Management Salaries WERE REDUCED!!
From what I know they did reduce management salaries. The pharmacist by nearly $500K estimated for this year to only total $343 compared to $821 last year. As for the rest, CEO, CFO, and General Manager (Owner), I would estimate about $468K. This is not an unusual amount for management. Most CEO's make 5-10 times this amount. JMO, but this is actually very acceptable for a over 20 million net revenue company.
$24K WEISBERG/CFO
$120K MARS/CEO
$104K ARMEN/GM/OWNER
$220K SPARK
$468K TOTAL
Some are going to say well they received shares, those were one-time bonuses.
Employment Agreements
On December 1, 2012, the Company entered an employment agreement with its Chief Financial Officer, Alan Jay Weisberg. Pursuant to the agreement, Mr. Weisberg agreed to serve as the Company’s Chief Financial Officer for a term of three years. This agreement is currently being renewed on a year-to-year basis. As consideration for his services, Mr. Weisberg is entitled to a base salary of $24,000 per year. Any deficiency between actual pay and that specified in the employment agreement were forgiven prior to yearend and thus not accrued.
On January 1, 2016, the Company and Ms. Parikh Mars entered a three-year employment agreement, outlining the terms pursuant to which Ms. Parikh Mars shall serve as Chief Executive Officer (CEO). Ms. Parikh Mars’s annual base salary is $120,000, and she may receive bonuses as determined by the Board of Directors. Any deficiency between actual pay and that specified in the employment agreement were forgiven prior to yearend and thus not accrued.
On January 1, 2016, Mr. Karapetyan became the General Manager of PharmCo, LLC for which he in entitled to salary compensation in the amount of $104,000 per year. As of December 31, 2016, Mr. Karapetyan was paid $96,000 in salary and $10,000 in bonus. Any deficiency between actual pay and that specified in the employment agreement were forgiven prior to yearend and thus not accrued.
On October 1, 2016, Mr. Karapetyan became General Manager of Smart Medical Alliance, Inc. for which he is entitled to salary compensation in the amount of $65,000 per year. As of December 31, 2016, Mr. Karapetyan was paid $15,000 in salary. Any deficiency between actual pay and that specified in the employment agreement were forgiven prior to yearend and thus not accrued.
Consulting Agreements
On December 1, 2012, the Company entered a consulting agreement with Spark Financial Consulting, Inc. (“Spark”). Pursuant to the agreement, Spark agreed to provide certain operational and financial support services to the Company for a term of 1 year. As consideration for the services provided under the agreement, Spark is entitled to receive a consulting fee of $12,000 per month. Through Spark, Mr. Karapetyan provides ongoing management assistance to Company. We now know this is $16,000 per month.
"To Give Anything Less Than Your Best, Is To Sacrifice the Gift." - Steve Prefontaine
