Business Context and Reporting Period
This Form 8-K is a current report filed by REED's, INC. on May 29, 2014, covering events that occurred on May 22, 2014, and May 27, 2014. The filing addresses Item 5.02 regarding the departure of an interim officer and the appointment of a new interim officer.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. The only financial data disclosed relates to executive compensation:
- Interim CFO Compensation: Lawrence W. Tomsic is engaged at a monthly consulting fee of $15,000.
Material Changes
The filing reports significant changes in the company's interim financial leadership:
- Termination: David Williams was terminated as Interim Chief Financial Officer effective immediately on May 22, 2014.
- Appointment: Lawrence W. Tomsic was engaged as Interim Chief Financial Officer on May 27, 2014.
Management Commentary and Risks
Management Commentary: The company highlighted Mr. Tomsic's extensive experience as a CPA and former CFO for public companies (including LiveDeal, Inc.) and real estate firms. He holds a Bachelor's degree in Accounting and an MBA.
Risks and Contingencies: The filing states there are no family relationships between Mr. Tomsic and other directors or officers. There are no material plans, contracts, or compensatory arrangements beyond the stated monthly fee. No other proposed transactions involving Mr. Tomsic were disclosed.
Investor Verification Checklist
- Verify the effective date of David Williams' termination (May 22, 2014).
- Confirm the start date and terms of Lawrence W. Tomsic's interim engagement (May 27, 2014; $15,000/month).
- Review Mr. Tomsic's prior experience with NASDAQ-listed companies and public accounting.
- Confirm the absence of any undisclosed material contracts or conflicts of interest involving the new Interim CFO.