Business Context and Reporting Period
This Form 8-K Current Report was filed by XpresSpa Group, Inc. on June 22, 2018. The filing addresses significant changes in the company's principal officers, specifically the departure of the Chief Financial Officer and the appointment of a new Principal Accounting Officer.
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
- Departure of CFO: Anastasia Nyrkovskaya resigned as Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer on June 19, 2018, to pursue other career interests.
- Transition Plan: Ms. Nyrkovskaya agreed to remain with the company in a reduced capacity through October 15, 2018, to facilitate the transition of projects while a search for a new CFO is conducted.
- Appointment of Principal Accounting Officer: Janine Canale, previously the Company's Controller since March 2017, was named Principal Accounting Officer on June 19, 2018.
Guidance, Outlook, and Compensation
The filing contains no guidance, outlook, or management commentary regarding future financial performance. Regarding the new appointment:
- Compensation: Ms. Canale will receive an annual base salary of $130,000.
- Equity Grant: Ms. Canale received a grant of 50,000 restricted stock units in connection with her appointment.
- Background: Ms. Canale holds a B.B.A. in Accounting and an M.B.A. in Finance, is a Certified Public Accountant in New York, and previously worked as an auditor at BDO USA, LLP and CohnReznick LLP.
Investor Verification Checklist
- Verify the status of the ongoing search for a permanent Chief Financial Officer.
- Review the separation agreement with the departing CFO, which is expected to be filed as an exhibit to the Form 10-Q for the quarter ended June 30, 2018.
- Confirm the terms of the indemnification agreement entered into with Ms. Canale.
- Monitor the transition of financial projects through the October 15, 2018, interim period.