Friday, February 03, 2017 10:38:18 AM
General and administrative expenses decreased to $1,167,466 the year ended September 30, 2016 from $12,842,678 for the year ended September 30, 2015. The decrease in our general and administrative expenses is largely due to the $10.7 million in stock-based compensation to our Chief Executive Officer during the year ended September 30, 2015
Revenue is $341,478 for the year ended September 30, 2016; no revenues were realized in 2015. The revenues in 2016 are related a five-year license agreement for certain source code which we will support over the contract. Delivery occurred in late December 2015, so we are recording revenues over the remaining term of the agreement of 30 months from the delivery date
The net loss in the year ended September 30, 2016 was $2,641,743 compared to net loss during the year ended September 30, 2015 of $13,758,100. The decrease in the net loss is primarily due to a decrease in our general and administrative expenses. The net loss will continue to be reduced in that our research and developments will be less and anticipated revenues will be realized in the year ending September 30, 2017.
Again.... $10.7M! Really?
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has incurred losses from operations, has an accumulated deficit at September 30, 2016 of ($45,780,569) and needs additional cash to maintain its operations
The $10.7M figure doesn't jibe with ......
Employment Contracts
The Company entered into an employment agreement with its Chief Executive Officer on January 1, 2013. The employment agreement will expire on January 1, 2018 and shall automatically renew for another five years unless terminated in accordance with the provisions of the employment agreement. The employment agreement provides for:
i. A monthly salary of $20,833 per month subject to an annual increase of 10% per year and consistent with the Company policy applicable to other senior executives and officers and approval by the Board of Directors. During the year ended September 30, 2016, the base salary was $360,000.
ii. A cash bonus of 25% of his annual base salary each year if the Company reaches the following milestones:
a. The Company posts annual gross revenues on a consolidated basis of at least $5,000,000;
b. The Company’s earnings before the deduction of income taxes and amortization expenses (“EBITA”), including cash extraordinary items but before officer’s bonuses, on a consolidated basis for any year is at least $1,000,000;
iii . An automobile allowance of $1,500 per month.
iv . A medical insurance allowance of $1,500 per month.
v . In the event the executive’s employment is terminated without cause he will receive the entire contract remaining on the agreement.
The Company has removed other provisions from the original employment agreement
You can lead a horse to water. But you can't make him get down on one knee and do an Al Jolson impression!
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