Tuesday, May 15, 2018 12:28:38 AM
David Shworan is the CEO and co-founder of bravenet.com as well as quotemedia.com.
Bravenet.com is one of the largest data tools and webhosting companies in the world on par with godaddy.com.
Several years ago quotemedia was spun-off into a public company with the financial data tools developed by bravenet.
As CEO of both companies, he has decided to increase the value of the public company at the expense of the private company.
The roughly $1,150,000 due to bravenet from quotemedia for intellectual property has recently been forgiven.
The deferred compensation that compromises most of the other long term liabilities has been completely restructured.
Dave Shworan converted his deferred compensation into combination of preferred shares and warrants.
The terms clearly dictate that the preferred shares cant be converted until such time that QMCI common shares trade above .30 for a consecutive 90 day period.
His warrants for commons have a conversion price of .10 and his warrants to purchase additional preferred shares have a price of $1.
These terms essentially mean that if QMCI can not easily sustain a common stock PPS of at least .30, the CEO will not see a nickel for his efforts.
Over a decade of work, development, investment and integration to grow quotemedia into one of the largest financial market data providers in North America will have been for nothing, for him personally and financially.
Hope that helps.
GLTU, IMO and FWIW.
Recent QMCI News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2024 05:08:46 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/13/2024 07:38:44 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/13/2023 06:55:12 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM