Business Context and Reporting Period
Company: American BriVision (Holding) Corporation (also referenced as ABVC Biopharma, Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: May 11, 2020
Context: The filing addresses a delay in the submission of the Annual Report (Form 10-K) for the fiscal year ended December 31, 2019, and the Quarterly Report (Form 10-Q) for the quarter ended March 31, 2020.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report serves as a notification of a filing delay rather than a financial results announcement.
Material Changes and Operational Impact
- Filing Delays: The Company is delaying the filing of its 2019 Annual Report and the Q1 2020 Quarterly Report (originally due May 15, 2020).
- Target Filing Date: The Company plans to file the Quarterly Report on or before June 29, 2020.
- Cause of Delay: The delays are attributed to the COVID-19 outbreak, specifically:
- Shelter-in-place orders in the San Francisco Bay Area affecting headquarters and subsidiary BioKey, Inc.
- Travel bans and mandatory quarantines between the USA and Taiwan delaying the audit of subsidiary BioLite, Inc.
- Limited access to facilities and reduced support from staff and professional advisors.
Guidance, Outlook, and Risks
Management Commentary: Management states the Company is relying on an SEC order (Release No. 34-88465) granting exemptions for timely filing due to the pandemic. The Company is actively working to complete the necessary internal and external reviews.
Risks and Contingencies:
- COVID-19 Impact: Risks include effects on product demand, duration and severity of the outbreak in operating regions, and the pace of economic recovery.
- Operational Risks: Potential postponement or cancellation of customer orders affecting revenues.
- Forward-Looking Statements: The filing includes a cautionary note that actual results may differ materially from expectations due to the uncertainties listed above.
Investor Verification Checklist
- Verify the actual filing date of the delayed Form 10-Q for the quarter ended March 31, 2020 (targeted by June 29, 2020).
- Review the previously filed Form 8-K from March 30, 2020, for detailed risk factors regarding the 2019 Annual Report delay.
- Monitor subsequent filings for updated financial data once the delayed reports are submitted.
- Confirm the operational status of subsidiaries BioKey, Inc. (California) and BioLite, Inc. (Taiwan) in future disclosures.