NextPlay Technologies Delays Filing of Annual Report on Form 10-K
June 15 2022 - 5:15PM
via NewMediaWire –
NextPlay Technologies, Inc. (NASDAQ:
NXTP), a digital business ecosystem for digital advertisers,
consumers, video gamers and travelers, today announced that the
filing of its Annual Report on Form 10-K for the fiscal year ended
February 28, 2022 (the “Annual Report”) will not occur prior to the
extended June 15, 2022 deadline.
On May 31, 2022, the Company filed a Notification of Late Filing
on Form 12b-25 (the “12b-25”), indicating that the filing of its
Annual Report will be delayed, due in large part to accounting and
auditing implications resulting from material acquisitions made by
the Company during the fiscal year ended February 28, 2022.
Although the Company has dedicated significant resources to the
completion of its audited consolidated financial statements and
related disclosures for inclusion in the Company’s Annual Report,
the Company is unable to file its Annual Report on or before June
15, 2022, the extension period provided by the 12b-25. Additional
time is needed by the Company and its auditors to complete its
final review of the financial statements included in the Annual
Report in order to ensure a complete, accurate Annual Report.
The Company is working diligently with its auditors to complete
the audit and file the Annual Report as soon as possible, and
expects to file it within a few business days.
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology
solutions company offering games, in-game advertising,
crypto-banking, connected TV and travel booking services to
consumers and corporations within a growing worldwide digital
ecosystem. NextPlay’s engaging products and services utilize
innovative AdTech, Artificial Intelligence and Fintech solutions to
leverage the strengths and channels of its existing and acquired
technologies. For more information about NextPlay Technologies,
visit www.nextplaytechnologies.com and follow us on Twitter
@NextPlayTech and LinkedIn.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of, and within the safe harbor provided by the Safe
Harbor Provisions of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations, opinions,
belief or forecasts of future events and performance. A statement
identified by the use of forward-looking words including “will,”
“may,” “expects,” “projects,” “anticipates,” “plans,” “believes,”
“estimate,” “should,” and certain of the other foregoing statements
may be deemed forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, these statements involve risks and
uncertainties that may cause actual future activities and results
to be materially different from those suggested or described in
this news release. Factors that may cause such a difference include
risks and uncertainties including, and not limited to, our need for
additional capital which may not be available on commercially
acceptable terms, if at all, which raises questions about our
ability to continue as a going concern; the fact that the COVID-19
pandemic has had, and is expected to continue to have, a
significant material adverse impact on the travel industry and our
business, operating results and liquidity; amounts owed to us by
fourth parties which may not be paid timely, if at all; certain
amounts we owe under outstanding indebtedness which are secured by
substantially all of our assets and penalties we may incur in
connection therewith; the fact that we have significant
indebtedness, which could adversely affect our business and
financial condition; our revenues and results of operations being
subject to the ability of our distributors and partners to
integrate our alternative lodging rental (ALR) properties with
their websites, and the timing of such integrations; uncertainty
and illiquidity in credit and capital markets which may impair our
ability to obtain credit and financing on acceptable terms and may
adversely affect the financial strength of our business partners;
the officers and directors of the Company have the ability to
exercise significant influence over the Company; stockholders may
be diluted significantly through our efforts to obtain financing,
satisfy obligations and complete acquisitions through the issuance
of additional shares of our common or preferred stock; if we are
unable to adapt to changes in technology, our business could be
harmed; our travel business depends substantially on property
owners and managers renewing their listings; if we do not
adequately protect our intellectual property, our ability to
compete could be impaired; our long-term success depends, in part,
on our ability to expand our property owner, manager and traveler
bases outside of the United States and, as a result, our business
is susceptible to risks associated with international operations;
unfavorable changes in, or interpretations of, government
regulations or taxation of the evolving ALR, Internet and
e-commerce industries which could harm our operating results; risks
associated with the operations of, the business of, and the
regulation of, Longroot and NextBank International (formerly IFEB);
the market in which we participate being highly competitive, and
because of that we may be unable to compete successfully with our
current or future competitors; our potential inability to adapt to
changes in technology, which could harm our business; the
volatility of our stock price; the fact that we may be subject to
liability for the activities of our property owners and managers,
which could harm our reputation and increase our operating costs;
and that we have incurred significant losses to date and require
additional capital which may not be available on commercially
acceptable terms, if at all. More information about the risks and
uncertainties faced by NextPlay are detailed from time to time in
NextPlay’s periodic reports filed with the SEC, including its most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, under the headings “Risk Factors”. These reports are
available at www.sec.gov. Other unknown or unpredictable factors
also could have material adverse effects on the Company’s future
results and/or could cause our actual results and financial
condition to differ materially from those indicated in the
forward-looking statements. Investors are cautioned that any
forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected. The forward-looking statements in this press release are
made only as of the date hereof. The Company takes no obligation to
update or correct its own forward-looking statements, except as
required by law, or those prepared by fourth parties that are not
paid for by the Company. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements.
SOURCE: NextPlay Technologies, Inc.
Company Contacts:Richard MarshallDirector of Corporate
DevelopmentNextPlay Technologies, Inc.Tel (954)
888-9779Email: richard.marshall@nextplaytechnologies.com
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