Item 3.02 Unregistered Sales of
On
All of the Subject Shares were issued with a restricted securities legend
pursuant to the claim of exemption provided by Section 4(a)(1) of the Securities
Act of 1933, as amended (the "1933 Act"). We did not incur any fees to any
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Each person who is to receive any of the Subject Shares duly executed a
subscription agreement confirming that: (1) they understood that the Subject
Shares are restricted securities; (2) they were acquiring the Subject Shares for
investment purposes only and not with a view to any re-sale or distribution; (3)
they received and reviewed certain of the Company's periodic reports as filed
with the
We did not use or employ any
RISK FACTORS
The reader of this Form 8-K is reminded that they will need to review and evaluate the risks and uncertainties that are listed and presented in Item 1A of our 2020 Annual Report on Form 10-K. We are a small public company with limited financial and managerial resources and any person who acquires our Common Stock, our Preferred Stock, or any debt instrument that we have issued should understand that our securities are "HIGH RISK" investments suitable only for those persons who can accept the total loss of their investment.
In addition, any person who acquires or seeks to acquire our Common Stock should
know that on
We are disappointed by this trading suspension and while we are hopeful that we
may be able to resolve any matters that resulted in the trading suspension, we
have not yet had any discussions with the staff at the
We are a small company and due to our state of insolvency, we may not be able to undertake and obtain the funds needed to undertake the necessary and customary steps needed to successfully regain tradability of our Common Stock. For these and other reasons, any person who acquires our Common Stock, our Preferred Stock, or any of our debt instruments should be prepared to lose their entire investment.
As we have said previously, our stockholders are reminded that our business strategy involves significant risks and uncertainties over which we have little or no control. These risks and uncertainties are far higher today given the current uncertain environment of the COVID-19 and the global pandemic and we do not anticipate that these risks and uncertainties will decline in any material respect at any time in the foreseeable future.
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