Business
IEH Corporation Provides Update on Completion of Financial Statements and SEC Filings
IEH Corporation Provides Update on Completion of Financial Statements and SEC Filings.
About this update from Ieh Corp.
[{"type":"text","content":"BROOKLYN, NY / ACCESSWIRE / June 24, 2021 / IEH Corporation (OTC PINK:IEHC). IEH Corporation announced today that it does not expect to file its Form 10-K for the fiscal year ended March 31 2021 on a timely basis, as previously anticipated. The report is due under the Securities and Exchange Act of 1934, as amended on June 29, 2021. Further, Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2020, September 31, 2020 and December 31, 2020 have not yet been completed.Dave Offerman, President and CEO of IEH Corporation commented, "We are totally focused on getting current with our SEC filings, and have made great progress towards resolving the related inventory and ERP accounting system issues that have caused the delay in the filing with the Securities and Exchange Commission of our Exchange Act reports over the last year. Once these issues are resolved, we expect to complete the missing filings and once again be current in our reporting obligations. No one wants this fixed more than us, but we want to make sure we get it right.Mr. Offerman continued, "Although we did expect to have this resolved to file our 10-K for the year ended March 31, 2021 on time, the sheer volume of data that we have to sort and filter in order to reconcile our legacy system with our new system has proven quite challenging. At the heart of the issue is how the two disparate systems itemize inventory categories; namely what is considered raw material, work-in-progress (WIP) and finished goods. It is intense, demanding work, requiring a blending of our old ERP system and the new one, as well as discriminating periodic inventory costing from perpetual inventory costing. We have engaged outside resources and focused internal resources to address these subjects appropriately so that we can keep moving forward.Despite these issues, I am happy to confirm our revenue guidance of between 5% to 10% year over year which is fiscal 2021 over fiscal 2020. We have received notification that our $2.1M PPP loan has been fully forgiven, our balance sheet remains strong, and cash is at an all-time high. Although revenues in the current Fiscal '22 are expected to be lower due to the severe retraction in the commercial aviation sector due to COVID, recent upticks in air travel herald an earlier than expected recovery in that industry. It has been ...