VASO CORPORATION (OTCMKTS:VASO) Files An 8-K Other Events
ITEM 8.01 – OTHER EVENTS
VASO CORPORATION (OTCMKTS:VASO) Files An 8-K Other Events
In accordance with the Securities and Exchange Commission (the “SEC”) Order Under Section 36 of the Securities Exchange Act of 1934 Granting Exemptions from Specified Provisions of the Exchange Act and Certain Rules Thereunder, SEC Release No. 34-88318, dated March 4, 2020 and Release No. 34-88465 dated March 25, 2020 (the “Order”), Vaso Corporation (the “Company”) hereby states the following:
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The Company is relying on the relief provided by the Order in connection with the filing of its Quarterly Report on Form 10-Q for the first quarter ended March 31, 2020 (the “Quarterly Report”).
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The delay in filing is due to staffing difficulties by both the Company and the auditors as a result of the COVID-19 pandemic, materially impairing the Company’s ability to file its Quarterly Report by May 15, 2020. The Company’s principal offices, including its accounting department, are located in Nassau County, New York, which area has been significantly impacted by the coronavirus. Since March 16, 2020, the Company\’s employees have been working remotely. As a result, the Company\’s books and records are not easily accessible, resulting in a delay in the preparation and completion of its financial statements required in the Quarterly Report. The Company is relying on the Order because it could not manage the aforementioned challenges in finalizing the Quarterly Report by the prescribed filing date. Attached is a letter from the Company’s auditors, MaloneBailey LLP, in support of this position.
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The Company currently expects to file the Quarterly Report on or about June 1, 2020, but in any event no later than 45 days after the original due date for the Quarterly Report.
Forward-Looking Statements
Forward looking statements in this document are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Except for historical information contained in this report, the matters discussed are forward-looking statements that involve risks and uncertainties, including but not limited to the spread of COVID-19 and governmental and industry response thereto. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential” and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the effect of the dramatic changes taking place in IT and healthcare; continuation of the General Electric Healthcare agreements; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d)
Exhibits.
VASO Corp Exhibit
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About VASO CORPORATION (OTCMKTS:VASO)
Vaso Corporation, formerly Vasomedical, Inc., is a medical technology company. The Company is engaged in providing professional sales services for diagnostic imaging products; managed information technology (IT) systems and services, including healthcare software solutions and network connectivity services, and the design, manufacture and sale of proprietary medical devices. The Company’s segments include IT segment, which operates through a subsidiary, VasoTechnology, Inc., which focuses on healthcare IT and managed network technology services; Professional sales service segment, which operates through a subsidiary, Vaso Diagnostics, Inc., doing business as VasoHealthcare, which focuses on the sale of healthcare capital equipment for General Electric Healthcare into the health provider middle market, and Equipment segment, which operates through a subsidiary, VasoMedical, Inc., which focuses on the design, manufacture, sale and service of proprietary medical devices.
