Current Report Filing (8-k)
09 May 2020 - 5:56AM
Edgar (US Regulatory)
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 5, 2020
Mobiquity Technologies, Inc.
(Exact name of registrant as specified in
its charter)
New York
(State or jurisdiction of incorporation
or organization)
000-51160
(Commission File Number)
11-3427886
(I.R.S. Employer Identification Number)
35
Torrington Lane, Shoreham, NY 11786
(Address of principal executive offices
(Zip Code)
Registrant's telephone number: (516) 246-9422
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17CFR 240.13e-4(c))
Securities registered pursuant to Section
12(b) of the Act:
Title of each Class
|
Trading Symbol
|
Name of each exchange on which registered
|
N/A
|
N/A
|
N/A
|
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02.
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers, Compensatory arrangements of Certain Officers
|
Mobiquity Technologies Inc. announced today that Deepankar Katyal
is stepping down from Mobiquity’s Board of Directors effective May 5, 2020. Due to the recent
expansion of his family and time commitment necessary to run the day-to-day operations of Advangelists, a wholly-owned subsidiary
of Mobiquity, Mr. Katyal believes his time and efforts would be more useful focusing on technology and revenue growth than serving
on the Board of Mobiquity.
The Company has been following the recommendations
of local health authorities to minimize exposure risk for its team members for the past several weeks, including the temporary
closures of its offices and having team members work remotely, and, as a result, the quarterly report will not be completed by
the filing deadline, due to insufficient time to facilitate the internal and external review process.
Mobiquity Technologies, 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 of 1934 and Certain Rules Thereunder dated March 25, 2020 (Release No.
34-88318) (the Order) to delay the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the Report)
due to the circumstances related to COVID-19.
In light of the current COVID-19 pandemic,
the Company will be including the following Risk Factor in its Quarterly Report as well as its recently filed 2019 annual report:
Impacts
of COVID-19 to Business and the general economy
COVID -19 has
recently caused a material and substantial adverse impact on our general economy and our business operations. It has caused there
to be a substantial decrease in our sales, cancellations of purchase orders and has resulted in accounts receivables not being
timely paid as anticipated. Further, it has caused us to have concerns about our ability to meet our obligations as they become
due and payable. In this respect, our business is directly dependent upon and correlates closely to the marketing levels and ongoing
business activities of our existing clients. If material adverse developments in domestic and global economic and market conditions
adversely affect our clients’ businesses, such as COVID-19, our business and results of operations could (and in the case
of COVID-19) equally suffer. Our results of operations are affected directly by the level of business activity of our clients,
which in turn is affected by the level of economic activity in the industries and markets that they serve. COVID-19 future widespread
economic slowdowns in any of these markets, particularly in the United States, may negatively affect the businesses, purchasing
decisions and spending of our clients and prospective clients, and payment of accounts receivable due us, which could result in
reductions in our existing business as well as our new business development and difficulties in meeting our cash obligations as
they become due. In the event of continued widespread economic downturn caused by COVID-19, we will likely experience a reduction
in current projects, longer sales and collection cycles, deferral or delay of purchase commitments for our data products, processing
functionality, software systems and services, and increased price competition, all of which could substantially adversely affect
revenue and our ability to remain a going concern.
In the event we
remain a going concern, the impacts of the global emergence of Coronavirus disease (COVID-19) on our business, sources of revenues
and then general economy, are currently not fully known. We are conducting business as usual with some modifications to employee
work locations, and cancellation of certain marketing events, among other modifications. We lost a purchase order in excess of
one million dollars with major US sports organization. We have observed other companies taking precautionary and preemptive actions
to address COVID-19 and companies may take further actions that alter their normal business operations. We will continue to actively
monitor the situation and may take further actions that alter our business operations as may be required by federal, state or local
authorities or that we determine are in the best interests of our employees, customers, partners, suppliers and stockholders. It
is not clear what the potential effects any such alterations or modifications may have on our business, including the effects on
our customers and prospects, although we do anticipate it to negatively impact our financial results during fiscal year 2020.
SIGNATURE
Pursuant to the requirements of Section
13 or 15(b) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
MOBIQUITY TECHNOLOGIES, INC.
|
|
|
|
|
Dated: May 9, 2020
|
|
|
By: /s/ Dean L. Julia
|
|
Dean L. Julia, Chief Executive Officer
|
Mobiquity Technologies (PK) (USOTC:MOBQ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mobiquity Technologies (PK) (USOTC:MOBQ)
Historical Stock Chart
From Jul 2023 to Jul 2024