Item 8.01 Other Events
Relying on the SEC Order for Reporting Relief
The Company makes the following disclosure pursuant to an order issued by the
U.S. Securities and Exchange Commission (the "SEC") on March 4, 2020, as
modified and superseded by a new SEC order issued on March 25, 2020, providing
conditional relief to public companies that are unable to timely comply with
their filing obligations as a result of the novel coronavirus (COVID-19)
outbreak (the "SEC Order").
The current outbreak of COVID-19 has posed a significant impact on the Company's
ability to file on a timely basis its Annual Report on Form 10-K for the year
ended December 31, 2019 (the "Annual Report") that is due March 30, 2020 (the
"Original Due Date"), and therefore the Company elected to rely on the
conditional filing relief provided under the SEC Order.
Almost all of the Company's operations are in China and the current outbreak of
the COVID-19 coronavirus, has caused a delay in the Company's ability to
consolidate and analyze its financial statements for the preparation of its
annual report on Form 10-K. The sudden mandated closing of businesses in China
has resulted in an unplanned disruption of personnel available. We have decided
to rely on the SEC Order and endeavor to file the Annual Report no later than
May 14, 2020, or within 45 days after the Original Due Date.
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