Business Context and Reporting Period
This Form 8-K is a current report filed by SilverSun Technologies, Inc. (not QXO, Inc.) on August 3, 2011, covering events occurring on July 26, 2011. The filing details the appointment of Stanley Wunderlich to the Company's Board of Directors and the execution of a Director Agreement.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to the compensation arrangement for the new director:
- Initial Stipend: $3,000 paid on July 26, 2011.
- Recurring Stipend: $1,000 per quarter, payable at the end of each fiscal quarter (pro-rated based on service days).
- Warrant Grant: Warrants to purchase Class A common stock valued at $20,000 divided by the closing stock price on the grant date.
- Warrant Exercise Price: Closing price on the grant date plus $0.01.
Material Changes
The primary material change is the expansion of the Board of Directors with the appointment of Stanley Wunderlich, effective July 26, 2011. An amended and restated Director Agreement was subsequently entered into on August 3, 2011, formalizing the compensation structure and term through the next annual stockholders' meeting.
Guidance, Outlook, and Management Commentary
Management states that Mr. Wunderlich's over 40 years of Wall Street experience, specifically in capital raising strategy and investor relations, is expected to assist the Company's growth strategy and development as a public company. There is no forward-looking financial guidance, risk factor updates, or discussion of contingencies in this filing.
Investor Verification Checklist
- Verify the current closing price of SilverSun Technologies, Inc. Class A common stock on the OTC Markets to calculate the exact number of shares covered by the initial warrant grant.
- Confirm the date of the Company's next annual stockholders' meeting to determine the expiration of the Director Agreement term.
- Review the attached Exhibit 10.1 (Amended Agreement) for any additional covenants or termination clauses not summarized in the text.
- Check subsequent filings to confirm the issuance of the first warrant, which is scheduled no earlier than October 26, 2011.