Mr. Little is currently practicing as an attorney with P. Wayne Little & Associates in Sherman Oaks, California, and has been practicing as an attorney in California since 1990. The Registrant has agreed to pay Mr. Little $90,000 per annum. It is intended that Mr. Little will be granted an option to purchase up to 200,000 shares of Common Stock at an exercise price equal to the fair market value thereof on the date of grant.
On November 13, 2013 the Registrant’s Board of Directors appointed Ron Hudson as a Director of the Registrant.
Mr. Hudson has been the Chief Executive Officer of Superior Wall Systems, Inc. since its inception on December 3, 1979, Chief Executive Officer of SWS Panel, Inc. since its inception on September 11, 2013, and Chief Executive Officer of SWS Truss, Inc. since its inception on September 11, 2013. Superior Wall Systems, Inc. provides fireproofing, metal framing, gypsum board, acoustical ceilings, lath and plaster, cast products, EIFS, and specialty finishes to private clients and public agencies. SWS Panel & SWS Truss provide prefabricated metal stud panels and floor systems and roof structures used in hotel construction and apartment, student housing, and retirement and assisted living projects. There is no agreement for the Registrant to compensate Mr. Hudson.
This decrease in operating expenses resulted from a general decrease in business activity during the current period as the Company transitions to a new management group and reformulates its business plans.