from 10k submitted 3/30 subsequent events section as preview for the Q coming:
Subsequent Events:
SARS CoV-2 coronavirus. On March 11, 2020 the World Health Organization declared the SARS CoV-2 coronavirus a global pandemic and recommended containment and mitigation measures worldwide. We have been identified as a disinfectant and decontamination vendor by various agencies and countries. The outbreak has increased the demand for TOMI products and services. We have been working relentlessly with organizations to address the concerns and provide solutions for disinfecting and decontamination of the SARS CoV-2 coronavirus. The financial statements included in this Annual Report do not reflect any of the Company’s SARS CoV-2 coronavirus related sales and services revenue that occurred since the pandemic outbreak in 2020 and which will be reported in the ensuing quarterly report.
Following are the significant events during the first quarter 2020:
January 29, 2020 – TOMI SteraMist® prepared to deploy to fight SARS CoV-2 coronavirus. February 4, 2020 - TOMI Receives China CDC Registration Making SteraMist® the Disinfection Industry Standard in China February 27, 2020 - SteraMist® Takes the Fight to the SARS CoV-2 coronavirus. Worldwide - China, Hong Kong, Thailand, Singapore, Israel and the United Kingdom March 2, 2020 - SteraMist® Declared Official Decontamination Technology of Seoul City Metropolitan Transit Systems March 10, 2020 - SteraMist® is Mobilized to Aid in the Control SARS-CoV-2 coronavirus in Daegu-Kyungbuk Province, South Korea March 11, 2020 - SteraMist® is Prepared to Fight SARS-CoV-2 coronavirus in Thailand March 16, 2020 - SteraMist® Deployed to Fight SARS-CoV-2 coronavirus in United States March 18, 2020 – SteraMist® has qualified to meet the EPA Emerging Viral Pathogen Guidance for Antimicrobial Pesticides with the SteraMist® Environment System for room fogging/misting against SARS-CoV-2 coronavirus, the novel coronavirus that causes COVID-19.
During the first quarter of 2020, we have experienced the following:
Sold substantially all of our inventory, with a backlog and demand for 91 additional units, New equipment orders require a 50% deposit, Increased demand on solution re-orders as disinfecting and decontamination procedures have increased exponentially across the world, Service revenue exploded as the outbreak spread and demand for disinfecting and decontamination services increased, Exclusivity in TSN was revoked as demand surged and new providers requested equipment, solution and training to provide disinfecting and decontamination services, New channels were opened as decontamination and disinfecting processes are updated and implemented, including but not limited to, fire departments, morgues, FAA, police departments, county and state health departments, cruise ships, infectious disease research facilities, military and ambulances, Convertible notes with a principal balance of $4,500,000 were converted into 8,333,333 shares of our common stock at a conversion price of $0.54 per share, the remaining outstanding balance of $500,000 was repaid. Staffing – increased demand has severely taxed our existing team and resources to meet the current demands resulting in hiring and onboarding additional employees.
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