Current Report Filing (8-k)
May 15 2020 - 06:16AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): May 14, 2020
WEST COAST
VENTURES GROUP CORP.
(Exact Name of Registrant as
Specified in Charter)
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Nevada
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000-54948
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99-0377575
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(State or
Other Jurisdiction
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(Commission
File
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(IRS
Employer
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of
Incorporation)
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Number)
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Identification No.)
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6610 Holman St., Unit
301
Arvada, CO 80004
(Address of Principal
Executive Offices)
Registrant’s telephone number,
including area code: 303-537-7022
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Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following
provisions:
☐ .Written
communications pursuant to Rule 425 under the Securities
Act
☐ . Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
☐ . Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
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Securities registered pursuant to Section
12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on
which registered
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none
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N/A
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N/A
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Indicate by check mark
whether the registrant is an emerging growth company as defined in
Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of
this chapter).
Emerging growth company [X]
If an emerging growth
company, indicate by checkmark if the registrant has elected not to
use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act. [ ]
West Coast
Ventures Group Corp. (the “Company”) is providing the following
update on its business operations. As result of the global outbreak
of the COVID-19 virus, on May 14, 2020 the Company evaluated its
ongoing effort to prepare and file its Quarterly Report on Form
10-Q for the three months ended March 31, 2020 (the “March 2020
10-Q”).
Certain
Company officers and management, as well as professional staff and
consultants, are unable to conduct work required to prepare our
financial report for the three month period ended March 31, 2020.
As a result, the Company expects to be unable to compile and review
certain information required in order to permit the Company to file
a timely and accurate March 2020 10-Q by the prescribed date
without unreasonable effort or expense due to circumstances related
to COVID-19.
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 March 2020 10-Q
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 financial statements and obtain the necessary consent
from the Company’s auditors in order to file the March 2020 10-Q
prior to its due date. 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
March 2020 10-Q no later than June 30, 2020 (which is 45 days from
the March 2020 10-Q’s original filing deadline of May 15,
2020).
In light of
the current COVID-19 pandemic, the Company will be including the
following Risk Factor in its March 2020 10-Q, 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.
Cautionary Note Regarding
Forward-Looking Statements
This Current Report on Form
8-K contains statements as to the Company’s beliefs and
expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Examples of these statements include, but are not limited
to, statements regarding the anticipated impact of the COVID-19
outbreak on travel and physical locations, the anticipated impact
of such outbreak on our results of operations, and possible effect
of the continued closure orders and other restrictions placed on
restaurants and the food service industry on our overall revenues.
These forward- looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the statements made. These risks and uncertainties include,
but are not limited to, the effects of the COVID- 19 outbreak. The
duration of the COVID-19 outbreak and severity of such outbreak;
the pace of recovery following the COVID-19 outbreak; the effect on
our customers and suppliers; our ability to implement cost
containment and business recovery strategies; and, the adverse
effects of the COVID-19 outbreak on our business or the market
price of our common stock and the risk factors described in our
Annual Report on Form 10-K for the year ended December 31, 2018,
and our subsequent filings with the U.S. Securities and Exchange
Commission, including subsequent quarterly reports on Forms 10-Q
and current reports on Form 8-K, are uncertain. Except as required
by law, the Company does not undertake any obligation to release
publicly any revisions to forward-looking statements made by it to
reflect events or circumstances occurring after the date hereof or
the occurrence of unanticipated events.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEST COAST VENTURES GROUP
CORP.
Date: May 15,
2020
By:
/s/ James M. Nixon
James M. Nixon, Chief Executive Officer & President