Simlatus Corporation (OTCMKTS:SIML) Files An 8-K Other Events
Item 8.01. Other Events.
Inability to file Annual Report on Form 10-K for the year ended December 31, 2019 in a timely manner due to circumstances related to COVID-19 global pandemic.
Simlatus Corporation (the “Company”) is unable to timely file its 2019 Annual Report on Form 10-K for its year ended December 31, 2019 (the “10-K”) due to circumstances related to COVID-19. The Company had initially planned to avail itself of the 15 day filing extension provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended, in order to timely file the 10-K. However, because of the impact of COVID-19, particularly on the Company’s accounting staff and outside advisors, the audit of the Company’s financial statements to be included in the 10-K Company will not be completed in the time required to timely file the 10-K by the prescribed date, taking into account the extension normally available under Rule 12b-25.
We are relying on the SEC order dated March 25, 2020 (Release No. 34-88465, which supersedes the SEC’s order dated March 4, 2020 (Release No. 34-88318) to extend the due date for the filing of our Form 10-K until May 14, 2020 (45 days after the original due date). We will work diligently to comply with such requirement, and at this time, management believes that the Company will be able to file the 10-K by April 24, 2020.
Additional risk factor disclosure
The following is a risk factor applicable to the Company relating to the global COVID-19 pandemic.
We are subject to risks arising from the recent global outbreak of the COVID-19 coronavirus.
The recent outbreak of the COVID-19 coronavirus has spread across the globe and is impacting worldwide economic activity. A pandemic, including COVID-19 or other public health epidemic, poses the risk that we or our employees, suppliers, manufacturers and other commercial partners may be prevented from conducting business activities for an indefinite period of time, including due to the spread of the disease or shutdowns requested or mandated by governmental authorities. While it is not possible at this time to estimate the full impact that COVID-19 could have on our business, the continued spread of COVID-19 could disrupt our supply chain and the manufacture or shipment of our products, and our other activities, which could have a material adverse effect on our business, financial condition and results of operations. COVID-19 has also had an adverse impact on global economic conditions which could impair our ability to raise capital when needed. While we have not yet experienced any disruptions in our business or other negative consequences relating to COVID-19, the extent to which the COVID-19 pandemic impacts our results will depend on future developments that are highly uncertain and cannot be predicted.
About Simlatus Corporation (OTCMKTS:SIML)
Simlatus Corporation, formerly Grid Petroleum Corp., designs, manufactures and sells audio and video broadcast equipment. The Company builds and thoroughly tests these items in-house prior to shipping to its customers. It has a revenue base in the broadcast industry with long-term national and international distribution. Its customers include smaller broadcast customers, which include religious facilities, international broadcast facilities and colleges, as well as radio stations, among others. It sells over 55 different products, which include a range of protection switches, high definition (HD) routers, analog routers, control panels, audio distribution, SyncPal and the SoundPal. The new products include SocialCast AR, Augmented Reality, and Virtual Reality Content Server. The target technologies include Virtual Reality, Augmented Reality, Audio/Video Codecs, Audio Content Recognition, and over-the-top (OTT) application program interface (API) integration into key platforms.
