When you straight out blame the CEO for your increased expenses... you might have a problem
Our operating expenses were $7,175,163 for the year ended December 31, 2017, as compared with $1,265,810 for the year ended December 31, 2016.
The main reason for our increased operating expenses in 2017 was a result of stock-based compensation to our CEO, Wais Asefi.
Our net loss of $7,649,220 was the main component of our negative operating cash flow, offset mainly by stock-based compensation of $6,115,100.
As of December 31, 2017, we have an accumulated deficit of $15,150,240.
We will need to pay our management team and consultants that assist with managerial and administration efforts in the next twelve months.
We have 5 employees, including a CEO, COO, VP of Sales, Lead Developer, Marketing Director and Client Success Manager.
We have 5 consultants that assist with development, systems engineering, and inside sales.
We recently contracted an API Engineer and Scalability Engineer to help build-out our new SMS software platform.
We do not have employment agreements or written consulting agreements with any of our personnel, except for our CEO, Wais Asefi.
His employment agreement obligates us to pay him $120,000 annually.
In order to compensate him and all of the above managerial and administrative support, we estimate we will require and additional $100,000 in revenue in the next twelve months.
