ChinaNet Online Holdings, Inc., an integrated online advertising, precision marketing, and data analysis and management platform company, announced that it has filed with the Securities and Exchange Commission (the “SEC”) on March 20, 2020, to extend its 2019 Form 10-K filing deadline by 45 days to May 14, 2020.
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The Company applied for the extension due to the outbreak of the COVID-19 novel coronavirus, which has caused a delay in its auditor’s ability to perform the required audit work as well as a delay in the Company’s ability to consolidate and analyze its financial statements for the preparation of its annual report on Form 10-K.
Importantly, the Company conducts its business operations in China, primarily in two cities, Beijing and Xiaogan, Hubei Province. Xiaogan is located close to Wuhan in Hubei Province, which was the epicenter of the COVID-19 outbreak. In accordance with the epidemic control measures imposed by the local governments, the Company’s business entities in Xiaogan and Beijing have been closed since the Chinese New Year holiday. As a result, the Company’s accounting and other staffs have not been able to complete the annual closing and audit process in accordance with the original schedule. While the Company has partially re-opened its office in Beijing on March 10, 2020, its office in Xiaogan is not expected to be re-opened until April 1, 2020.
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The Company has taken all possible measures to overcome the adverse impacts derived from the COVID-19 outbreak related to the annual audit and filing of the Form 10-K. Based upon the currently available information, the Company expects to be able to complete the annual audit and file the Form 10-K within the extension period granted by the SEC.
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