Item 8.01 - Other Events.
The Company is relying on the SEC Order to delay the filing of its Quarterly Report due to circumstances related to the COVID-19 pandemic.
Disruptions and changes to the Company's business caused by COVID-19 have required that it perform additional analyses relating to COVID-19's potential impact on its consolidated financial statements; moreover, the Company's operations and business have experienced disruptions due to the unprecedented conditions surrounding COVID-19. These disruptions include, but are not limited to, office closures and communication issues between the Company and its professional advisors due to suggested and mandated social quarantining and work from home orders. The disruptions in staffing, communications and access to personnel have resulted in delays, limited support and insufficient review.
Considering the impact of these factors, the Company will be unable to compile
and review certain information required to file the Quarterly Report by
The Company is also supplementing the risk factors previously disclosed under
Part I, Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the fiscal
year ended
The COVID-19 pandemic has adversely affected the Company's business, and the ultimate effect on the Company's operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.
The effects of the COVID-19 pandemic, including actions taken by businesses and
governments, have adversely affected the global economy, disrupted global supply
chains and created significant volatility in the financial markets. As a result
of COVID-19 and the precipitous decline in oil prices resulting from the
world-wide oil price war initiated by
The extent to which the COVID-19 pandemic adversely affects the Company's
business, financial condition, results of operation and liquidity will depend on
future developments, which are highly uncertain and cannot be predicted. These
future developments include, but are not limited to, the scope and duration of
the COVID-19 pandemic and actions taken by governmental authorities and other
third parties in response to the pandemic. Disruptions and/or uncertainties
related to the COVID-19 pandemic for a sustained period of time could result in
delays or modifications to the Company's strategic plans and initiatives and
hinder the Company's ability to achieve its strategic goals. The COVID-19
pandemic, and the volatile regional and global economic conditions stemming from
the pandemic, may also have the effect of heightening many of the other risks
described in the "Risk Factors" section included in the Company's Annual Report
on Form 10-K and in this Current Report on Form 8-K, as those risk factors are
amended or supplemented by subsequent Quarterly Reports on Form 10-Q and other
reports and documents filed with the
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Cautionary Note Regarding Forward-Looking Statements
This Form 8-K includes certain forward-looking statements within the meaning of
the federal securities laws including, in particular, statements relating to the
preparation and filing of the Quarterly Report and the COVID-19 pandemic.
Forward-looking statements can generally be identified by the appearance in such
a statement of words like "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "potential," "predict," "project"
or "should" or other comparable words or the negative of these words. When you
consider our forward-looking statements, you should keep in mind the risk
factors we describe and other cautionary statements we made in our most recent
Annual Report on Form 10-K and Quarterly Reports on From 10-Q and other risks
and uncertainties listed from time to time in the Company's other filings with
the
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