Business Context and Reporting Period
This Form 8-K Current Report was filed by Where Food Comes From, Inc. on November 27, 2019. The report discloses a corporate governance event regarding the Board of Directors that occurred on November 24, 2019.
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 statements or performance data.
Material Changes
- Board Resignation: Dr. Gary Smith voluntarily resigned from the Board of Directors effective November 24, 2019.
- Board Composition: The size of the Board was temporarily reduced from nine to eight directors.
- Reason for Departure: The resignation was not the result of any disagreement with the Company regarding operations, policies, or procedures.
Management Commentary and Risks
Management described Dr. Smith as a "tremendous Board member" and a "world renown internationally acclaimed meat scientist" who served since 2006. The Company noted that Dr. Smith will continue to teach at Texas A&M and provide consulting services to the industry. In honor of Dr. Smith and his wife, the Company donated to the new JBS Global Food Innovation Center, which opened in the spring of 2019. No specific risks, contingencies, or unusual items were disclosed in this filing.
Investor Verification Checklist
- Verify the current composition of the Board of Directors to confirm the reduction to eight members.
- Check for subsequent filings regarding the appointment of a new director to fill the vacancy.
- Review the Company's relationship with Dr. Smith regarding his ongoing consulting services.