UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12b-25
| Commission File Number 1-13776 | |||
| CUSIP Number: 02906V 102 | |||
NOTIFICATION OF LATE FILING
((Check one): o Form 10-K o Form 20-F o Form 11-K x Form 10-Q o Form 10-D o Form N-SAR
o Form N-CSR
For Period Ended: March 31, 2016
o Transition Report on Form 10-K
o Transition Report on Form 20-F
o Transition Report on Form 11-K
o Transition Report on Form 10-Q
o Transition Report on Form N-SAR
For the Transition Period Ended:
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates:
PART I -- REGISTRANT INFORMATION
Full Name of Registrant
AMERICAN POWER GROUP CORPORATION
Former Name if Applicable
N/A
Address of Principal Executive Office (Street and Number)
7 Kimball Lane, Building A
City, State and Zip Code
Lynnfield, Massachusetts 01940
PART II -- RULES 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)
| x | (a) | The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; |
| (b) | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR 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 | |
| (c) | The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. | |
PART III -- NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Additional time is required in order to prepare and file the Registrant’s Form 10Q for the quarter ended March 31, 2016. The Registrant further represents that the Form 10-Q will be filed by no later than the 5th calendar day following the date on which the Form 10-Q was due.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification
| Charles E. Coppa | (781) | 224 - 2411 |
| (Name) | (Area Code) | (Telephone Number) |
(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 x No o
(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 x No o
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.
The Registrant anticipates reporting revenues of approximately $609,000 for the three months ended March 31, 2016, as compared to approximately $474,000 for the three months ended March 31, 2015. The increase was primarily due to increased domestic vehicular revenue. Because the Registrant’s dual fuel technology displaces higher cost diesel fuel with lower cost and cleaner burning natural gas, the recent decrease in oil/diesel pricing has impacted the timing of dealer restocking orders and the implementation schedules of existing and prospective customers in the near term due to the current tighter price spread between diesel and natural gas.
The Registrant anticipates reporting a net loss of approximately $1,487,000 for the three months ended March 31, 2016, as compared to net income of approximately $92,000 for the three months ended March 31, 2015. The results for the three months ended March 31, 2016 and 2015 reflect the inclusion of approximately $7,000 and $1.32 million, respectively, of other non-cash income associated with the revaluation of certain outstanding investor warrants.
As a result of the net losses incurred to date, the Registrant anticipates reporting a net working capital deficit of approximately $825,000 at March 31, 2016 as compared to working capital of approximately $186,000 at March 31, 2015.
American Power Group Corp
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 16, 2016 | By: | /s/ Charles E. Coppa |
| Name: Charles E. Coppa | ||
| Title: Chief Financial Officer | ||