Item 8.01 Other Events.
As a result of the COVID-19 outbreak and the chain reactions it has caused
throughout the world, the Company has been adversely affected due to its
location and inability to work as normal. This has affected the efficiency of
the Company's annual audit and the overall timeline of the Company's preparation
of the 10-K to be filed with the
The Company has attempted to take measures to overcome the adverse impact
derived from the COVID-19 outbreak related to the annual audit and filing of the
10-K. To the best of the Company's knowledge, despite the challenge of the slow
recovery to normal operations under various restrictions, the Company believes
that it will be able to complete the annual audit and file the 10-K within the
additional 45 days granted by the Order on or before
The Company supplements the following risk factor due to the uncertainty of the COVID-19 outbreak:
The current phase of the Company's business plan requires the investment of additional capital to support the preservation and improvement of assets which are critical to the Company maintaining its value for stockholders and ensuring continued performance. The impact of COVID-19 on investors has been significant and therefore has a direct effect on the Company at this time.
The Company currently requires the investment of additional capital. Efforts to raise such capital have been hampered due to the impact of COVID-19, which includes the fact that the capital markets have been extremely unpredictable and volatile, causing some potential investors to refrain from making any new investments. Given the uncertainty of the nation's and the world's economy for the near-term, some potential investors have been reluctant to risk any cash.
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