Business Context and Reporting Period
This Form 8-K is a current report filed by Information Systems Associates, Inc. (ISA) on April 28, 2014. The filing addresses corporate governance changes involving the Board of Directors. Note: The request metadata references "DUOS TECHNOLOGIES GROUP, INC.," but the filing text explicitly identifies the registrant as Information Systems Associates, Inc.
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 personnel changes and does not contain financial performance data.
Material Changes
- Resignation: Michael Hull resigned as Director and Audit Committee Chairman effective April 28, 2014, citing conflicting obligations that prevented him from devoting sufficient time to fiduciary responsibilities.
- Appointment: David Brooks was appointed to the Board of Directors on May 1, 2014, replacing Mr. Hull.
Management Commentary and Compensation
Mr. Brooks brings significant financial experience, having served as CFO for SKM Media Corp. (2012-2013) and as an interim CFO for Ecosphere Technologies since February 2013. He is a Certified Public Accountant in Florida and the Managing Shareholder of D. Brooks and Associates CPAs, P.A.
Compensation Arrangement: Mr. Brooks will be compensated in two capacities: as a director of ISA and as an independent contractor through his firm. He will be paid on an hourly basis for specific accountancy consultation related to SEC reporting.
Investor Verification Checklist
- Verify the exact date of Mr. Brooks' effective appointment to the Board (May 1, 2014) versus the resignation date of Mr. Hull (April 28, 2014).
- Confirm the specific hourly rate or total compensation cap for Mr. Brooks' consulting services, as the filing only states he will be paid on an hourly basis.
- Review subsequent filings to determine if Mr. Brooks has been appointed to any specific committee roles (e.g., Audit Committee) to replace Mr. Hull's prior duties.