Business Context and Reporting Period
This Form 8-K Current Report was filed by LiqTech International, Inc., a Nevada corporation, on July 30, 2018. The report discloses a material change in executive leadership regarding the Chief Financial Officer position.
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 compensation arrangements.
Material Changes
- Departure: Soren Degn notified the Company of his retirement as Chief Financial Officer, effective August 14, 2018.
- Appointment: Claus Toftegaard was appointed as the new Chief Financial Officer, effective August 15, 2018.
- Compensation: Mr. Toftegaard will receive an annual salary of DKK 1,080,000 (Danish kroner) plus pension contributions of 10% of his salary.
Management Commentary and Background
Mr. Toftegaard, aged 53, brings extensive experience from Danish public companies, including roles as CFO at Gabriel Holding A/S (since 2014) and RTX A/S (2006–2011). He holds a MSc. in Business Economics and Auditing from Aalborg University and previously worked as an auditor at Ernst and Young in Denmark specializing in U.S. GAAP reporting. The Company confirmed there are no other arrangements or related-party transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the exact transition date between the outgoing and incoming CFO (August 14–15, 2018).
- Confirm the currency and total annual compensation package for the new CFO (DKK 1,080,000 + 10% pension).
- Review the new CFO's prior experience with U.S. GAAP reporting to assess readiness for SEC filings.
- Check for any subsequent filings regarding the departure of Mr. Degn or the onboarding of Mr. Toftegaard.