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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Blackboxstocks Inc.    BLBX

BLACKBOXSTOCKS INC.

(BLBX)
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BLACKBOXSTOCKS INC. : Other Events (form 8-K)

05/07/2020 | 11:46am EST

Item 8.01 - Other Events.

Reliance on SEC Relief from Filing Requirements

Blackboxstocks, Inc. ("we" or the "Company") is providing an update regarding the timing of the filing of the Company's quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2020 (our "Form 10-Q").

The Securities and Exchange Commission (the "SEC") issued an Order under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions From the Reporting and Proxy Delivery Requirements for Public Companies, dated March 25, 2020 (Release No. 34-88465) (the "Order"), which provides conditional relief to registrants subject to the reporting requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that are unable to meet a filing deadline due to circumstances related to COVID-19.

We have experienced significant disruptions to our business and operations due to circumstances related to COVID-19. In particular, COVID-19 restrictions have limited access to our corporate offices and required our corporate personnel, including our accounting staff and consultants, as well as much of the staff of our independent registered public accounting firm to work remotely. The restrictions have resulted in limited access to the Company's financial records and data and disrupted interactions among the personnel involved in the completion of the Form 10-Q, hindering the Company's ability to gather and vet the information required to prepare and timely file the Form 10-Q. As such, we will require additional time to prepare and finalize our Form 10-Q due to circumstances related to COVID-19.

We expect to file our Form 10-Q by the extended deadline therefor and in any event no later than 45 days after May 15, 2020.



Risk Factors


In light of recent developments relating to the COVID-19 global pandemic, the Company is supplementing "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2019 to present the following risk factor, which should be read in conjunction with the other information presented in the Annual Report on Form 10-K:

The effect of the COVID-19 pandemic, or the perception of its effects, on our operations and the operations of our customers, could have a material adverse effect on our business, financial condition, results of operations, or cash flows.

The World Health Organization has declared the outbreak of COVID-19, or coronavirus, which began in December 2019, a pandemic and the U.S. federal government has declared it a national emergency. Our business and operations could be materially and adversely affected by the effects of COVID-19. The global spread of COVID-19 has already created significant volatility, uncertainty and economic disruption in the markets in which we operate. Governments, public institutions, and other organizations in countries and localities where cases of COVID-19 have been detected are taking certain emergency measures to mitigate its spread, including implementing travel restrictions and closing factories, schools, public buildings, and businesses. While the full impact of this outbreak is not yet known, we are closely monitoring the spread of COVID-19 and continually assessing its potential effects on our business.




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As the result of current restrictions put in place to address COVID-19, we have limited access to our corporate offices, cannot efficiently and fully access our data and records, and our corporate staff is required to work remotely, disrupting interactions among our staff, with our customers and suppliers, and with our accountants, consultants and advisors. The extent to which our results continue to be affected by COVID-19 will largely depend on future developments which cannot be accurately predicted, including the duration and scope of the pandemic, governmental and business responses to the pandemic and the impact on the global economy, our customers' demand for our products and services, and our ability to provide our services, particularly as result of our employees working remotely and/or the closure of certain offices and facilities. While these factors are uncertain, the COVID-19 pandemic or the perception of its effects could continue to have a material adverse effect on our business, financial condition, results of operations, or cash flows.

© Edgar Online, source Glimpses

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