Item 8.01 Other Events.
Inability to file Quarterly Report on Form 10-Q for the quarter ended
We are unable to file our first quarter Quarterly Report on Form 10-Q by the
original deadline of
We are relying on the
Additional risk factor disclosure
The following are risk factors relating to the global COVID-19 pandemic.
Our operations rely on professionals all over
An outbreak of respiratory illness caused by COVID-19 emerged in
Restrictive measures have been imposed in major cities in the
In the first quarter of 2020, the COVID-19 outbreak has caused disruptions in our operations, which have resulted in delays on exiting projects. A prolonged disruption or any further unforeseen delay in our operations could continue to result in increased costs and reduced revenue.
We cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of its impact. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook for sales, the slowdown in regional and national economic growth, weakened liquidity and financial condition of our customers and vendors or other factors that we cannot foresee. Any of these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause uncertainties, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations.
The outbreak of the coronavirus ("COVID-19") has negatively impacted and could continue to negatively impact the global economy. In addition, the COVID-19 pandemic could disrupt or otherwise negatively impact global credit markets, our operations and our efforts to identify, review and explore alternatives for the Company, including a merger, acquisition, or a business combination.
The significant outbreak of COVID-19 has resulted in a widespread health crisis, which has negatively impacted and could continue to negatively impact the global economy. In addition, the global and regional impact of the outbreak, including official or unofficial quarantines and governmental restrictions on activities taken in response to such event, could have a negative impact on our operations and our ability to identify, review and explore alternatives for the Company. More broadly, the outbreak could potentially lead to an economic downturn that could limit the potential opportunities available to us via merger, acquisition or business combination.
The COVID-19 outbreak could disrupt or otherwise negatively impact credit and equity markets, which could adversely affect the availability and cost of capital. Such impacts could limit our ability to obtain additional funding through various financing transactions or arrangements, including joint venturing of projects, equity or debt financing or other means.
A pandemic typically results in social distancing, travel bans and quarantines,
and this may limit access to our management, support staff, professional
advisors and our independent auditors. These factors, in turn, may not only
impact our operations, financial condition and our overall ability to react
timely to mitigate the impact of this event. Also, it may hamper our efforts to
comply with our filing obligations with the
The extent and potential short and long term impact of the COVID-19 outbreak on our business will depend on future developments, including the duration, severity and spread of the virus, actions that may be taken by governmental authorities and the impact on the financial markets, all of which are highly uncertain and cannot be predicted. These and other potential impacts of an epidemic, pandemic or other health crisis, such as COVID-19, could therefore materially and adversely affect our business, financial condition and results of operations.
© Edgar Online, source