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Re: JT460 post# 52971

Monday, 09/22/2014 12:07:42 PM

Monday, September 22, 2014 12:07:42 PM

Post# of 70041
If you do a quick add, Quirk is due just short of $600k at the end of his contract because the company has received over $250k in funding from toxic notes and dilution.

From the June 30 Q we got this tidbit

For the six month period ending June 30, 2014, operating expenses increased from $152,848 in 2013 to $494,586 for same period 2014. This increase is mainly due to accrued salaries of executive officers and consultants. Stock based compensation was reduced dramatically as the company is utilizing more convertible debt instruments versus stock,



Basically with the company using "more convertible debt instruments" they have elected to use that cash to pay employees in lieu of compensating them with common stock.

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