Business Context and Reporting Period
This Form 8-K Current Report was filed by Coda Octopus Group, Inc. on July 28, 2021, covering events occurring on July 26, 2021. The filing addresses Item 5.02 regarding the departure of directors or certain officers and the amendment of compensatory arrangements.
Key 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 executive employment terms.
Material Changes
On July 26, 2021, the Company amended the employment agreement of Michael Midgley, its Chief Financial Officer (CFO). The material changes include:
- Role Adjustment: Mr. Midgley now serves solely as Chief Financial Officer, having previously stepped down as CEO of the wholly-owned subsidiary, Coda Octopus Colmek, Inc.
- Work Schedule: Services are to be rendered on a 3 days per week basis.
- Compensation: The amended agreement sets a base salary of $126,000 per annum.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for future guidance, outlook, management commentary on financial performance, risks, contingencies, or unusual items.
Investor Verification Checklist
- Verify the effective date of the employment amendment (July 26, 2021).
- Confirm the reduction in Mr. Midgley's role to CFO only and the 3-day work week.
- Review the specific base salary of $126,000 per annum.
- Check for any prior disclosures regarding Mr. Midgley's departure from the subsidiary CEO role.