Tesla Trips Over This Accounting Error
A recently filed document from the U.S. Securities and Exchange Commission shows that Tesla Motors (NASDAQ:TSLA) was unable to file its annual report, or 10-K documents, on time, citing a “probable error in the presentation of certain non-cash items relating to capital expenditures on its consolidated statements of cash flows,” the report read.
The mistake was characterized as “some unpaid capital expenditures in 2011 and 2012 that would be more accurately classified as operating activities, rather than investing activities.” The report clearly stated that the mistake would have zero impact on the previously reported total cash and cash equivalents, consolidated income statements, consolidated balance sheets or free cash flows that were reported and released on February 20.
While the mistake was quite minor and should not have any profound ripple effects, it came at a particularly bad time for the Silicon Valley-based electric vehicle maker — not that there is necessarily ever a good time for accounting errors. The company’s stocks have been sliding since the announcement of a $75 million loss last quarter, and have flatlined at around $35 per share, down from $39.48 on February 7.
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