Business Context and Reporting Period
Motorsport Games Inc. filed a Form 8-K reporting the appointment of John Delta as part-time Interim Chief Financial Officer, effective October 4, 2022. The filing was signed and dated October 14, 2022. The company is a Delaware corporation whose Class A common stock trades on Nasdaq under the symbol MSGM.
Key Financial Metrics
This filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other financial results.
Material Changes
- John Delta was engaged as Interim CFO pending appointment of a permanent CFO.
- The company entered into a Consulting Services Agreement with TechCXO, LLC on October 4, 2022 for Mr. Delta’s services.
- TechCXO will be paid an hourly rate of $450 for Mr. Delta’s Interim CFO services.
- The company stated that its third-quarter close process delayed the previously contemplated September 19, 2022 effective date until the agreement was finalized and executed.
Outlook, Risks, and Unusual Items
- The interim appointment indicates a temporary change in the company’s finance leadership while it seeks a permanent CFO.
- The filing does not provide management guidance or an operating outlook.
- The filing does not identify any family relationship, selection arrangement, or reportable related-party transaction involving Mr. Delta.
- The consulting agreement’s complete terms should be reviewed because the filing’s description is qualified by and subject to the full agreement filed as Exhibit 10.1.
Investor Verification Items
- Review Exhibit 10.1 for the full scope, duration, termination provisions, and payment terms of the TechCXO agreement.
- Confirm the timing of the permanent CFO search and any subsequent leadership appointment.
- Review subsequent filings for the company’s delayed third-quarter close and related financial results.
- Reconcile the October 4 report date with the October 14 public disclosure and signature dates stated in the filing.