Item 8.01 Other Events
Filing Relief - March 31, 2020 Annual Report on Form 10-K
On March 4, 2020, the U.S. Securities and Exchange Commission (the "SEC") issued
an order (Release No. 34-88318) under Section 36 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), granting exemptions from specified
provisions of the Exchange Act and certain rules thereunder. On March 25, 2020,
the order was modified and superseded by a new SEC order (Release No. 34-88465)
(the "SEC Order"), which provides conditional relief to public companies that
are unable to timely comply with their filing obligations as a result of the
novel coronavirus ("COVID-19") outbreak.
Ammo, Inc. ("Ammo," "we," or "our") is relying on the SEC Order to extend the
filing date of our Annual Report on Form 10-K for the year ended March 31, 2020
(the "Annual Report") due to circumstances related to the COVID-19 outbreak. In
particular, COVID-19 and related precautionary responses have made it more
difficult as the Company's receipt of information from certain third parties
related to the completion of its financials has been delayed and therefore it
has taken us more time, to finish our analysis and compile certain information
necessary to make key assessments and estimates.
Although we can provide no assurance, we presently intend to file our Annual
Report before July 31, 2020, but, in any event, no later than August 13, 2020,
which is 45 days from the Annual Report's original filing deadline of June 29,
2020. If the Annual Report is filed by August 13, 2020, it will be deemed timely
filed by the SEC.
COVID-19 Pandemic Update
In March 2020, the World Health Organization declared the outbreak of
coronavirus COVID-19 ("COVID-19") a global pandemic. The responses by federal,
state and local governments to restrict public gatherings and travel rapidly
grew to include stay-at-home orders, school closures and mandatory restrictions
on non-essential businesses and services that has adversely affected workforces,
economies, and financial markets resulting in a significant economic downturn.
While the majority of operations have continued as they have been deemed
essential businesses, we have experienced some disruptions administratively,
specifically, (a) the Company's receipt of information from certain third
parties related to the completion of its financials has been delayed, and (b)
certain of the Company's personnel responsible for is financial reporting
function, including our independent auditors, have been adversely affected by
business closures and travel restrictions as a result the virus.
While this disruption is currently expected to be temporary, there is
considerable uncertainty around the duration. We are actively monitoring the
COVID-19 situation and its impact in the markets we serve. We are taking all
precautionary measures as directed by health authorities and local and national
governments. Due to continuing uncertainties regarding the ultimate scope and
trajectory of COVID-19's spread and evolution, it is impossible to predict the
total impact that the pandemic will have on our business. If public and private
entities continue to implement restrictive measures, the material adverse effect
on our business, results of operations, financial condition and cash flows could
persist.
Forward-Looking Statements
Statements used in this Current Report on Form 8-K that relate to future plans,
events, financial results, prospects or performance are forward-looking
statements as defined under the Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those anticipated as a result of
certain risks and uncertainties, including but not limited to the effects of
COVID-19, adverse economic conditions, and other risks and uncertainties
detailed from time to time in Ammo's reports on Forms 10-K, 10-Q, 8-K and other
filings filed with or furnished to the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Ammo undertakes no
obligation to update or revise any forward-looking statements to reflect new
information, changed circumstances or unanticipated events.
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