XcelMobility Inc (XCLL)

[BONGWHOLE]

$$ XCLL $$---the quoted section below, from today's news, speaks volumes:



SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Conversion of Salaries Payable to Certain Officers

On February 6, 2017, the Board of Directors (the “Board”) of XcelMobility Inc., a Nevada corporation (the “Company”) authorized and approved the conversion of the balance of salaries payable to certain officers of the Company as of December 31, 2016 into shares of the Company’s common stock, par value $0.001, at a conversion price of $0.002 per share. The salaries payable which are subject to conversion, as approved by the Board, are as follows: (i) $100,000.00 payable to Mr. Zhixiong Wei, the current Chairman of the Board and Chief Executive Officer of the Company; (ii) $50,000.00 payable to Mr. Renyan Ge, the former Chairman of the Board and Chief Executive Officer, and a current director of, the Company; and (iii)$10,000.00 payable to Ms. Li Ouyang, the Chief Financial Officer of the Company. Pursuant to the Board action, Mr. Wei shall receive 50,000,000 shares, Mr. Ge shall receive 25,000,000 shares and Ms. Ouyang shall receive 5,000,000 shares of the Company’s common stock.


****** THIS WILL DEFINITELY GO WELL ABOVE .002, no doubt!!---you can bet the officers are not accepting conversion salaries at a loss! :)