ITEM 8.01 OTHER EVENTS.
The Registrant is relying on the Order in connection with the Registrant's
Quarterly Report on Form 10-Q for the period ended
A member of the immediate family of one of the Registrant's key employees contracted COVID-19, resulting in the quarantining of such employees and self-isolation of other employees as a result of unintended exposure to the employee as well as the family member. Additionally, the Registrant and its key employees have been subject to shelter-in-place and local travel restrictions. These absences have created a number of shortages of essential personnel needed to perform various operations for the Registrant including the preparation of the Registrant's financial statements and management report.
Accordingly, in reliance upon the Order, the Registrant expects to file its
Quarterly Report on Form 10-Q no later than 45 days after the due date of filing
of
Pursuant to the Order, following are the Risk Factors disclosing the impact of COVID-19 onto the Registrant's business and operations:
Risks Related to the COVID-19 Pandemic
The recent COVID-19 pandemic may adversely affect our business, results of operations, financial condition, liquidity, and cash flow.
While the impact on our business from the recent outbreak of the COVID-19 is unknown at this time and difficult to predict, various aspects of our business could be adversely affected by it.
As of the date of this report, COVID-19 has been declared a pandemic by the
It is unclear how such restrictions, which will contribute to a general slowdown in the global economy, will affect our business, results of operations, financial condition and our future strategic plans.
The recent COVID-19 pandemic may adversely affect our business, and ability to file timely and accurate financial information.
The recent COVID-19 pandemic may adversely affect our business, and ability to file timely and accurate financial information.
As of the date hereof, COVID-19 has been declared a pandemic by the
Thus far, these restrictions have adversely affected our results of operations
and financial condition. A significant portion of the Registrant's business,
financial and governance operations are contracted with certain independent
contractors and third-parties currently subject to "lock-down" orders or
"shelter in place" recommendations related to the national health crisis created
by the COVID-19 pandemic, including key people responsible for assisting the
Registrant in the development of its financial statements. As a result of the
travel and work restrictions stemming from the COVID-19 pandemic, the Registrant
may be unable to fully review and certify certain financial statements that it
needs to permit the Registrant to file timely and accurate quarterly Reports on
Form 10-Q, including for the quarter ended
The success of our business is dependent on the strength of our relationships with our retailer customers, and reductions in or loss of sales to such customers as a result of COVID-19 could have a material adverse effect on our business and financial performance.
Many of the our major customers have experience a significant downturn in their businesses, including impacts from a downturn in the global economy as a result of COVID-19, and as such customers have reduced or discontinued purchases from us. The loss of any or all of these customers could have a material adverse effect on our sales. Many of our major customers have been forced to close operations for an extended period of time, and we cannot reasonably estimate the length or severity of COVID-19 but it currently anticipates a material adverse impact on its financial position and results of operations during fiscal year 2020.
Risks Related to Securities Markets and Investments in Our Securities
General securities market uncertainties resulting from the COVID-19 pandemic.
Since the outset of the pandemic the US and worldwide national securities markets have undergone unprecedented stress due to the uncertainties of the pandemic and the resulting reactions and outcomes of government, business and the general population. These uncertainties have resulted in declines in all market sectors, increases in volumes due to flight to safety and governmental actions to support the markets. As a result, until the pandemic has stabilized, the markets may not be available to the Registrant for purposes of raising required capital. Should we not be able to obtain financing when required, in the amounts necessary to execute on our plans in full, or on terms which are economically feasible we may be unable to sustain the necessary capital to pursue our strategic plan and may have to reduce the planned future growth and scope of our operations.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements that reflect
the Registrant's current expectation regarding future events. Actual events
could differ materially and substantially from those projected herein and depend
on a number of factors. Certain statements in this release, and other written or
oral statements made by
© Edgar Online, source