Business Context and Reporting Period
This Form 8-K filing by U.S. Gold Corp. reports corporate governance changes effective December 20, 2017, and December 22, 2017. The company is incorporated in Nevada and operates from Elko, Nevada.
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 does not contain financial performance data.
Material Changes
- Resignation: David Rector resigned as Principal Financial and Accounting Officer on December 20, 2017. The resignation was not due to any disagreement with the Company regarding operations, policies, or financial reporting.
- Appointment (COO): On December 22, 2017, David Rector was appointed Chief Operating Officer. He retains his position as Corporate Secretary. His employment agreement includes a monthly base salary of $15,000.
- Appointment (PFAO): On December 22, 2017, Robert DelAversano was appointed Principal Financial and Accounting Officer.
Management Commentary and Risks
Management stated that Mr. Rector's departure from the financial officer role was amicable. Mr. DelAversano brings experience from Brio Financial Group and Bartolomei Pucciarelli, LLC, with expertise in financial reporting, internal controls, and taxation. The filing discloses no material transactions involving the new officers over the last two years and no family relationships with other directors or officers.
Investor Verification Checklist
- Verify the effective date of Robert DelAversano's assumption of duties as Principal Financial and Accounting Officer.
- Confirm the terms of David Rector's employment agreement as Chief Operating Officer, specifically the $15,000 monthly salary.
- Review subsequent filings to ensure no undisclosed disagreements regarding financial reporting arose from the transition.
- Check for any pending financial reports that may have been delayed due to the change in financial leadership.