Business Context and Reporting Period
This Form 8-K Current Report was filed by Iveda Corporation (also referred to as Iveda Solutions, Inc.) on July 22, 2010. The report addresses Item 5.02 regarding the departure of certain officers and the appointment of new officers.
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: Robert Brilon resigned as Interim Chief Financial Officer and Treasurer effective July 22, 2010. The filing states there was no disagreement between Mr. Brilon and the Company. He will remain an employee through August 2, 2010, and may assist on a contract basis.
- Appointment: Steven G. Wollach was appointed Chief Financial Officer on July 22, 2010. He is expected to serve as Treasurer upon Board approval at the next meeting.
Compensation and Management Commentary
Mr. Wollach's employment is at-will. His compensation package includes:
- Annual salary of $85,000.
- 200,000 stock options to purchase Company stock, approved by the Board of Directors.
Mr. Wollach brings extensive experience, including prior roles as CFO and CEO for Interactive Objects, Inc., and a background in strategic planning, corporate finance, and SEC filings.
Investor Verification Checklist
- Verify the exact terms and vesting schedule of the 200,000 stock options granted to the new CFO.
- Confirm the date of the next Board of Directors meeting to determine when Mr. Wollach will officially assume the Treasurer role.
- Review subsequent filings to ensure continuity in financial reporting following the interim CFO's departure.