At the club shareholders' annual meeting, Martin confirmed the late payment but has insisted the club will not look to lower the wage bill as they attempt to try to gain promotion.
He said: "Nobody is more upset than me about the players not being paid on time.
"It isn't always easy to get the £100,000 we need every month to pay them and sometimes things that you're expecting to happen fall through.
"On November 29 a deal fell through that would have secured the wages would have been paid on time up until February.
"I know people say I should plan things better but that isn't always possible.
"I could cut the budget, which is about the sixth highest in League Two, and make it easier but we're an ambitious club who want to move forward.
"We want to get back in to League One and if we do that then our finances will improve."