Tuesday, September 16, 2014 2:33:00 PM
Ken is good for $18,000 a month as a consultant and another $5,000 (because of course he is the landlord for their office space). And oh, he is owed more than $300,000 on that deal.
Here's how Ken and Earl chose to kick off the party back in 2012 with their "accrued compensation". If you're wondering, yes, he turned $50,000 into $600,000 worth of stock. Nice work, would you step down?
On August 15, 2012, Ken Adessky (a related party) converted $50,000 of accrued compensation into 10,000,000 shares of common stock, valued at $600,000 based on the closing market price on the date of grant. As the value of the common stock granted exceeds the value of the liabilities relieved, a loss on conversion of $550,000 was recognized.
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM