ITEM 8.01. OTHER EVENTS.
Inability to file Annual Report on Form 10-K for the year ended
The Company is relying on the
The Company is supplementing the risk factors previously disclosed in the
Company's Annual Report on Form 10-K for the year ended
Our business operations have been and may continue to be materially and adversely affected by the outbreak of the coronavirus (COVID-19).
An outbreak of respiratory illness caused by COVID-19 emerged in late 2019 and
has spread within the PRC and globally. The coronavirus is considered to be
highly contagious and poses a serious public health threat. The
Any outbreak of health epidemics or other outbreaks of diseases in the PRC or elsewhere in the world may materially and adversely affect the global economy, our markets and our business. We are a start-up e-commerce company with both an online platform and offline franchise stores. In the first quarter of 2020, due to the COVID-19, there were not many customers visiting our stores; as to our e-commerce platform, the outbreak has limited impacts on its launch which has not completed development and is not available to customers yet.
As the coronavirus epidemic expands globally, the world economy is suffering a noticeable slowdown. If this outbreak persists, commercial activities throughout the world could be curtailed with decreased consumer spending, business operation disruptions, interrupted supply chain, difficulties in travel, and reduced workforces. The duration and intensity of disruptions resulting from the coronavirus outbreak is uncertain. It is unclear as to when the outbreak will be contained, and we also cannot predict if the impact will be short-lived or long-lasting. The extent to which the coronavirus impacts our financial results will depend on its future developments. If the outbreak of the coronavirus is not effectively controlled in a short period of time, our business operation and financial condition may be materially and adversely affected as a result of any slowdown in economic growth, operation disruptions or other factors that we cannot predict.
*** Forward-Looking Statements
Statements in this Current Report on Form 8-K are "forward-looking statements" as the term is defined under applicable securities laws. These statements include the anticipated timing of the filing of Company's 10-K under the Exchange Act, the expected impact of the COVID-19 outbreak on the Company's financial reporting capabilities and its operations generally, and the potential adverse effects of such pandemic on the overall business environment. These and other forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements. Such risks and uncertainties are, in many instances, beyond the Company's control. Forward-looking statements, which are presented as of the date of this filing, will not be updated to reflect events or circumstances after the date of this report except as required by law.
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