Item
8.01 Other Events.
Ozop
Surgical Corp.. (the “Company”) is filing this Current Report on Form 8-K as a condition to seeking relief provided
by the Securities and Exchange Commission Order under Section 36 of the Securities and Exchange Act of 1934, as amended (the “Exchange
Act”), granting exemptions from specified provisions of the Exchange Act, as set forth in SEC Release No. 34-88318 (the
“Order”). By filing this Current Report on Form 8-K, the Company is relying on the Order to receive an additional
45 days to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “10-K”). The 10-K
would have been due on March 30, 2020. With this extension the Company expects to file the 10-K on or before May 14, 2020.
As
a result of the COVID-19 outbreak and the chain reactions it has caused throughout the world, the Company has been adversely affected
due to its location and inability to work as normal. This has affected the efficiency of the Company’s annual audit and
the overall timeline of the Company’s preparation of the 10-K to be filed with the SEC.
The
Company has attempted to take measures to overcome the adverse impact derived from the COVID-19 outbreak related to the annual
audit and filing of the 10-K. To the best of the Company’s knowledge, despite the challenge of the slow recovery to normal
operations under various restrictions, the Company believes that it will be able to complete the annual audit and file the 10-K
within the additional 45 days granted by the Order on or before May 14, 2020.
The
Company supplements the following risk factor due to the uncertainty of the COVID-19 outbreak:
We
are susceptible to general economic conditions, natural catastrophic events and public health crises, and a potential downturn
in advertising and marketing spending by advertisers could adversely affect our operating results in the near future.
Our
business is subject to the impact of natural catastrophic events, such as earthquakes, or floods, public health crisis, such as
disease outbreaks, epidemics, or pandemics, and all these could result in a decrease or sharp downturn of economies, including
our markets and business locations in the current and future periods. The outbreak of the coronavirus (COVID-19) resulted in increased
travel restrictions, and shutdown of businesses, which may cause slower recovery of the economy. We may experience impact from
quarantines, market downturns and changes in customer behavior related to pandemic fears and impact on our workforce if the virus
continues to spread. In addition, one or more of our customers, partners, service providers or suppliers may experience financial
distress, delayed or defaults on payment, file for bankruptcy protection, sharp diminishing of business, or suffer disruptions
in their business due to the outbreak. The extent to which the coronavirus impacts our results will depend on future developments
and reactions throughout the world, 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. It is likely
to result in a potential material adverse impact on our business, results of operations and financial condition. Wider-spread
COVID-19 globally could prolong the deterioration in economic conditions and could cause decreases in or delays in advertising
spending and reduce and/or negatively impact our short-term ability to grow our revenues. Any decreased collectability of accounts
receivable, bankruptcy of small and medium businesses, or early termination of agreements due to deterioration in economic conditions
could negatively impact our results of operations
Forward-Looking
Statements
Certain
of the statements contained in this report should be considered forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of forward-looking
terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar
expressions. These statements relate to future events or the Company’s future financial performance. These forward-looking
statements are based on the Company’s current expectations and beliefs concerning future developments of the COVID-19 outbreak
and their potential effects on the Company. There can be no assurance that future developments of the COVID-19 outbreak affecting
the Company will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which
are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different
from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required
under applicable securities laws.