Amended Notification That Annual Report Will Be Submitted Late (nt 10-k/a)
May 14 2020 - 1:01PM
Edgar (US Regulatory)
U.S.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
SEC
File Number 000-55915
CUSIP
Number 90118L202
FORM
12b-25
NOTIFICATION
OF LATE FILING
(Check
One):
[X]
Form 10-K
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[ ]
Form 20-F
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[ ]
Form 11-K
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[ ]
Form 10-Q
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[ ]
Form 10-D
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[ ]
Form N-SAR
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For
Period Ended: December 31, 2019
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[ ]
Transition Report on Form 10-K
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[ ]
Transition Report on Form 10-Q
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For the
Transition Period Ended: __________________________
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Nothing
in this Form shall be construed to imply that the Commission has verified any information contained herein.
Part
I - Registrant Information
Full
Name of Registrant: 12 RETECH CORPORATION
Former
Name if Applicable: N/A
Address
of Principal Executive Office (Street and Number)
10785
W. Twain Ave., Suite 210
City,
State and Zip Code
Las
Vegas, NV 89135
Part
II - Rules 12b-25(b) and (c)
If
the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule
12b-25(b), the following should be completed. (Check box if appropriate)
[X]
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(a)
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The
reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
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[X]
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(b)
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The
subject annual report, semi-annual report, or transition report or portion thereof will be filed on or before the fifteenth
calendar day following the prescribed due date; or the subject quarterly report or transition report on Form l0-Q or portion
thereof will be filed on or before the fifth calendar day following the prescribed due date; and
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[ ]
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(c)
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The
accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
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Part
III - Narrative
State
below in reasonable detail the reasons why the Form 10-K, 20-F, 11-K, 10-Q, or N-SAR, or the transition report or portion thereof
could not be filed within the prescribed time period.
The Company is unable to file its Annual Report on Form 10-K for the year
ended December 31, 2019, within the prescribed time period without unreasonable effort or expense. The Company requires additional
time to finalize its financial statements to be filed as part of the 2019 Form 10-K. This filing was strongly impeded by disruptions
to travel, transportation and limited access to facilities, support staff and professional advisors as a result of COVID-19.
As
previously reported on March 16, 2020, the Company operates on three continents, our CEO resides in Hong Kong, where we have offices
and had traveled to mainland China to visit suppliers and while not exhibiting the symptoms of the COVID-19 virus, had been quarantined.
As of May14, 2020 our CEO is blocked from traveling to the United States due to recent travel bans.
We
had been working steadily to complete our filings without his physical presence in our many U.S. operations. Our progress however
was further hampered by U.S. and other world governments “lock down” and “stay at home orders” that were
issued shortly after our March 14, 2020 late filing notice. With the closure of virtually all of our operating companies the Company
has been further hampered by a lack of capital to pay certain needed professionals such as our Auditors and our valuation expert.
These experts are needed to complete our annual audit the purchase accounting requirements around our largest acquisition; Bluwire
Group. Without their services the Company could not complete its 10-K for the period ended December 31, 2019.
With
the help of certain PPP loans (“Payroll Protection Program Loan”) that the Company has been able to qualify for, the
Company is now able to free up other capital being used to maintain key employees to now pay these professionals. These professionals
are now working diligently with our U.S. team to complete the 10-K for the period ended December 31, 2019.
Also
as previously reported our CFO resides in Japan and like our CEO he has been blocked from traveling to the U.S. to assist in the
completion of our required audit.
As
the Company maintains additional offices, operations and subsidiaries in Tokyo, Japan, and New York City, New York US. These areas
are significantly impacted by COVID-19. Business disruptions have continued to affect the availability of our senior personnel,
as previously noted as well as those of our outside professionals necessary to complete our filing in timely fashion.
As
previously reported, the additional time and outside professional expertise is also required for, among other things, the Company
to incorporate the two (2) significant acquisitions it made during fourth quarter 2019 and a potential new acquisition in 2020
being reviewed by our auditor as they are material subsequent events, all requiring to be conformed to U.S. GAAP and requiring
2-year audits of subsidiary past financial results. Also required is an independent third-party valuation to satisfy purchase
accounting requirements. The Company currently expects to file the 2019 Form 10-K on or before May 29, 2020, the prescribed new
SEC Conditional Regulatory Relief deadline due to COVID-19.
Part
IV - Other Information
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(1)
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Name
and telephone number of person to contact in regard to this notification
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ANGELO
PONZETTA
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(530)
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539-4329
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(Name)
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(Area
Code)
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(Telephone
Number)
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(2)
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Have
all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
l2 months (or for such shorter period that the registrant was required to file such reports) been filed? If answer is no,
identify report(s).
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[X]
Yes
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No
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(3)
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Is
it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the subject report or portion thereof?
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[ ]
Yes
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[X]
No
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If
so: attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
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12
RETECH CORPORATION
(Name
of Registrant as specified in charter)
has
caused this notification to be signed on its behalf by the undersigned thereunto duly authorized.
Date: May
14, 2020
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12
RETECH CORPORATION
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By:
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/s/
Angelo Ponzetta
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Angelo Ponzetta
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Chief Executive
Officer
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