the 10-k is an accounting/auditing thing.
Just because the accounting language and gathering of financial info isn't being done on time doesn't mean that the company is ran by amateurs.
What it most likely means is they are busy and the auditors aren't as diligent as they should be.
Trust me, I've been in the business of auditing this shit. MANY times, we've had clients get swamped with work and their accounting people end up helping the other branches of the company (yes, even sales). The auditors then can't get any substance from the company to move forward with the audit. Eventually, the deadline is way past due, banks are calling, investors are calling and they have to sacrifice some things to get the financials out the door. This is most likely what's happening now.
The clients that I can remember having this problem were the fast growing clients. They don't have a lot of employees like the multi-billion dollar companies where they can devote a whole branch to accounting only, this company has a market cap of just below $1mm give them a break.
