a regulatory filing.
The error will have “no impact” on previously reported cash, income statements, balance sheets or free cash flows, Tesla said. Some unpaid capital expenditures from 2011 and 2012 may be reclassified as operating activities rather than investing activities, according to the filing.
Tesla is looking to become profitable this quarter, excluding some costs, as it increases production of the Model S sedan by least 25 percent. The electric-car maker is scheduled to bring out the Model X crossover in 2014.
The company may reclassify about $31 million in cash flow for 2012 and $15 million for 2011, and plans to file the 10-K report no later than March 11, according to today’s filing.Contact Automotive News