Thursday, September 29, 2016 6:48:58 PM
The $10,000/month debt can only be converted if the Company agrees to do so or if Hawkins leaves. The Company can choose to pay him in cash if they are profitable.
also...
The bonus only gets paid in stock if the company can't "cash flow the business" and only for the amount in excess of $3,000/month and only if approved by the Board of Directors. Then, it doesn't get paid until September of that year.
As with all share compensation, it is probably also paid in restricted shares and subject to the other share compensation restrictions published earlier which state that no employee can sell more than 3% of their holdings on any given day.
I am not in the least concerned about the payments to Paul and Mike Hawkins. I do think, however, that they should be more transparent about the arrangement they have with Ron Sassano, particularly about his agreement concerning Zoha and Scalable Solutions. Did he make salary concessions in return for his ownership percent? In any event, his compensation consist of $15,000/month in stock. Even if he is allowed to cash all of it immediately, at $.03/share it amounts to about 500,000 shares each month. This is easily absorbed in the daily transaction volume. As of April 30, 2016 Sassano owned 1,252,809 common shares, so he's obviously not selling every share he makes.
Also, according to the 10-K...
Les
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