American Church Mortgage Company (OTCMKTS:ACMC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
American Church Mortgage Company (the “Company”) will be relying on the Securities and Exchange Commission’s Order under Section 36 of the Securities Exchange Act of 1934 Granting Exemptions From Specified Provisions of the Exchange Act and Certain Rules Thereunder dated March 4, 2020 (Release No. 34-88318) (the “Order”) to delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2019 (the “Report”) due to the circumstances related to COVID-19. In particular, COVID-19-related shelter-in-place orders and office closures have severely affected transportation and limited access to the facilities of the Company and our auditor. This has, in turn, resulted in disruptions to our auditor’s audit staff and its engagement quality control process which have delayed the auditor’s ability to complete its audit and the Company’s ability to prepare the Report. Notwithstanding the foregoing, the Company expects to file the Report no later than May 14, 2020 (which is 45 days from the Report’s original filing deadline of March 30, 2020).
A letter from the auditors stating the reasons for their inability to timely prepare the audit report for the Company’s fiscal year ended December 31, 2019 is filed herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits. (d) Exhibits
| 99.1 | Letter from Auditors Regarding Request for Extension and Reasons for Inability to Timely Issue Audit Report |
AMERICAN CHURCH MORTGAGE CO Exhibit
EX-9.01 2 wipfliext032520.htm AUDITOR REQUEST 8665 Hudson Boulevard North 651 636 6468 Suite 200 wipfli.com St. Paul,…
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About American Church Mortgage Company (OTCMKTS:ACMC)
American Church Mortgage Company operates as a real estate investment trust (REIT). The Company is engaged in the business of making mortgage loans to churches and other non-profit religious organizations across the United States. The Company is engaged in offering loans ranging from $100,000 to $2,000,000 and selecting and investing in mortgage-secured debt instruments (Church Bonds) issued by churches and other non-profit religious organizations throughout the United States. It has made approximately 190 loans to over 160 churches approximating $96,842,253. It offers a range of loan types, which include 25/30 year term; 20 year term; three year renewable term, and construction one year term. The Company’s business is managed by the Church Loan Advisors, Inc., which provides investment advisory and administrative services to it.
