Here's something curious from the latest MRIB financials. Based on the increase in payroll taxes for the six months ending December 2014, there was roughly $220,000 in salaries paid for the period unless the increase was all interest/penalties but we'll get to that in a minute.
There were seven employees on or around the beggining of the period, Margrit, Ani, Ari, Nina, Richard, Dan and the Director of business development whose name escapes me right now. First to go were Ari and the woman who was Director of business development. She listed a new position with a travel agency in early June and Ari listed a new position elsewhere in July. Both on Linkedn. So there were five employees for the period in question.
Now, around the start of the period Margrit went on Money TV and stated that management had been deferring 70% of salary. We'll assume that does not include Nina, Richard or Dan. If the numbers from the employment contracts applies at $180,000 salary for each Margrit and Ani, that would come to $4,500 a month each. Regardless of when Ani actually left we know she was gone as of end of year. Giving her six months of salary for the period that's $27,000. Margrit would be the same for a total of $54,000.
In late August one of the board members here communicated with Richard who relayed his dissatisfaction with MRIB, his leaving the company and told him not to bother contacting him any longer. Ok, so let's say he got paid two months through August. Next was Dan. I have it from a reliable source that Dan stopped getting paid end of August early September. Money TV first week of October was probably his last day. But we'll call it two months of salary. All that's left is Nina, basically a glorified office assistant. Let's say she got paid the entire period of six months. All in all you have 10 months of salaried employee pay. Taking away Margrit and Ani's pay you get $165,000 for this 10 pay periods for three people. $16,500 a month for each or roughly the same salary rate as Margrit and Ani? I don't think so. I think Margrit either told some big fat lies or she and Ani drew down a huge amount of any accrued salary befor the end of the year.
Looking at it sensibly, let's say Dan was getting $120,000 base which would be pretty good for a regional rep. He gets $20,000. Richard was the IR rep answering phones and such. Let's put him at $60,000 and he accounts for another $10,000. Nina as an office assistant would be lucky to get as much as Ari was getting at $60,000 so there's another $30,000 for a grand total of $60,000. That leaves a balance for Margrit and Ani of $160,000, not $54,000. And guess what? That adds up to three times what Margrit claimed and probably more as the salaries I used are VERY generous. Bottom line is Margrit and Ani appear to have drawn their full salaries in cash made available by not paying anyone else and/or letting them go. There's also the $300,000 in SGA for the last quarter with only the three folks on the payroll.
Last note on interest and penalties mentioned earlier. If that were the case even more problems arise regarding the SGA for the period. If no salaries were paid what did MRIB spend almost half a million dollars on for the period?
