Has anyone done any DD on the 2 directors, Samuel Berry and Matthew C. Scott? I can't really dig up anything on them, they are such common names too. Looks like they are the ones pulling down the consulting fees.
OK, and what's up with 'consulting fees' vs salary? Salaries and wages was only $9K for the quarter but the consulting fees are huge. Looks like even the CEO is getting these...?:
Daniel Rushford, President, CEO, Secretary, Treasurer and Director
On August 28, 2017, the Company entered into an Employment Agreement with Mr. Daniel Rushford with regard to being appointed as the new Chief Executive Officer, President, Secretary, Treasurer and Member of the Board of Directors. Mr. Rushford will receive a monthly salary of $2,000 to be paid at the end of each month. Unpaid amounts will accrue annual interest of 6%. In addition, Mr. Rushford will receive 25,000,000 shares of restricted common stock and 1,000 Preferred Series B Shares upon signing of this agreement. Further, at the end of the first 12 months the employee will receive $75,000 of restricted common shares of the company at fair market value. The term of the Consulting Agreement is for two years; renewable upon mutual consent.
On November 13, 2017, the Company issued 25,000,000 restricted common shares for $25,000 in share-based compensation that were valued at $95,000, or $0.0038 per share based on the market value on the date of issuance, and $70,000 was recorded as a loss on settlement of debt.
On January 2, 2018, the Company approved an increase in salary to $3,000 per month.
During the three months ended March 31, 2018, the Company accrued wages of $9,000 and paid wages of $12,000. In addition, Mr. Rushford advanced the Company $2,073, ($182 – December 31, 2017) and a payment of $2,225 was made by the Company to satisfy the funds advanced.
Is that standard? I'm new to this so haven't seen it before like that.
And there are other consultants too, Jump TV, BASI... OK.
Seems like this company is at the crossroads, either running into the ground or fulfilling huge purchase orders and blowing up. But I suppose everyone has been saying that... Let's see what the next PR brings.
