Summary
This 8-K filing from Tesla, Inc. (TSLA), filed on March 11, 2016, addresses an immaterial error discovered in their recently filed Form 10-K for the fiscal year ended December 31, 2015. The error involved an overstatement of the cost and resulting net book value of the Supercharger network. Specifically, the net book value of the Supercharger network as of December 31, 2015, should have been $166.6 million, rather than the previously reported figure. Management has confirmed that this error was confined to a specific section within the "Management’s Discussion and Analysis" (MD&A) and did not affect the company's audited consolidated financial statements or the accompanying notes. Tesla's management has assessed this misstatement as immaterial, meaning it is not significant enough to influence the decisions of investors or users of the financial statements. This filing serves to correct the record in the MD&A section of the 10-K.
Key Highlights
- 1Tesla identified an immaterial error in its 2015 Form 10-K filing.
- 2The error related to an overstatement of the cost and net book value of the Supercharger network.
- 3The corrected net book value of the Supercharger network as of December 31, 2015, is $166.6 million.
- 4The error was limited to a specific section of the Management's Discussion and Analysis (MD&A) part of the 10-K.
- 5The company states the error did not impact the audited consolidated financial statements or their notes.
- 6Management has concluded that the error is immaterial and does not affect the overall financial picture presented.