Better late than never.
Trust me, it's true. Only in exceptional cases is it better to not do something at all rather than do it late. Once again, trust me on this one, school projects are not the exception to this rule. Teachers are glad to recieve work at any time. Sure, only if you give things in on time are you a really good stdent, but if you couldn't achieve that, would you rather be a student that has potential but is not using it to the maximum, or the demotivated student who doesn't give a rat's tail for school? I'd pick the former, and I know a teacher prefers that too.