Business Context and Reporting Period
This Form 8-K was filed by Heatwurx, Inc. on September 14, 2015. The report addresses a material change in corporate leadership under Item 5.02. Note: The filing identifies the registrant as Heatwurx, Inc., despite the request metadata referencing Processa Pharmaceuticals, Inc.
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 executive appointments and does not contain financial statements.
Material Changes
On September 14, 2015, the Board of Directors appointed John McGrain (age 70) as Interim Chief Executive Officer and Interim Chief Financial Officer. Mr. McGrain was already a member of the Board of Directors at the time of appointment.
Management Commentary and Compensation
- Compensation: The Company agreed to pay Mr. McGrain total compensation of $1 annually.
- Equity Awards: There will be no upfront compensation in the form of options or warrants.
- Relationships: No family relationships exist between Mr. McGrain and other directors or officers. No arrangements with third parties influenced his selection.
- Affiliations: Mr. McGrain is a member of JMW Fund, LLC, San Gabriel Fund, LLC, Richland Fund, LLC, and Arroyo Fund, LLC, all of which are significant equity and debt holders of the Company.
Investor Verification Checklist
- Verify the discrepancy between the registrant name (Heatwurx, Inc.) and the metadata company name (Processa Pharmaceuticals, Inc.).
- Confirm the extent of debt and equity holdings by the funds affiliated with the new Interim CEO/CFO.
- Review subsequent filings to determine if the interim appointment was made permanent or if a permanent CEO/CFO was hired.
- Assess the company's liquidity status given the appointment of an interim CFO with minimal compensation.