SACM was delinquent in filing its 10Q, which was due Monday. Finally, on Tuesday, a day late, they filed an NT-10Q.
It gives the following reason for the delay, and then mysteriously says that they think they should be able to file the 10Q on time.
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
During the quarter ended March 31, 1999, the registrant entered into a
number of license agreements pursuant to which it has licensed its technology to
various original equipment manufacturers. The registrant is evaluating the
proper accounting treatment applicable to these license agreements particularly
with respect to revenue recognition. Management believes it will be able to
resolve these issues in order to timely file its quarterly report on Form 10-QSB
for the quarter ended March 31, 1999. |
