Item 8.01. Other Events.
Jialijia Group Corporation Limited (the “Company”)
is providing the following update on the filing of its Form 10-K for the fiscal year ended December 31, 2019. As
a result of the global outbreak of the COVID-19, starting in China at the end of January 2020 and having become a global
pandemic, the Company is unable to meet the filing deadline of the Form 10-K. The Company’s business and principal office
are all located in China. In order to avoid the risk of the virus spreading, the Chinese government required enterprises to delay
the resumption of work and production. Such delay also directly caused a delay in the entry time of the on-site audit by the Company’s
independent public accountant. The Company has been following the recommendations of local health authorities to minimize exposure
risk for its team members for the past several weeks, including the temporary closures of its offices and having team members work
remotely, and, as a result, the Form 10-K will not be completed by the filing deadline, due to insufficient time to facilitate
the internal and external review process.
Such delay also directly caused a delay
in the entry time of the on-site audit by the Company’s independent public accountant, KCCW Accountancy Corp, located in
the State of California, whose staff engaged in the review of the Company’s financial statements and preparation of the accompanying
audit report would no longer be present at the Company’s facilities as a result of the COVID-19 virus.
In accordance with the order (the “Order”) promulgated
by the Securities and Exchange Commission on March 4, 2020 in Release No. 34-88318 relating to the Securities Exchange Act
of 1934, as amended, the Company currently expects to file its Annual Report on Form 10-K approximately 45 days after
March 30, 2020, which shall be no later than May 14, 2020. The Company will evaluate its need for an additional extension
under Rule 12b-25 at that time, as contemplated by the Order.
The Company is supplementing the risk factors explaining the
impact of COVID-19 on its business:
We are susceptible to general economic conditions, natural
catastrophic events and public health crises, which could adversely affect our operating results.
Our operating results will be subject to fluctuations based
on general economic conditions. Deterioration in economic conditions could cause slowdown in the growth of our company and could
negatively impact our results of operations.
Furthermore, our business is subject to the impact of natural
catastrophic events such as earthquakes, floods or power outages, political crises such as terrorism or war, and public health
crises, such as disease outbreaks, epidemics, or pandemics in the U.S. and global economies, our markets and business locations.
Currently, the rapid spread of coronavirus (COVID-19) globally has resulted in increased travel restrictions and
disruption and shutdown of businesses. We may experience impacts from quarantines and market downturns behavior related to
pandemic fears. The extent to which the coronavirus impacts our results will depend on future developments, which are highly uncertain
and will include emerging information concerning the severity of the coronavirus and the actions taken by governments and private
businesses to attempt to contain the coronavirus, but is likely to result in a material adverse impact on our business, results
of operations and financial condition at least for the near term.
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 quarterly and annual statements under the Exchange Act; the expected impact
of the COVID-19 virus outbreak on the Company’s financial reporting capabilities and its operations generally and
the potential impact of such virus on the Company’s customers, distribution partners, advertisers and production facilities
and other third parties. 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 statement except as required by law.