Item 8.01. Other Events
Pacific Ventures Group, Inc. (the "Company") will be relying on the Securities
and Exchange Commission's Order under Section 36 of the Securities Exchange Act
of 1934 Granting Exemptions From Specified Provisions of the Exchange Act and
Certain Rules Thereunder dated March 25, 2020 (Release No. 34-88465) (the
"Order") to delay the filing of its Annual Report on Form 10-K for the year
ended December 31, 2019 (the "2019 10-K") due to the circumstances related to
COVID-19. In particular, COVID-19 has caused disruptions in our normal
interactions with our auditors. Approximately 60% of our customers have ceased
daily operation making it difficult to timely send and receive the required
audit confirmations, thereby impacting the Company's ability to complete its
audit and file the 2019 10-K prior to its due date is delayed. Notwithstanding
the foregoing, the Company expects to file the 2019 10-K no later than May 14,
2020 (which is 45 days from the 2019 10-K's original filing deadline of March
30, 2020).
In light of the current COVID-19 pandemic, the Company will be including the
following Risk Factor in its 2019 10-K, as may be updated to reflect subsequent
events impacting the Company:
We are unable to predict the impact of COVID-19 on our company.
We supply food products to retail and institutional customers. Due to the
various "stay at home" orders precipitated by the spread of COVID-19 in
California and specifically in Southern California, where our customers are
located, we expect a significant decline in sales as many of these clients are
not currently in operation as result of such orders. It is impossible for us to
predict the effect this will have on our long term operations as the duration of
the "stay at home" orders is unknown.
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