The Company is relying on the order issued on March 4, 2020, by the U.S. Securities and Exchange Commission (Release No. 34-88318) to extend the filing date of the Companys Annual Report on Form 10-K for the year ended December 31, 2019. The order provides public companies with up to an additional 45 days to file with the Securities and Exchange Commission reports under the Securities Exchange Act of 1934, as amended, including Annual Reports on Form 10-K, if the company is unable to meet the filing deadline due to circumstances relating to the novel coronavirus, COVID-19.
The Companys operations and business have been disrupted due to the unprecedented conditions and travel restrictions surrounding the COVID-19 pandemic spreading throughout the United States. These disruptions have resulted in limited access to the Companys facilities and have interfered with managements ability to work with its independent accountants, professional advisors and support staff in order to complete the Companys financial statements and related disclosures that will be included in the Companys Form 10-K. Notwithstanding the foregoing, the Company expects to file its Form 10-K for the year ended December 31, 2019, no later than May 14, 2020, which is 45 days from the original filing deadline of March 30, 2020, for such Form 10-K.
The Company is also supplementing the risk factors previously disclosed in the Companys Annual Report on Form 10-K for the year ended December 31, 2018, and its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, with the following risk factor regarding the impact of COVID-19 on the Companys business:
The Companys business, results of operations and financial condition may be adversely affected by pandemic infectious diseases, particularly the novel coronavirus strain known as COVID-19.
Pandemic infectious diseases, such as the current COVID-19 strain, may adversely impact the Companys business, consolidated results of operations and financial condition. The global spread of COVID-19 has created significant volatility and uncertainty and economic disruption. The extent to which COVID-19 impacts the Companys business, operations and financial results will depend on numerous evolving factors that the Company may not be able to accurately predict, including: the duration and scope of the pandemic; governmental, business and individuals actions that have been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response; the effect on the Companys customers and customer demand for the Companys services, products and solutions; the Companys ability to sell and provide its services and solutions, including as a result of travel restrictions and people working from home; the ability of the Companys customers to pay for the Companys services and solutions; and any closures of the Companys offices and the offices and facilities of the Companys customers. COVID-19, as well as measures taken by governmental authorities to limit the spread of this virus, may interfere with the ability of the Companys employees, suppliers, and other business providers to carry out their assigned tasks or supply materials or services at ordinary levels of performance relative to the requirements of the Companys business, which may cause the Company to materially curtail certain of its business operations. Any of these events could materially adversely affect the Companys business, financial condition, results of operations and/or stock price
Cautionary Note Regarding Forward-Looking Statements
This Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements relating to the following: the expected timing of the filing of the Companys Form 10-K for the fiscal year ended December 31, 2019, and the potential impacts on the Companys business, financial, condition, results of operations and/or stock price of the novel coronavirus, COVID-19. Any statements that are not statements of historical fact, such as the statements described above, should be considered forward-looking statements. Some of these statements may be identified by the use of the words may, will, believes, plans, anticipates, expects and similar expressions. The Company has based these forward-looking statements on current expectations and projections about future events as of the date of this Form 8-K. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those factors described from time to time in the Companys most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q under the heading Risk Factors and in subsequent filings with the Securities and Exchange Commission. General Cannabis undertakes no duty to update any forward-looking statements made herein.