NOCERA, INC. current report, 20 March 2020

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Nocera, Inc. — Form 8-K Summary

Business Context and Reporting Period

Nocera, Inc. filed this Current Report on Form 8-K on March 20, 2020, under Item 8.01, “Other Events.” The company is seeking a 45-day extension to file its Form 10-K for the fiscal year ended December 31, 2019. Nocera is incorporated in Nevada and reports its principal executive office in Atlanta, Georgia.

Financial Metrics and Liquidity

This filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other financial statement figures. The filing text does not provide a clear value for these metrics.

Material Changes and Filing Extension

  • Nocera requested an extension under the SEC’s March 4, 2020 relief order, Release No. 34-88318.
  • The requested filing deadline was extended to on or before May 14, 2020.
  • The company cited COVID-19-related quarantines, travel restrictions, suspended supplier and customer operations, and delays in obtaining audit confirmations from customers, suppliers, and banks.
  • Staff were substantially impeded in preparing the final financial statements.

Outlook, Risks, and Unusual Items

  • Nocera’s primary PE sheet supplier, SIMONA, remained suspended due to the virus situation.
  • Several recirculating aquaculture system projects in China were postponed, which was expected to delay related revenue recognition.
  • The company warned that the expanding COVID-19 pandemic and government actions disrupting commerce could adversely affect its operations.
  • Management stated that mitigation measures were being taken but that their effectiveness was not assured and the full ramifications could not yet be quantified.
  • Although the company expected to file within the extension period, it stated that filing by the extended deadline was not certain because conditions at locations providing required reporting information could worsen.

Important Facts for Investors to Verify

  • Whether the Form 10-K for the year ended December 31, 2019 was filed by May 14, 2020.
  • The financial impact of delayed RAS project completion and postponed revenue recognition.
  • The status of SIMONA and other suppliers, customers, and banking confirmations.
  • Any COVID-19-related effects on 2019 results, subsequent events, liquidity, or going-concern disclosures in the eventual Form 10-K.