ZZLL Information Technology, Inc. Contemplates Bankruptcy
August 17, 2020 at 09:30 am IST
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ZZLL Information Technology, Inc.is contemplating filing for bankruptcy, as of August 17, 2020. According to SEC filing, Company said that in connection with its December 31, 2019 financial statement, the auditors of the Company expressed an opinion that due to recurring losses from operations and an accumulated deficit, there is substantial doubt about the Company’s ability to continue as a going concern. Current cash level raises substantial doubt about the ability of the Company to continue as a going concern substantially beyond the end of 2021. The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may be dependent upon the continuing financial support of investors, directors and/or shareholders of the Company. If the Company do not reach operating profitability or obtain additional capital by such time, the Company may no longer be able to continue as a going concern and may cease operation or seek bankruptcy protection.
ZZLL Information Technology, Inc., formerly Green Standard Technologies, Inc., operates through its subsidiaries, including Olive Oils Direct International, Inc. (OODI), Syndicore Asia Limited (SAL) and Green Standard Technologies Enterprises, Inc. (GSTEI). OODI is a development-stage company that plans to develop and operate a retail Internet Website specializing in gourmet Italian food products. OODI is developing an e-commerce Website, www.OliveOilsDirect.com, to sell products inventoried by OliveOilsDirect.com and products offered by other retailers. SAL is an online media company that syndicates professional sports video in a cloud-based, multimedia conduit for content creators, news outlets and brands. The Company's second line of business is carried out by GSTEI, which is in the medical and recreation marijuana industry.