Solitron Devices Inc NT 10-Q, filed Jul 14, 2021
Solitron Devices Inc (SODI)
NT 10-Q
2021-07-14
For: 2021-05-31
View Original
Added on
October 17, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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SEC FILE NUMBER
001-04978
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Washington, D.C. 20549
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CUSIP NUMBER
834256208
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FORM 12b-25
NOTIFICATION OF LATE FILING
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(Check one):
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☐ Form
10-K
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☐ Form
20-F
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☐ Form
11-K
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☒ Form
10-Q
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☐ Form
10-D
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☐ Form
N-CEN
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☐ Form
N-CSR
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For Period Ended:
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MAY 31,
2021
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☐ Transition Report on Form 10-K
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☐ Transition Report
on Form 20-F
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☐ Transition Report
on Form 11-K
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☐ Transition Report
on Form 10-Q
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For the Transition Period Ended:
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Read Instruction (on back page) Before Preparing Form. Please Print
or Type.
Nothing in this form shall be construed to imply that the
Commission has verified any information contained
herein.
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If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification
relates:
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PART I -- REGISTRANT INFORMATION
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Solitron Devices, Inc.
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Full Name of Registrant
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Former Name if Applicable
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3301 Electronics Way
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Address of Principal Executive Office (Street and
Number)
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West Palm Beach, Florida 33407
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City, State and Zip Code
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PART II -- RULE 12b-25(b) AND (c)
If the
subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b),
the following should be completed. (Check box if
appropriate)
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(a)
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The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or
expense;
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☒
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(b)
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The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 11-K, Form N-CEN 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
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(c)
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The accountant’s statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
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PART
III -- NARRATIVE
State
below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D,
N-CEN, N-CSR, or the transition report or portion thereof, could
not be filed within the prescribed time period.
Solitron
Devices, Inc. (the "Company") previously planned to file its
Quarterly Report on Form 10-Q for the fiscal quarter ended May 31,
2021 (the "Quarterly Report") by July 15, 2021.
The
Company is unable to timely file its Quarterly Report by the July
15, 2021 deadline due to (i) the delay in completing the Form 10-K
for the year ended February 28, 2021 which was filed with the SEC
on June 21, 2021, (ii) the manual nature of the Company's data and
documentation, and (iii) the impact of the COVID-19 pandemic
relating to personnel working on site and other pandemic related
disruptions.
As a
result, the Company is unable to file its Quarterly Report in a
timely manner without unreasonable effort or expense. The Company
continues to work with the goal of filing the Quarterly Report
within the five day extension period provided by Securities
Exchange Act Rule 12b-25.
PART IV -- OTHER INFORMATION
(1)
Name
and telephone number of person to contact in regard to this
notification
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TIM ERIKSEN
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(561)
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848-4311
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(Name)
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(Area Code)
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(Telephone Number)
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(2)
Have
all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such
report(s) been filed ? If answer is no, identify
report(s).
☒ Yes ☐ No
(3)
Is
it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof?
☒ Yes ☐ No
If
so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be
made.
Preliminary unaudited net sales for the first quarter of fiscal
2022 were approximately $3.61 million versus $2.50 million in the
first quarter of fiscal 2021. Cost of sales were $1.95
million in the fiscal 2022 first quarter versus $1.64 million in
the fiscal first quarter of 2021. Selling, general and
administrative expenses were approximately $0.71 million for fiscal
2021 versus $0.49 million for fiscal 2020. Operating income
was $0.95 million in the fiscal first quarter of 2022 versus $0.37
million in the first quarter of fiscal 2021. Other
income for the first quarter of fiscal 2022 was $77,000 versus a
loss of ($1,000) for the first quarter of fiscal
2021. Preliminary net income for the first quarter of
fiscal 2022 is $1,027,000 or $0.47 per share, versus $369,000 or
$0.18 per share.
SOLITRON DEVICES, INC.
(Name
of Registrant as Specified in Charter)
has
caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
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Date
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July 14, 2021
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By
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/s/ Tim Eriksen
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TIM ERIKSEN
CHIEF EXECUTIVE OFFICER
AND INTERIM CHIEF FINANCIAL OFFICER
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