Business Context and Reporting Period
This Form 8-K is a current report filed by Akers Biosciences, Inc. (the "Company") on July 22, 2020, covering events occurring on July 19, 2020, and July 21, 2020. The Company is a biopharmaceutical entity incorporated in New Jersey, with its common stock trading on the NASDAQ Capital Market under the symbol "AKER".
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive personnel changes and associated compensation arrangements.
Material Changes
The primary material change reported is the transition of the Company's Chief Financial Officer (CFO) role:
- Departure: Howard R. Yeaton, Interim CFO, agreed to cease employment effective August 19, 2020, by mutual understanding.
- Appointment: The Company entered into a Consulting Agreement with Brio Financial Group to appoint Stuart Benson as CFO, effective August 19, 2020, with a term ending June 30, 2021.
Guidance, Outlook, and Management Commentary
The filing contains no forward-looking guidance, financial outlook, or general management commentary regarding business strategy. It details the compensation structure for the new CFO arrangement:
- Compensation: An initial retainer fee of $7,500 and a fixed monthly payment of $13,500, commencing August 15, 2020.
- Additional Costs: The Company will be billed for travel and other out-of-pocket costs (e.g., report production, postage).
- Background: Mr. Benson brings experience as a former CFO of Helios and Matheson Analytics and Senior Vice President of Finance for A+E Network's International division.
Investor Verification Checklist
- Verify the effective date of the CFO transition (August 19, 2020) and the interim period coverage.
- Review the attached Exhibit 10.1 (CFO Consulting Agreement) for full terms and conditions not summarized in the text.
- Confirm the total potential cost of the consulting arrangement, including variable out-of-pocket expenses.
- Check subsequent filings for the appointment of a permanent CFO if the consulting term is not extended.