Filing late would be a rather large mistake IMO.  They need to at least keep up to date on SEC filings, otherwise it sends up a rather large red flag.  I realize companies are late all the time, but that is one thing that potential investors look at early in their DD research.  Companies that are late even occasionally are immediately eliminated from MANY investors radar.  I realize that the main thing here is oil and revenue from oil, but keeping up to date with filings is one variable that the company has complete control of.  When companies are perpetually late, usually a sign of them trying to figure out ways to hide something.  Not saying Treaty is doing that, but filing this 10Q late would push investors and potential investors one step closer to the exits.