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Wednesday, March 04, 2015 8:17:54 PM
Actually it's far, far more than that for just the CEO and the CSO (Chief science officer)- just those 2 "employees" of a company in their last SEC filing stated as having "4 full time and 1 part time employee"- just those 2 combined consume (are paid) $1,575,000 dollars from mid 2014 until their next round of pay increases/cash bonuses which they've gotten every yr since at least 2012. The CEO's annual compensation package of just base salary plus "cash" bonus now exceeds $1 million annually and that's for a near cash broke company that finished it's last qtr with $46K total cash on-hand in their 10-Q filing and that does not include additional "kickers" the CEO gets like stock options (large block grants) and other perks.
Those 2 alone have more than doubled their base pay since 2012 and also received annual cash bonuses (large ones) all as the company R&D spending/expense line has been cut to near zero (about $3K a month total spent on R&D per last 10-Q filing, PAGE 5).
Last filed 10-Q, PAGE 23:
"Employment agreements
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 of 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 of a six month promissory note.
"
That right there, from July of 2014 to July of this yr, 2015, means just those 2 "employees" are receiving $525K base + $500K cash bonus + $250K base + $300K cash bonus = $1,575,000 in annual compensation (not counting stock awards n other forms of compensation)
To see how massive the rise in the rate of pay to just those 2 individuals has been since 2012- see the " executive compensation table" from the company's last filed 10-K (annual report):
![](http://investorshub.advfn.com/uimage/uploads/2015/1/21/lqtnmBHRT_pay.jpg)
To see what has happened to the massive cuts to R&D spending have occurred while the corresponding huge increases in "general and admin" expenses have occurred - see the "Condensed statement of operations" PAGE 5 of the last filed 10-Q qtrly report:
![](http://investorshub.advfn.com/uimage/uploads/2015/2/5/pclufBHRT_Expense_growth.jpg)
And what was the company's cash and asset position as those very large pay increases w/ "cash" bonuses were being awarded? Well, pretty desperate IMO when looking at their own, latest filed 10-Q balance sheet PAGE 4, latest filed 10-Q:
![](http://investorshub.advfn.com/uimage/uploads/2015/1/16/hnfkpBHRT_cash.jpg)
To see what the common stock has done as these 2 "employees" have received massive pay increases, essentially wiping out the common share holders to the tune of a 99% plus loss to the common shares- see any multi yr stock chart such as the one below. The common stock shares have lost approx 98% of their value since the present CEO took over in mid 2010. From approx then .50 cents a share to now approx 1 CENT a share.
50 -1 = 49/50 = .98 X 100 = 98% LOSS to common.
![](http://investorshub.advfn.com/uimage/uploads/2015/1/24/weilzBHRT_Chart.jpg)
That kind of stellar common stock "performance" as shown in that chart gets one large annual compensation increases going on 3 yrs running and large "cash" bonuses too boot and over a $million in annual compensation to just one of the 2 people. Not bad, not bad at all IMO.
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