Business Context and Reporting Period
This Form 8-K Current Report was filed by Akers Biosciences, Inc. (Ticker: AKER) on February 3, 2021, covering events occurring on January 28, 2021. The filing addresses Item 5.02 regarding the departure of the Interim Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial data disclosed relates to the compensation arrangement for the new Interim CFO:
- Initial Retainer Fee: $7,500 paid to Brio Financial Group.
- Monthly Payment: $13,500 fixed monthly payment.
- Additional Costs: The Company will be billed for travel and out-of-pocket expenses.
Material Changes
The primary material change is the leadership transition in the finance department:
- Departure: Stuart Benson ceased his role as Interim Chief Financial Officer effective January 29, 2021, coinciding with the end of his employment with Brio Financial Group.
- Appointment: Ian Rhodes was appointed as the new Interim Chief Financial Officer under the existing Consulting Agreement with Brio Financial Group.
- Term: Mr. Rhodes' term is set to end on June 30, 2021.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, risk factors, or management commentary regarding the company's operational outlook. It confirms there are no family relationships between Mr. Rhodes and other directors or officers, and no material transactions involving Mr. Rhodes since the beginning of the last fiscal year.
Investor Verification Checklist
- Verify the effective date of Stuart Benson's departure (January 29, 2021).
- Confirm the term end date for Ian Rhodes (June 30, 2021).
- Review the July 22, 2020 Form 8-K (Exhibit 10.1) for the full text of the Consulting Agreement with Brio Financial Group.
- Monitor future filings for the appointment of a permanent Chief Financial Officer prior to the interim term expiration.