Item 8.01 Other Events.
On April 13, 2020, management for Momentous Holdings Corp., a Nevada corporation
(the "Company") determined that the Company is unable to meet the filing
deadline of April 14, 2020, for its Quarterly Report on Form 10-Q for the
quarter ended on February 29, 2020 (the "February 2020 Quarterly Report") due to
circumstances related to COVID-19.
In reliance on the Order Under Section 36 Of The Securities Exchange Act Of 1934
Modifying Exemptions From The Reporting And Proxy Delivery Requirements For
Public Companies, issued by the U.S. Securities and Exchange Commission on March
25, 2020 (the "Order"), the Company is filing this Current Report on Form 8-K to
avail itself of the exemption to file its February 2020 Quarterly Report.
The reason the Company has elected to rely on the Order exempting it from filing
its February 2020 Quarterly Report is that it is unable to have necessary
accounting personnel attend its corporate headquarters to update the Company's
books and records; moreover, remote access to the Company's books and records
does not allow for all of the required work to be completed on a timely basis.
Currently, only our distiller is attending our premises to attempt to fulfil
orders while the rest of management try to make arrangements to collect payments
on outstanding accounts receivable. Collection of payment for sold merchandise
has become difficult for us, as is the case with most suppliers, due to the
closing of bars/restaurants/stockists. In addition, we have a reduced workforce.
These restrictions are government enforced. While we hope that these
restrictions are for only the short term, we of course have no control over the
length of their enforcement.
We believe that we will be able to file the February 2020 Quarterly Report by
May 14, 2020.
In addition to these short-term restrictions, we believe that the pandemic
caused by COVID-19, could reduce a percentage of the accounts that we supply by
forcing them to go out of business due to this crisis. We cannot accurately
estimate how many of our accounts are subject to permanent closure but we
currently believe that it is a small percentage.
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