Item 8.01 - Other Events
Notice of Late Filing Of 2020 Year End
Petrogress, Inc. (the "Company") previously announced that it expected to file
its Annual Report on Form 10-K for the year ended December 31, 2020 ("Annual
Report") within the extension period afforded by Rule 12-b-25. However, and
despite the efforts of management, the Company is unable to file the Annual
Report by April 15, 2021 due to unanticipated delays in assembling all
information required to prepare and be included in the Annual Report, including
without limitation the Company's audited financial statements for its fiscal
year ended December 31, 2020. These delays primarily are related to COVID-19
restrictions and lockdown periods imposed for the last five months in the
countries where the Company conducts its operations. The Company primarily
conducts its business operations from four countries; Greece, Cyprus, Ghana and
Nigeria. Following the public health orders and guidelines issued by local
authorities, the offices in Greece, Cyprus and Ghana were closed and remained
closed as a result of the outbreak until late March 2021. The Company is
optimistic that the audit of the Company's financial statements will be
completed in the next few weeks and the Annual Report will be filed with the
U.S. Securities and Exchange Commission by May 10, 2021.
The Company expects to report a net loss of approximately $2,666,788 for its
fiscal year ended December 31, 2020, as compared to $1,087,763 for the prior
year. For the year ended December 31, 2020, the Company expects to report total
revenue of approximately $8,345,000, as compared to $8,582,943 for the prior
year, representing a decrease of approximately $237,000. The Company also
expects to report approximately $4,406,000 in costs of goods sold for the 2020
fiscal year, as compared to $6,741,221 in 2019, representing a decrease of
approximately $2,334,000. For the year ended December 31, 2020, the Company
expects to report operating expenses totaling approximately $6,990,000, compared
to $2,384,931 for the same period in 2019, representing an increase of
$4,606,000.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. All
statements that address operating performance, events or developments that the
Company expects or anticipates will occur in the future are forward-looking
statements. These forward-looking statements are based on management's beliefs
and assumptions and on information currently available to the Company's
management. The Company's management believes that these forward-looking
statements are reasonable as and when made. However, you should not place undue
reliance on any such forward-looking statements because such statements speak
only as of the date when made. The Company does not undertake any obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law. In
addition, forward-looking statements are subject to certain risks and
uncertainties that could cause actual results, events and developments to differ
materially from the registrant's historical experience and its present
expectations or projections. These risks and uncertainties include, but are not
limited to, those described from time to time in other reports which we file
with the U.S. Securities and Exchange Commission, and other risks and
uncertainties including, without limitation, disclosures to be made in the
Company's Annual Report and the possibility that actual net loss, revenue,
and/or expenses for the year ended December 31, 2020 are different from the
estimates provided herein.
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