A. An application by a corporation, firm, or person for an extension of the time within which a report is or may be required to be filed with the Commission, shall be in writing, filed before the expiration of the period, the extension of which is deemed necessary, and shall state in detail:
(1) What, if any, effort has been made by the applicant to prepare the report;
(2) Any facts tending to show why the report cannot be made and filed within the time prescribed;
(3) Any other facts which may make an extension of time necessary or proper; and
(4) The further period of time deemed necessary by the applicant within which to make and file the report.
B. The Commission may hold a hearing on the petition, and in that event the applicant shall attend, and produce such witnesses and documents relative to its request as the Commission shall require.