Item 8.01 Other Events.
West Coast Ventures Group Corp. (the "Company") will be relying on the
Securities and Exchange Commission's Order under Section 36 of the Securities
Exchange Act of 1934 Granting Exemptions From Specified Provisions of the
Exchange Act and Certain Rules Thereunder dated March 25, 2020 (Release No.
34-88465) (the "Order") to delay the filing of its Annual Report on Form 10-K
for the year ended December 31, 2019 (the "2019 10-K") due to the circumstances
related to COVID-19. In particular, COVID-19 has caused disruptions in our
normal interactions with our auditors. The Company has a small accounting staff
and historically we provided our auditors with full access to work papers and
related information. Because the audit personnel are now working remotely as
much as possible as are our accounting personnel, this has slowed everyone's
workflow and the Company's ability to complete its audit and file the 2019 10-K
prior to its due date is delayed. The Company has had to develop and implement
new policies and procedures for use in all of it restaurants to foster continued
customer confidence when they purchase food from us during this crisis. The
Company has had to develop and implement procedures for "drive through" pick up
orders as none of our restaurants are equipped with drive through windows. We
have expended considerable time and effort developing multiple means to get the
information out to the buying public that all our restaurants are open for
pick-up and delivery orders. Notwithstanding the foregoing, the Company expects
to file the 2019 10-K no later than May 14, 2020 (which is 45 days from the 2019
10-K's original filing deadline of March 30, 2020).
In light of the current COVID-19 pandemic, the Company will be including the
following Risk Factor in its 2019 10-K, as may be updated to reflect subsequent
events impacting the Company:
We are unable to predict the impact of COVID-19 on our Company.
The short term impact of COVID-19 are the result of government directives, first
from the City of Denver, CO, and subsequently from the States of Colorado and
Florida requiring only pick-up and delivery orders of food and beverages. Under
these directives we were required to close our dining areas in all our
restaurants. This has caused a fall-off in business, which has been somewhat
offset by an increase in pick-up and delivery orders. We have been able to keep
our restaurants open for pick-up and delivery orders. This in turn has allowed
us to continue to employ our staff at the restaurants. We intend to continue to
pay our employees through this crisis in the hopes that once the crisis has
passed and we are allowed to return to more normal operations we can do so
quickly by bringing our existing staff back in without having to train a large
number of new staff. Our headquarters staff is beginning to work remotely and we
hope to have them completely up to somewhat of a normal workflow shortly.
We cannot, at this stage, begin to evaluate the long term impacts of COVID-19 on
our Company. We are researching what information that will assist us to evaluate
the long term impacts, but currently there is very little information available.
The National Restaurant Association is providing information on an almost daily
basis, but this is clearly an unprecedented situation.
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