SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 12b-25

 

Commission File Number 33-18099-NY

 

NOTIFICATION OF LATE FILING

 

 Form 10-K Form 11-K Form 20-F Form 10-Q
Form N-SAR Form N-CSR    

 

For Period Ended: March 31, 2021

 

Transition Report on Form 10-K Transition Report on Form 10-Q
Transition Report on Form 20-F Transition Report on Form N-SAR

 

For the Transition Period Ended: _______________________________________

 

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates: _______________________________________

 

PART I

REGISTRANT INFORMATION

 

Full name of registrant   Quest Patent Research Corporation
Address of principal executive office city,
state and zip code
 

411 Theodore Fremd Ave., Suite 206S

Rye, NY 10580-1411

 

PART II

RULE 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.)

 

(a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on Form 10-K, 20-F, 11-K or Form 10-Q, 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 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
(c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

 

 

 

PART III

NARRATIVE

 

State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q, N-SAR or the transition report portion thereof could not be filed within the prescribed time period.

 

Because of the lack of resources, the compilation, dissemination and review of the information required to be presented in the Form 10-Q for the quarter ended March 31, 2021, the Company requires additional time to gather information necessary to complete the audit of the financial statements. The Company intends to file the Form 10-Q for the quarter ended March 31, 2021 no later than five days after its original filing date.

 

Part IV

Other Information

 

(1) Name and telephone number of person to contact in regard to this notification

 

Jon C. Scahill, Chief Executive Officer   (888)   743-7577
(Name)   (Area Code)   (Telephone Number)

 

(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).

 

Yes ☐ No

 

(3) 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?

 

Yes ☐ No

 

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.

 

Because of the lack of personnel and resources, the Company requires additional time for the compilation, dissemination and review of the information required to be presented in the Form 10-K for the year ended December 31, 2020. The Company has only one full-time employee – its chief executive officer, and does not have any accounting employees. The Company intends to file the Form 10-Q for the year ended March 31, 2021 no later than five days after its original filing date.

 

On February 22, 2021, the Company entered into agreements relating to a financing facility, and, in connection with the financing facility, the Company issued a warrant to the financing source which warrant is required, under GAAP, to be treated as a liability, which requires a valuation of the liability. The Company is in the process of obtaining a valuation of the liability, which is necessary for the Company to complete its financing statements. Because the Company does not have the valuation, it is not in a position to include in this Form12b-25, an estimate of the results of the Company’s operations for the quarter.

 

Cautionary Note on Forward-Looking Statements

 

This notification contains or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

 

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Quest Patent Research 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 18, 2021 By: /s/ Jon C. Scahill
    Jon C. Scahill, Chief Executive Officer

 

 

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