Item 8.01 Other Events.
On March 28, 2022, the Senior Management of Legacy Housing Corporation (the “Company”) commenced an internal review of issues that include, but may not be limited to, certain aspects of the Company's methods of inventory valuation, expensing of costs of inventory and related prepaid inventory and accounts payable. The internal review is ongoing.
Because the internal review referred to above include matters related to accounting for the year ended December 31, 2021, the Company currently does not anticipate that it will be able to file timely its Annual Report on Form 10-K for the year ended December 31, 2021, which has an extended due date of March 31, 2022.
Following the completion of the internal review, the timing of which cannot be estimated, the Company will make a determination regarding whether it will need to revise, correct or restate its financial statements for any previous quarter or fiscal year as well as the timing of filing its Annual Report on Form 10-K for the year ended December 31, 2021.
Forward Looking Statements
Certain statements contained in this report and other materials the Company files with the Securities and Exchange Commission ("SEC"), as well as information included in oral statements or other written statements made or to be made by the Company, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as "may," "will," "could," "should," "anticipate," "believe," "budgeted," "expect," "intend," "plan," "project," "potential," "estimate," "continue," "outlook," "forecast" or "future," variations thereof or other similar statements. Please refer to the Company's Annual Report on Form 10-K for fiscal year ended December 31, 2020 for additional information concerning these and other uncertainties that could negatively impact the Company. The Company assumes no obligation to update or otherwise revise its forward-looking statements, except as required by law.
