Monday, April 20, 2015 12:24:00 PM
$220,000 for the period December 1, 2010 to November 30, 2013, and Dr. Gilligan will not earn and have
compensation accrued. Until such time that the Company has sufficient operating income and working to
pay such salaries to Dr. Olszewski and Dr. Gilligan, no accrued compensation will be paid to either individual.
Their salaries have been accrued in an amount less than contractually obligated as a result of their
decision in fiscal 2012 to forgive a portion of the amount earned in prior periods. As of February 28, 2015,
an aggregate of $1,589,000 of accrued and unpaid compensation for Dr. Olszewski and Dr. Gilligan under
these agreements was included in accounts payable and accrued expenses.
In the Quarter ending February 28th 2015 approximately $1, 170,000in accrued officers salaries have been
converted into common shares at average of 0.30 per share.
LMAO
Penny stocks have earned their bad reputation, so beware.
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