Item
8.01 Other Events
Inability
to timely file Annual Report on Form 10-K for the fiscal year ended December 31, 2019 due to circumstances related to COVID-19
The
Company will not be able to file its 2019 Annual Report on Form 10-K by the original deadline of March 30, 2020 due to circumstances
related to COVID-19. The Company’s operations in China and the U.S. have been seriously impacted by the COVID-19 epidemic.
As a result, the Company and its professional advisors will not be able to complete the preparation of the Company’s consolidated
financial statements and the Form 10-K until after March 30, 2020. The Company is relying on the SEC order dated March 4, 2020
(Release No. 34-88318) to extend the due date for the filing of its Form 10-K until May 14, 2020 (45 days after the original due
date). The Company will work diligently to comply with such requirement and, at this time, management believes that it will need
the entire available extension period.
Additional
Risk Factor Disclosure
An
occurrence of an uncontrollable event such as the COVID-19 pandemic is likely to negatively affect our operations.
The
occurrence of an uncontrollable event such as the COVID-19 pandemic is likely to negatively affect our operations. A pandemic
typically results in social distancing, travel bans and quarantine, and this has limited access to our facilities, customers,
management, support staff and professional advisors. These, in turn, will not only impact our operations, financial condition
and demand for our goods and services but our overall ability to react timely to mitigate the impact of this event. Also, it will
substantially hamper our efforts to provide our investors with timely information and comply with our filing obligations with
the Securities and Exchange Commission.
Forward
Looking Statements
Certain
of the statements contained in this report should be considered forward-looking statements within the meaning of the
Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may
be identified by words such as “may,” “will,” “expect,” “intend,”
“anticipate,” “believe,” “estimate,” “plan,” “project,”
“could,” “should,” “would,” “continue,” “seek,”
“target,” “guidance,” “outlook,” “if current trends continue,”
“optimistic,” “forecast” and other similar words. Such statements include, but are not limited to,
statements about the Company’s plans, objectives, expectations, intentions, estimates and strategies for the future,
and other statements that are not historical facts. These forward-looking statements are based on the Company’s current
objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual
results and financial position and timing of certain events to differ materially from the information in the forward looking
statements. There may be other factors of which the Company is not currently aware that may affect matters discussed in the
forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the
consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and
operating results of our company in particular have been material, are changing rapidly, and cannot be predicted. The Company
does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results,
changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law.
Any forward looking statements speak only as of the date hereof or as of the dates indicated in the statement.