Okay, well, let's walk through those three points and see what we come up with.
#1 Adding another title to Gay's door doesn't mean a thing. Actions/execution, not words, really is what gets a company built. He had the job title of Business Development, solely responsible for expanding the company since Feb. 2015 and didn't execute, so I'm not moved by a switch in titles but with the same EXACT responsibilities.
#2 I don't recall any confusion/uncertainty about Gay's compensation, it was spelled out as $5,000 a month (cash/stock). My point was for a company to do accounting for two locations should cost about $5,000 a year, not per month and the fact that he's paying his own company to do this is, by definition, a conflict of interest.
I have more than two companies, plus numerous holdings....exponentially more accounting/tax work than $GIGL and I don't pay anywhere near $5,000/month. In fact, I used a large, well known tax firm down the street from the $GIGL Glendale location (Glenoaks Blvd., you locals will know it). They were expensive but again, no where near what Gay is paying his own company.
#3 If Parsi wants to distance himself from the company, appointing himself Chairman is the opposite of that. Resigning from the company is distancing himself. Appointing himself chairman is nothing more than shuffling one title for another but changing nothing else.
If they were seriously trying to turn around this company, Parsi would have resigned immediately. Gay would have also resigned from his position at his company and became full-time CEO at $GIGL immediately so he could lead the offering. But it spells out in the filings that Gay will continue to work at his company while being $GIGL CEO.
What company tries to expand using one part-time CEO and little to no support staff? No successful companies do.
You know why you haven't heard of any? Because the companies failed and disappeared.
Stock manipulation according to the SEC. "Making false or misleading statements about a company."
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