Livewire Ergogenics Inc (LVVV)

[Andy3077]

Not by paying it off with cash though.


On September 3, 2013, Bill Hodson, the chief executive officer, and Brad Nichols, the president of the Company, agreed to forgive their deferred salaries to date, the total amount of which is $460,667, and shall no longer hold the Company responsible for payment of that amount. This has been recorded as a capital contribution. In addition, Mr. Hodson and Mr. Nichols agreed to change the terms of their employment agreements to a salary of $1.00 per year. All other details of employment agreements shall remain in full effect.


That's pretty cool, however, they should have not ever been paid that to begin with. How do they survive ona dollar a year? I don't get it.