Clean Energy Technologies, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Clean Energy Technologies, Inc. (Nevada) on March 9, 2020. The report addresses a material change in executive leadership under Item 5.02.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Resignation of CFO: John Bennett resigned as Chief Financial Officer effective March 9, 2020.
- Reason for Departure: Mr. Bennett stated his resignation was motivated by personal reasons and was not the result of any dispute regarding accounting principles, practices, or financial statements.
- Continued Role: Mr. Bennett will remain as a consultant to assist with maintaining the company's financial books and records.
- Appointment of Acting CFO: Calvin Pang, a 35-year-old director of the company, was appointed Acting Chief Financial Officer effective immediately. He will report to Kambiz Mahdi, President and CEO.
Outlook, Risks, and Unusual Items
Compensation: The terms of Mr. Pang's compensation have not yet been determined. The company intends to amend this report within four business days once this information is available.
Background of Acting CFO: Mr. Pang previously served as Managing Director of Megawell Capital Limited and as a banker at UBS AG (2007-2015) managing portfolios for Hong Kong and China-based investors. He holds a bachelor's degree in business and finance from Washington University in St. Louis.
Key Facts for Investor Verification
- Verify the timeline for the amended Form 8-K regarding Mr. Pang's compensation terms.
- Confirm the transition plan for financial reporting responsibilities between Mr. Bennett (consultant) and Mr. Pang (Acting CFO).
- Review subsequent filings for any impact on the company's financial reporting schedule or internal controls due to the leadership change.