Item 8.01. Other Information
Due to the outbreak of, and local, state and federal governmental responses to,
the COVID-19 coronavirus pandemic,
The Company's operations and business have experienced disruptions due to the
unprecedented conditions surrounding the COVID-19 pandemic spreading throughout
As such, the Company will be relying on the Order and will be making use of the
45-day grace period provided by the Order to delay filing of its Annual Report.
The Company plans to file its Annual Report by no later than
The Company is supplementing its risk factors previously disclosed in the
Company's Annual Report on Form 10-K for the year ended
An occurrence of an uncontrollable event such as the COVID-19 pandemic is likely to negatively affect, and has to date negatively affected, our operations.
The occurrence of an uncontrollable event such as the COVID-19 pandemic is likely to negatively affect our operations. A pandemic typically results in social distancing, travel bans and quarantine, and the effects of, and response to, the COVID-19 pandemic has limited access to our facilities, customers, management, support staff and professional advisors. These, in turn, have not only negatively impacted our operations, financial condition and demand for our services, but our overall ability to react timely to mitigate the impact of this event. We anticipate that our first quarter and second quarter 2020 financial results, at a minimum, will be significantly negatively affected by COVID-19; however, the full effect on our business and operation is currently unknown.
Our business may suffer from the severity or longevity of the Coronavirus/COVID-19 Global Outbreak
The demand for our Touchpoint services relies upon, among other things, our customers being able to, and being willing to, on occasions, meet with our staff to understand the ways in which our streaming services through a fully designed app can offer up revenue generating opportunities for the customer. Economic recessions, including those brought on by the COVID-19 Outbreak may have a negative effect on the demand for our services and our operating results. All of the above may be exacerbated in the future as the COVID-19 Outbreak and the governmental responses thereto continues. All of the above may in the future cause, and have to date caused, a material adverse effect on our operating results.
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements contained in this report should be considered
forward-looking statements. These forward-looking statements may be identified
by words such as "may," "will," "expect," "intend," "anticipate," "believe,"
"estimate," "plan," "project," "could," "should," "would," "continue," "seek,"
"target," "guidance," "outlook," "if current trends continue," "optimistic,"
"forecast" and other similar words. Such statements include, but are not limited
to, statements about the Company's plans, objectives, expectations, intentions,
estimates and strategies for the future, and other statements that are not
historical facts. These forward-looking statements are based on the Company's
current objectives, beliefs and expectations, and they are subject to
significant risks and uncertainties that may cause actual results and financial
position and timing of certain events to differ materially from the information
in the forward-looking statements. These risks and uncertainties include, but
are not limited to, those set forth in the Company's Annual Report on Form 10-K
for the year ended
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