RedEnvelope Inc. will delay filing its annual report on Form 10-K for the fiscal year ended April 3 in order to complete a review of a $2.2 million accounts payable liability it believes to be overstated.
Specifically, the San Francisco firm filed Wednesday with the Securities and Exchange Commission to extend the filing date for for the fiscal year ended April 3. RedEnvelope now expects to file on or before July 20.
The online giftware marketer believes the required adjustments will likely decrease its cost of sales, increase its gross margin and decrease its net loss for the affected periods.
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