GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) Files An 8-K Other Events
ITEM 8.01—OTHER EVENTS
Green EnviroTech Holdings Corp. (the “Company”) is filing this Current Report on Form 8-K to indicate its reliance on the Order of the United States Securities and Exchange Commission (Release No. 34-88465) in connection with the Company’s Quarter Report on Form 10-Q for the quarter ended March 31, 2020, as a result of the circumstances set forth below.
The President and CEO of the Company is in the Philippines and can’t get out. He is recovering from a stay in the hospital while there with pneumonia and the flu. He still has symptoms and is not allowed to fly due to restrictions as a result of COVID-19. He is needed to compose information required in the 10-Q and to discuss same with the auditors. In addition, we have moved our corporate headquarters to Seattle at the first of the year before the spread of the virus. This led to further delays and an inability to coordinate with our new accountants due to the virtual shutdown of the City of Seattle. The need for the extension is critical for us as the impact of COVID-19 has hampered our ability to file the quarter report on Form 10-Q. Additionally, we expect that our annual report will include the following additional risk factor:
The effects of COVID-19 and lower oil prices may make it more difficult for us to raise capital.
Many of our future clients are expected to be large oil refineries. Due to the coronavirus and the recent drop in oil prices, many of them have either stopped production or scaled their production back dramatically. Although we have not completed any facilities, the critical capital investment we need is reliant upon these refineries contractually agreeing to accept the oil we expect to produce. Without this, our capital sources may not be available which would limit our ability to implement our business plan.
Accordingly, in reliance upon the Order, the Company expects to file its quarterly report on Form 10-Q on or before June 29, 2020 (approximately 45 days after May 15, 2020).
About GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH)
Green EnviroTech Holdings Corp., formerly Wolfe Creek Mining, Inc., is a green technology company. The Company has developed a process to produce Brent Grade type oil by using reactor conversion technology, the Green Envirotech (GETH) Process, by utilizing a mixture of waste plastic and waste tires. The conversion process uses pyrolysis technology with additional distillation applications. The GETH Process is a system to convert waste plastics and end of life tires to oil. The process uses electromagnetic pyrolysis to produce oil and syngas when processing the plastic feedstock. The process produces oil, carbon black, steel and syngas along with approximately 45% by weight yield of oil, when processing tires. The use of electromagnetic pyrolysis facilitates gasification. A full-scale plant processing tires consumes approximately 200 tons of feedstock per day and produces over 200,000 barrels of blend-stock oil yearly.