<SEC-DOCUMENT>0000829323-20-000020.txt : 20200330
<SEC-HEADER>0000829323-20-000020.hdr.sgml : 20200330
<ACCEPTANCE-DATETIME>20200330163403
ACCESSION NUMBER:		0000829323-20-000020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200330
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200330
DATE AS OF CHANGE:		20200330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inuvo, Inc.
		CENTRAL INDEX KEY:			0000829323
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				870450450
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32442
		FILM NUMBER:		20757583

	BUSINESS ADDRESS:	
		STREET 1:		500 PRESIDENT CLINTON AVE., STE. 300
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201
		BUSINESS PHONE:		501-205-8508

	MAIL ADDRESS:	
		STREET 1:		500 PRESIDENT CLINTON AVE., STE. 300
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INUVO, INC.
		DATE OF NAME CHANGE:	20090810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOWABUNGA! INC.
		DATE OF NAME CHANGE:	20081106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THINK PARTNERSHIP INC
		DATE OF NAME CHANGE:	20060315
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a8-kx10kdelay.htm
<DESCRIPTION>8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2020 Workiva -->
		<title>Document</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s0AA6BD0A9A465B6302512D1E30A0145F"></a></div><div></div><div><br></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, DC 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Date of Report (Date of earliest event reported)</font><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">March 30, 2020</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;"><img src="a8k10kdelayimage1.gif" alt="a8k10kdelayimage1.gif" style="height:54px;width:174px;"></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INUVO, INC.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(Exact name of registrant as specified in its charter)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nevada</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">001-32442</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">87-0450450</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(State or other jurisdiction of incorporation or organization)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(Commission File Number)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(I.R.S. Employer Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">500 President Clinton Boulevard, Suite 300, Little Rock, AR 72201</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">(Address of principal executive offices) (Zip Code)</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registrant's telephone number, including area code: (</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">501) 205-8508</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">not applicable</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(Former name or former address, if changed since last report)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">o</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">o</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:37%;"></td><td style="width:25%;"></td><td style="width:38%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Title of each class</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trading Symbol(s)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Name of each exchange on which registered</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">common</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">INUV</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NYSE American</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (</font><font style="font-family:inherit;font-size:10pt;">&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter)</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:100%;text-align:justify;padding-left:49px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company &#61608;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by checkmark 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.&#160;</font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sBB0DCD2062E01A7CA3CE2D1E30C242FB"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:15%;"></td><td style="width:85%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 8.01</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other Events.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Inuvo, Inc. (the &#8220;Company&#8221;) will be relying on the Securities and Exchange Commission&#8217;s Order under Section 36 of the Securities Exchange Act of 1934 Granting Exemptions From Specified Provisions of the Exchange Act and Certain Rules Thereunder dated March 25, 2020 (Release No. 34-88465) (the &#8220;Order&#8221;) to delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2019 (the &#8220;2019 10-K&#8221;) due to the circumstances related to COVID-19. In particular, COVID-19 has caused our office in San Jose, California to close due to a stay at home order in place for California residents and we have closed our Little Rock, Arkansas office and issued a work from home policy to protect our employees and their families from potential virus transmission among co-workers.  The office closures and work from home policy have in turn caused a delay in the completion our 2019 10-K reporting process and we are in the process of working on a remote basis to complete our audit and our internal and external review of our Form 10-K.  Notwithstanding the foregoing, the Company expects to file the 2019 10-K no later than May 14, 2020 (which is 45 days from the 2019 10-K&#8217;s original filing deadline of March 30, 2020).</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In light of the current COVID-19 pandemic, the Company will be including the following Risk Factor in its 2019 10-K, as may be updated to reflect subsequent events impacting the Company:</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">We are unable to predict the impact of COVID-19 on our company</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Because our company operates in the digital advertising industry, unlike a brick and mortar-based company, predicting the impact of the coronavirus pandemic on our company is difficult at this early stage in the viruses US expansion. Thus far, we have experienced a pause in marketing campaigns for two new IntentKey clients signed in March 2020 and a potential impact from a number of suppliers within ValidClick. Our office in San Jose, California is closed due to the stay at home order in place for California residents.&#160; We closed our Little Rock, Arkansas office and have issued a work from home policy to protect our employees and their families from potential virus transmission among co- workers.  Generally, marketing budgets tend to decline in times of a recession. We have started to curtail expenses, including travel and we have issued a work from home policy to protect our employees and their families from virus transmission associated with co-workers. We are beginning to experience interruptions in our daily operations, including our 10-K reporting process, as a result of these policies.  We expect the revenue impact on our industry could vary dramatically by vertical. For example, we would expect to see less advertising demand from the travel, leisure and hospitality verticals and more advertising demand in the health, technology, insurance and pharmaceutical verticals. We also maintain long-standing relationships with Yahoo!, Google and Microsoft Online that provide access to hundreds of thousands of advertisers from which most of our ValidClick and digital publishing revenue originates. Any adverse impact on the operations of those companies would have a correspondingly adverse impact on our revenues in future periods. We will continue to assess the impact of the COVID-19 pandemic on our company, however, at this time we are unable to predict all possible impacts on our company, our operations and our revenues. Should revenues turn downwards both quickly and dramatically, we would not be in a strong position to offset equally as quickly with expenses.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:53%;"></td><td style="width:6%;"></td><td style="width:41%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">INUVO, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date: March 30, 2020</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Wallace D. Ruiz</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Wallace D., Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div>	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>a8k10kdelayimage1.gif
<TEXT>
begin 644 a8k10kdelayimage1.gif
M1TE&.#EARP+< /<  *;,1,S,S&9F9IF9F?/S\T! 0(" @+S9<]/FHEE96>;F
MYDU-3;.SL]G9V7-S<\# P(V-C::FIN7EY;*RLO+R\K^_OZ6EI<WBEM[LN3,S
M,____P
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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M\((;_. (3[C"%\[PACO\X1"/N,0G3O&*6WRG#S# 1+FCP@=(^N(7/V<T";@
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M09;,&EFXQYN'OZLK2)4Z'<^\$=T;$3H&,&LR (&,>DV7S 6A8^B<%*',$ 2
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MJ5)"/1_M#S=.P5H %<@1!]C.@ _ZCNQ \SZ$$."!"\2@2-!&$_\)0& M])N
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M0'\"0&A"%;I0A@I 8RAI:$07>K]X"D0!^1N  22Z485VA@ 1:*;V( !-L!!
M?!GE*$>%*9V#IK2A*ZUH9AC@@'IJSP"_>PP%9", @QH@+@408DR%.E2#$. !
M'@Q4 B#  '02U:ES-.D ',!-L22@?@)%S!F]]U2N=G4A 0!K6,%*4:^6U:P'
K$6M:S[I6MK;5K6^%:USE.E>ZUM6N=\5K7O6Z5[[VU:]_!6Q@!>O6@   .P$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
