Looks like Tomas and Comella got another round of very large salary increases and more "bonuses". They got very large increases in 2013 and now they're getting more?
The company finishes the qtr with about $90K cash on the books, i.e. cash poor, they needed ASHER type financing to survive, they're loaded in debt, they haven't advanced their key trials, the stock hit an all time low in Dec 2013 of 6/10ths of a cent and is languishing at under 3 cents or so, and they are handing out very large pay raises w/ bonuses tacked on? No wonder IMO, no matter what they generate in these "revenues", they just spend that much more on that G&A expense line and take large operational losses, while the key trials go nowhere and the R&D spending is near nothing, at about $5K per month.
PAGE 25, most recent 10-Q:
"NOTE 13 — SUBSEQUENT EVENTS
Officer compensation
On July 28, 2014, the Company’s Board of Directors approved the 2014/2015 salary for Mike Tomas, Chief Executive Officer, at $525,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $150,000 to $500,000. In addition, the Board of Directors will grant Mr. Tomas options to be determined on or before June 30, 2015. The Company’s Board of Directors approved a bonus of $500,000 and options to acquire 10,000,000 shares of the Company’s common stock for ten years with four year vesting and a cashless exercise provision at an exercise price equal to the five day average closing price of the Company’s common stock as of August 1, 2014. The cash bonus may be paid in the form a six month promissory note.
On July 28, 2014, the Company’s Board of Directors approved the 2014/2015 salary for Kristin Comella, Chief Scientific Officer, at $250,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $100,000 to $300,000. In addition, the Board of Directors will grant Ms. Comella options to be determined on or before June 30, 2015. The Company’s Board of Directors approved a bonus of $300,000 and options to acquire 5,000,000 shares of the Company’s common stock for ten years with four year vesting and a cashless exercise provision at an exercise price equal to the five day average closing price of the Company’s common stock as of August 1, 2014. The cash bonus may be paid in the form a six month promissory note."
From the 2013 10-K filing one can see how enormous these pay increases are, despite the common shareholders and the stock essentially going nowhere during the same time periods:
For Tomas: (base salary- forget the bonus thing for now)
2012: $247,585
2013: $391,667
And now starting mid 2014: $525,000
For Comella: (base salary- forget the bonus thing for now)
2012: $105,671
2013: $159,167
And now starting mid 2014: $250,000
More than DOUBLED THEIR base salaries in two years or so? Wow. Looks like the penny-stock biz pays pretty good for those insiders? Stock is down like 99% from the IPO and down like over 93% or something close to that since Tomas took over, and they're getting rewarded with huge pay increases and bonuses tacked on?
AI
