Business Context and Reporting Period
This Form 8-K Current Report was filed by Greenwave Technology Solutions, Inc. (GWAV) on April 28, 2023. The filing reports significant changes in executive leadership, specifically the appointment of a new Chief Financial Officer and the resignation of the previous CFO.
Key Financial Metrics
The filing does not provide current period revenue, profit, cash flow, margins, debt, or liquidity metrics. However, it references historical performance:
- Fiscal Year 2022 Revenue: $33.9 million (attributed to an acquisition closed during the tenure of the new CFO).
- Shareholder Base: More than 27,000 investors.
- Capital Raised: Tens of millions of dollars in proceeds from public and private equity offerings.
Material Changes
The primary material change reported is the transition of the Chief Financial Officer role effective April 28, 2023:
- Appointment: Isaac Dietrich was hired as Chief Financial Officer.
- Resignation: Ashley Sickles resigned as Chief Financial Officer. The filing states this resignation was not the result of a dispute or disagreement with the Company.
Management Commentary and Compensation
New CFO Compensation: Isaac Dietrich will be compensated $300,000 per annum for his service as Chief Financial Officer.
Background: Mr. Dietrich is a founder of Greenwave and previously served as CEO, Chairman of the Board, and CFO at various times between 2013 and 2021. He served as a consultant to the company from February 2022 to April 2023. Prior to this appointment, he served as Director of Finance for Thumzup Media Corporation and sits on the Board of Directors for Alpha Energy, Inc.
Investor Verification Checklist
- Verify the effective date of the CFO transition (April 28, 2023) and confirm the absence of any undisclosed disputes regarding the resignation.
- Review the $300,000 annual compensation package for the new CFO against peer benchmarks.
- Confirm the status of the $33.9 million revenue stream from the 2022 acquisition mentioned in the background.
- Check for any subsequent filings regarding the new CFO's first financial report or strategic shifts.