Global Digital Solutions, Inc. (OTCMKTS:GDSI) Files An 8-K Other Events
Item 8.01. Other Events.
Global Digital Solutions, Inc. (GDSI or the Company) is filing this Current Report on Form 8-K to supplement and update the risk factors described in Item 1A of GDSI’s Annual Report on Form 10-K for the year ended December 31, 2019.
Relying on Order for Reporting Relief
On March4, 2020, the Securities and Exchange Commission (“SEC”) issued an order (the “Order”) under the Exchange Act of 1934 (the “Exchange Act”) extending the deadlines for filing certain reports made under the Exchange Act, including annual reports on Form 10-K, for registrants subject to the reporting obligations under the Exchange Act that have been particularly impacted by the coronavirus disease 2019 (“COVID-19”) and which reports have filing deadlines between March1 and April30, 2020.The “Company is relying on the Order with respect to its Annual Report on Form 10-K for the year ended December31, 2019 which was due to be filed with the SEC on or before March30, 2020.
The Company is relying on the Order due to the reduction in staff, suspension of in-person operations, and other financial and operational concerns associated with or caused by COVID-19.The Company anticipates that it will be able to file its Annual Report on Form 10-K for the year ended December31, 2019 on or before May14, 2020.
COVID-19 Risk Factor
The Company is supplementing the risk factors previously disclosed in its most recent periodic reports filed under the Securities Exchange Act of 1934 with the following risk factor:
Our financial and operating performance is adversely affected by the coronavirus pandemic.
The recent outbreak of a strain of coronavirus (COVID-19) in the U.S. has had an unfavorable impact on our business operations.Mandatory closures of businesses imposed by the federal, state and local governments to control the spread of the virus is disrupting the operations of our management, business and finance teams. In addition, the COVID-19 outbreak has adversely affected the U.S. economy and financial markets, which may result in a long-term economic downturn that could negatively affect future performance.The extent to which COVID-19 will impact our business and our consolidated financial results will depend on future developments which are highly uncertain and cannot be predicted at the time of the filing of this Form 8-K, but is expected to result in a material adverse impact on our business, results of operations and financial condition.
About Global Digital Solutions, Inc. (OTCMKTS:GDSI)
Global Digital Solutions, Inc. focuses on the area of cyber arms technology and complementary security and technology solutions. The Company’s subsidiaries are North American Custom Specialty Vehicles, Inc. (NACSV), GDSI Florida, LLC and Global Digital Solutions, LLC. The Company’s NACSV specializes in building mobile command/communications and specialty vehicles for emergency management, first responders, national security and law enforcement operations. These specialty vehicles include Mobile Command Center, Command and Control, and Incident Command. A mobile command center is a response and recovery vehicle that facilitates an agency’s ability to expand their command and control capabilities to a remote location. For the emergency management agency, the vehicle is an extension of the fixed base emergency operations center. In the law enforcement environment, the vehicle can be utilized for command and control, as well as hostage negotiations and even as a mobile precinct.
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