GlobeStar Therapeutics Corp (OTC:GSTC), a pharmaceutical company specialized in drug preparations, announced the departure of its Chief Financial Officer (CFO), Robert Chicoski. The resignation was effective as of Thursday, August 8, 2024, according to a recent filing with the Securities and Exchange Commission (SEC).
The company, headquartered in Richland, Washington, stated that Chicoski's decision to step down was not due to any disagreements with company policies or practices. Along with resigning from his position as CFO, Chicoski also stepped down from his role as the company's "Principal Financial (NASDAQ:PFG) and Accounting Officer" for SEC reporting purposes.
GlobeStar Therapeutics, originally known as AngioSoma, Inc. and subsequently First Titan Corp., has undergone previous name changes, with the latest occurring on June 22, 2016. The company is incorporated in Wyoming and operates with a fiscal year ending on September 30.
The SEC filing did not mention any immediate replacement for Chicoski or detail any interim financial leadership plans. The company's CEO, James C. Katzaroff, was the signatory of the SEC report dated today.
This announcement comes as GlobeStar Therapeutics continues its efforts in the pharmaceutical industry under the SIC code 2834, which pertains to pharmaceutical preparations. The company's business address and contact information remain unchanged in Richland, Washington.
GlobeStar Therapeutics has marked itself as an emerging growth company and has not indicated whether it will opt for the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
InvestingPro Insights
Recent financial data from InvestingPro sheds light on GlobeStar Therapeutics Corp's (OTC:GSTC) current market position, which may provide context to the recent departure of its CFO. The company's market capitalization stands at a modest $1.24 million, reflecting its small-cap status. This valuation comes amid challenging financial metrics, as indicated by InvestingPro Tips.
An InvestingPro Tip highlights that GSTC "is not profitable over the last twelve months," which aligns with the reported adjusted operating income of -$0.8 million for the same period. This financial strain is further emphasized by another InvestingPro Tip noting that the company's "short term obligations exceed liquid assets," potentially indicating liquidity concerns.
The stock's performance has been notably weak, with InvestingPro data showing a one-year price total return of -83.33% as of the most recent data. This significant decline may reflect ongoing challenges faced by the company in the pharmaceutical sector.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for GSTC, providing a deeper understanding of the company's financial health and market position.
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