Nobody seems to be very concerned about the financials. I took a quick glance and things didn't seem to be to outrageous. Looks like we are accruing debt at a slower rate than before. I did see some unusual things regarding Eyetalk365 and Carter:
"On April 1, 2012 the Company entered into a two (2) year convertible Promissory Note with Ronald Carter, its President and CEO for $200,000 at 10% interest for the accrued compensation owed to him for the fiscal year 2011 in accordance with his Employment Agreement. This note was assigned to a non-related third party, who assigned to Eyetalk365. Eyetalk365 contributed this note to RCI as partial consideration for the exclusive license agreement dated February 24, 2014. See footnotes for additional information. This transaction reduced the note payable by $200,000 and also elminated the accrued interest."
"On April 1, 2012 the Company entered into a two (2) year convertible Promissory Note with its Senior Vice President, Solomon Ali for $174,000 at 10% interest for the accrued compensation owed to him for the fiscal year 2011 in accordance with his Employment Agreement. $50,194 of this note has assigned to an unrelated third party. This note was assigned to a non-related third party, who assigned to Eyetalk365. Eyetalk365 contributed this note to RCI as partial consideration for the exclusive license agreement dated February 24, 2014. See footnotes for additional information. This transaction reduced the note payable by $174,000 and also elminated the accrued interest."
It seems to me the $900k reduction in debt was actually a few $100k each of "salary" owed to Ali and Carter. Seems like pretty selective debt reduction if you ask me. But my accounting knowledge is pretty low. Anyone care to explain? There were a few other examples of this on the report.
