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The effects of the COVID-19 pandemic have materially affected how we and our customers are operating our businesses, and the duration and extent to which this will impact our future results of operations and overall financial performance remains uncertain.
−Removed: In December 2019, a novel coronavirus disease (“COVID-19”) was reported and in January 2020, the World Health Organization (“WHO”) declared it a Public Health Emergency of International Concern.
−Removed: On February 28, 2020, the WHO raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic.
−Removed: A significant outbreak of epidemic, pandemic, or contagious diseases in the human population could result in a widespread health crisis that could adversely affect the broader economies, financial markets and overall demand environment for our products and services.
+Added: The novel coronavirus disease 2019 (“COVID-19”) pandemic and related restrictions have resulted in a widespread health crisis that have adversely affected businesses, economies and financial markets worldwide, and have caused significant volatility in U.S.
+Added: and international debt and equity markets.
As of the date of filing this report, we have not had to close any of our offices due to the pandemic.
−Removed: However, the conditions caused by the COVID-19 pandemic could adversely affect our customers’ ability or willingness to purchase our products or services, delay prospective customers’ purchasing decisions, adversely impact our ability to provide or deliver products and on-site services to our customers, delay the provisioning of our offerings, or lengthen payment terms, all of which could adversely affect our future sales, operating results and overall financial performance.
−Removed: Our operati ons have also begun to be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control.
−Removed: For example, many cities, counties, states, and even countries have imposed or may impose a wide range of restric tions on our employees, partners and customers physical movement to limit the spread of COVID-19.
−Removed: If the COVID-19 pandemic has a substantial impact on our employees, partners or customers attendance or productivity, our results of operations and overall fi nancial performance may be harmed.
−Removed: While the potential economic impact brought by the COVID-19 may be difficult to assess or predict, the pandemic has resulted in significant disruption of global financial markets, and a recession or long-term market correction resulting from the spread of COVID-19 could materially impact the value of our common stock, impact our access to capital and affect our business in the near and long-term.
+Added: However, our business, financial condition, liquidity and operating results have been, and will continue to be, adversely affected by COVID-19 and related restrictions.
+Added: The conditions caused by the COVID-19 pandemic has adversely affected our customers’ ability or willingness to purchase our products or services, delay prospective customers’ purchasing decisions, adversely impact our ability to provide or deliver products and on-site services to our customers, delay the provisioning of our offerings, or lengthen payment terms, all of which could adversely affect our future sales, operating results and overall financial performance.
+Added: Our operations have also begun to be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control.
+Added: For example, many cities, counties, states, and even countries have imposed or may impose a wide range of restrictions on our employees, partners and customers physical movement to limit the spread of COVID-19.
+Added: While the potential economic impact brought by the COVID-19 may be difficult to assess or predict, the pandemic has resulted in significant disrup tion of global financial markets, and a recession or long-term market correction resulting from the spread of COVID-19 could materially impact the value of our common stock, impact our access to capital and affect our business in the near and long-term.
The duration and extent of the impact from the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of the virus, the extent and effectiveness of containment actions and the impact of these and other factors on our employees, customers, partners and vendors.
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To maintain that listing, we must satisfy the continued listing requirements of NASDAQ for inclusion in the NASDAQ Capital Market.
−Removed: On November 25, 2019, we received a notice from The NASDAQ Stock Market indicating that the Company does not meet the minimum of $2,500,000 in stockholders’ equity required by Listing Rule 5550(b)(1) for continued listing.
−Removed: The Company also does not meet the alternatives of market value of listed securities or net income from continuing operations.
−Removed: Under the listing rule, we had submitted a plan to regain compliance which is accepted by NASDAQ Stock Market.
−Removed: On March 11, 2020, NASDAQ granted an extension of time to regain compliance with the Rule.
−Removed: The terms of the extension are on or before May 25, we must show evidence of the completed sale of the subsidiaries, which closed in January 2020, and the conversion of the convertible promissory notes issued to our Chairman and largest shareholder into our common stock, and evidence as required for compliance with the Rule.
−Removed: If we fail to evidence compliance by May 25, 2020, Nasdaq may delist our common stock.
−Removed: Even though we intend to regain and evidence compliance with the Rule, there can be no assurance that we will be able to implement our intention, regain and maintain compliance with the continued listing requirements or that our common stock will not be delisted from NASDAQ in the future.
+Added: On November 25, 2019, we received a notice from The NASDAQ Stock Market indicating that we did not meet the minimum of $2,500,000 in stockholders’ equity required by Listing Rule 5550(b)(1) for continued listing.
+Added: We also did not meet the alternatives of market value of listed securities or net income from continuing operations.
+Added: On May 27, 2020, NASDAQ determined, based on 8-K we filed on the same day, that we comply with the Listing Rule 5550(b)(1).
+Added: Even though our stockholders’ equity exceeded the minimum of $2,500,000 as of May 31, 2020, there can be no assurance that we will maintain compliance with the continued listing requirements if we continue to incur losses or that our common stock will not be delisted from NASDAQ in the future.
If our common stock is delisted by NASDAQ, we expect prices for our common stock to be quoted one of the OTC Markets or the OTC Bulletin Board.
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There is no assurance, however, that prices for our common stock would be quoted on one of these other trading systems or that an active trading market for our common stock would thereafter exist, which would materially and adversely impact the market value of our common stock and your ability to sell our common stock.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds
−Removed: Defaults Upon Senior Securities
−Removed: Mine Safety Disclosures
−Removed: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.