Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Michael Weinberger - Resignation
On May 17, 2023, Mr. Michael Weinberger voluntarily resigned as Chief Executive
Officer and member of the Board of Directors of the Company. The resignation was
not the result of any disagreement with the Company on any matter relating to
the Company's operations, policies, or practices. Mr. Weinberger will remain
with the Company as a Strategic Advisor.
Douglas Bowden - Appointment
On May 22, 2023, the Board appointed Mr. Douglas Bowden, age 63, as the
Company's Interim Chief Executive Officer. Mr. Bowden is currently the Chairman
of the Company's Board of Directors.
The biography for Mr. Bowden is set forth below:
Mr. Bowden started his career in the electronics industry, working in a
successful family run business, which he purchased with his brother and ran for
nearly 20 years. This tech company's success was based on signal processing and
monitoring providing hardware and software for broadcasters during the high
definition revolution. Bowden sold his business in 2009 and in 2013, Mr. Bowden
and his son started Viridis Group, a real estate company centered on residential
remodeling, multifamily and commercial real estate development in Colorado and
Arizona. Through this venture they gained experience in real estate acquisition,
design, project and construction management, leasing, finance and sales. Viridis
Group has recently adopted the name Bowden Investment Group. Mr. Bowden attended
the University of South Dakota where he studied business.
Family Relationships
Mr. Bowden is not related to any officer or director of the Company.
Related Party Transactions
Mr. Bowden is co-founder of Viridis Group, dba Bowden Investment Group, a
strategic partner of the Company. A full discussion of all related party
transactions can be found in the Form 10-K filed with the SEC on January 13,
2023, incorporated by reference herein.
Item 8.01. Other Events.
The Company welcomes Jeffrey Rassas, current Director of the Company and former
Chief Strategy Officer, as a Strategic Advisor to the Company, assisting with
Capital Markets and Investor Relations.
In an effort to stabilize cash flows, the Company has made significant
reductions to operating expenses within the organization including laying off
employees and reducing certain outside service expenses.
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