Now only 58,617,938 shares outstanding!
and rescinded bonuses!
This company is doing everything they can to continue to make BWMG succussful!
From the 10Q:
Effective April 15, 2016 Trebor entered into an employment agreement with Alexander F. Purdon, a former employee of Trebor and affiliate of the Company. Under the terms of the agreement Purdon agreed to provide business and sales services to the Company through August 31, 2016. Wages due to Purdon shall be payable at the sole discretion of the Company in shares of its restricted common stock. Furthermore, as additional consideration for the Company to enter into the agreement, Purdon agreed to tender 28,403,252 shares of the Company's common stock beneficially owned by Purdon to the Company. The shares have been retired and returned to the Company's treasury without further consideration.
Following the return of the shares to the treasury the Company and issuance of 180,000 shares of common stock under the above agreement, the Company has 58,617,938 shares of common stock issued and outstanding.
Effective April 29, 2016 the Company canceled, terminated and rescinded an aggregate performance bonus payable of $129,500 (the "Bonus Payment") payable to three Company employees, including Robert Carmichael and Alexander Purdon, such bonuses initially reserved by the Board of Directors pursuant to a unanimous written consent of the Board of Directors dated February 23, 2013 and to be paid at such time as it deemed appropriate by the Board of Directors. The Company determined it was no longer appropriate to pay the remaining accrued Bonus Payment which was payable at the discretion of the Board of Directors due to several factors, including but not limited to 1) the real-time tax impact to the recipients, 2) the continued inability of the Corporation to pay cash bonuses, and 3) the difficulty of a recipient realizing a cash benefit from the resale of the Shares due to the insider trading policies by which the recipient must abide and other securities matters.
