Item 8.01 Other Events.
The Company's business has experienced severe disruptions due to the unprecedented conditions surrounding COVID-19. These disruptions include, but are not limited to, the closure of all of its offices, the termination of several key employees needed to prepare the Company's financial statements, and compliance with suggested or mandated social quarantining and work from home orders.
The Company plans to file its Annual Report on Form 10-K for the year ended
The Company is supplementing the risk factors previously disclosed in its most recent periodic reports filed under the Exchange Act to include the following risk factor.
The outbreak of coronavirus disease 2019 ("COVID-19") has had a material adverse impact on our restaurant traffic and, depending on the severity and longevity of the pandemic, may have a material adverse impact on business, financial condition and results of operations.
Since early
In response to COVID-19 and government mandates and suggestions, we have
temporarily closed several of our restaurants and, at those that still remain
open, have shifted our operations to consist of only take-out and delivery
service. We are attempting to mitigate the affects of COVID-19 on our business.
We intend to apply for government assistance being afforded through the
recently-enacted Coronavirus Aid, Relief and Economic Security Act and other
programs, and have applied for economic injury disaster loans through the
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Cautionary Statement Regarding Forward-Looking Statements
This report contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended, and are intended
to be covered by the safe harbor created thereby. All statements other than
statements of historical fact contained herein, including, without limitation,
statements regarding the Company's future financial position, business strategy,
budgets, projected revenues and costs, and plans and objectives of management
for future operations, are forward-looking statements. Forward-looking
statements generally can be identified by the use of forward-looking terminology
such as "may," "will," "expects," "intends," "plans," "projects," "estimates,"
"anticipates," or "believes" or the negative thereof or any variation thereon or
similar terminology or expressions. Forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ materially
from results proposed in such statements. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it can
provide no assurance that such expectations will prove to have been correct.
Important factors that could cause actual results to differ materially from the
Company's expectations include, but are not limited to, the impact of COVID-19
on our business, the severity and duration of COVID-19, our ability to implement
cost containment and business recovery strategies, the effect of COVID-19 on the
market price of our common stock, the response of
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