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DubLi SEC Filing Delay

February 19, 2010

Two days ago, DubLi informed the SEC its financial filing due this week will be delayed.  This, according to Investopedia and others in the know, is a normal occurrence:

“The form 10-Q is required to be filed within 45 days following the end of each of a company’s first three fiscal quarters. If the 10-Q cannot be filed in a timely manner, the company must file a Form 10-QT with the commission. A very common reason for an NT 10-Q is a merger or acquisition, which prevents results from being incorporated in time for the filing. The SEC provides for “unreasonable effort and expense”, with explanation, as part of the application for relief.”

The SEC rule says:

“The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date …”

And the official statement from DubLi says:

“The registrant is unable to file its Form 10-Q Report for the period ended December 31, 2009 as a result of the recent effective change of control on October 19, 2009 pursuant to the completion of a merger agreement dated August 10, 2009. Due to the complexity the registrant has not yet completed the information required to be included in the Form 10-Q Report. Such information is being assimilated and the Report will be filed within the required period.”

The guess is that DubLi has another 10 days to file, so we’re looking at next week.

Thanks to Joe C. for his expertise on this!
JC

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