Monday, November 24, 2014 2:11:23 PM
"As disclosed, I continue to defer pay and have extended substantial loans to the company while John Bordynuik, our Chief of Technology, has deferred pay, paid debts, paid for lab work, consumables, equipment, and assumed obligations approaching in aggregate of $400,000." We know that there is a history of tricky sentence structure here and I think you just fell victim to an example of it.
I doubt very seriously that he has "float(ed) $400,000 in assumed liabilities". In fact, it doesn't say that. The amount "approaching in aggregate of $400,000" includes his deferred pay and I suspect that probably accounts for the vast majority of it. I believe that a portion of the paid debts, equipment, and assumed obligations relate to the vehicle loan for the buggy he has been using for several years. I suspect that he had no choice but to pick up the payments or lose the vehicle. It was reported in the last 2 10-Q's (though not the 10-K) and I believe the year was supposed to be 2014:
"In March 2013, the Company’s Chief of Technology, as personal guarantor of a capital lease from Roynat Lease Finance, paid the outstanding obligation in the amount of $19,928 and personally assumed the lease."
The last 10-Q's also include the following statements:
"In June and August, 2014, the Company’s Chief Technology Officer John Bordynuik made payments in behalf of the Company totaling $15,750 for critical operating services."
"In June and July, 2014, the Company’s Chief of Technology John Bordynuik made payments in behalf of the Company totaling $15,750 for critical operating services."
So that would leave $365K of the Approaching $400K number. The last time that I know of the JB compensation was reported was in the latest 10-K:
2013 258,305(9)
(9)Represents Mr. Bordynuik’s compensation as our Chief of Technology.
I don't believe that we were told exactly when he stopped taking salary. His contract calls for a salary of $275,000/yr.
"I ated the purple berries"
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM
Avant Technologies to Implement AI-Empowered, Zero Trust Architecture in Its Data Centers • AVAI • Apr 29, 2024 8:00 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • BLO • Apr 25, 2024 8:52 AM