Los Alamos, N.M.-based Trinity Capital Corp. reported that it will be unable to file its Form 10-K for the year ended Dec. 31, 2016, on time.

The late filing is due to two reasons. One is that the company has not yet received the final Employee Stock Ownership Plan valuation report from an independent valuation firm tasked to make the valuation determination. Neither the company nor the independent auditor has been able to assess the appropriateness of the valuation.

The other reason is that the company has not completed its reconciliation process about various balance sheet accounts at Dec. 31, 2016. Neither the company nor its independent auditor has completed the necessary review and testing in the area in question.

Trinity Capital anticipates filing the Form 10-K before the 15th calendar day following the prescribed due date.