ITEM
8.01. OTHER EVENTS.
Inability to file Quarterly Report on Form
10-Q for the quarter ended March 31, 2020 by the original deadline of May 15, 2020 due to circumstances related to COVID-19.
Luboa Group, Inc. (the “Company”)
will be unable to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “10-Q”) by May 15,
2020 due to circumstances related to COVID-19. The Company is relying on the SEC order under Section 36 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), dated March 25, 2020 (Release No. 34-88465) to extend the due date for
the filing of the 10-Q. The Company expects to file the 10-Q on or before June 29, 2020 (45 days after the original due date).
The Company is unable to file the 10-Q by its
original due date as a result of disruptions caused by the COVID-19 pandemic. All of the Company’s operating subsidiaries,
employees, facilities and customers are located in China which has been affected by the outbreak of COVID-19 since December 2019.
Although the Company has gradually resumed operations since late March, due to the impacts of COVID-19, the audit of the Company’s
financial statements for the year ended December 31, 2019 was just recently completed. As a result, the preparation and review
of the Company’s financial statements for the quarter ended March 31, 2020 will not be completed by May 15, 2020 without
undue hardship and expense to the Company.
Below is a risk factor regarding COVID -19
that the Company’s stockholders and potential investors should consider with respect to the quarter ended March 31, 2020.
Our business operations have been and may continue to be materially
and adversely affected by the outbreak of the coronavirus (COVID-19).
An outbreak of respiratory illness caused by
COVID-19 emerged in late 2019 and has spread within the PRC and globally. The coronavirus is considered to be highly contagious
and poses a serious public health threat. The World Health Organization labeled the coronavirus a pandemic on March 11, 2020, given
its threat beyond a public health emergency of international concern the organization had declared on January 30, 2020.
Any outbreak of health epidemics or other outbreaks
of diseases in the PRC or elsewhere in the world may materially and adversely affect the global economy, our markets and our business.
We are a start-up e-commerce company with both an online platform and offline franchise stores. Since late January, the COVID-19
pandemic has significantly reduced customer visits and spending in our offline stores and delayed the full launch and normal operations
of our e-commerce platform. Although the Chinese government has lifted quarantines and lockdowns since late March, various restrictions
and the fear of new outbreaks continue to limit the recovery of our business and customer demand for our products and services.
The duration and intensity of disruptions resulting
from the coronavirus outbreak is uncertain. It is unclear as to when the outbreak will be fully contained, and we also cannot predict
if the impact will be short-lived or long-lasting. The extent to which the coronavirus impacts our financial results
will depend on its future developments. If the outbreak of the coronavirus persists, our business operation and financial condition
may be further materially and adversely affected as a result of economic slowdowns, operation disruptions or other factors that
we cannot predict.
***
Forward-Looking
Statements
Statements in this Current
Report on Form 8-K are “forward-looking statements” as the term is defined under applicable securities laws.
These statements include the anticipated timing of the filing of Company’s 10-Q under the Exchange Act, the expected impact
of the COVID-19 outbreak on the Company’s financial reporting capabilities and its operations generally, and the
potential adverse effects of such pandemic on the overall business environment. These and other forward-looking statements are
subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements. Such
risks and uncertainties are, in many instances, beyond the Company’s control. Forward-looking statements, which are presented
as of the date of this filing, will not be updated to reflect events or circumstances after the date of this report except as required
by law.