Sun Pacific Holding Corp (SNPW)

[KeepItRealistic]

$SNPW CEO confidence speaks volumes

CEO postponed 5 years of his earnings until the company has the money to pay him back. The total of his compensation is $687,364 and $631,166, respectively.

Furthermore he pledged all of his holding in the company. If that isn't enough, He also pledge his one million dollar property. That is his home in order to collateralize the debt obligations.

I challenge you to find me one CEO out there willing to give this type of commitment for the company. This is virtually NON-EXISTENT. The state or quality of being dedicated to the business is beyond imagination.

NOTE 7 - COMMITMENTS AND CONTINGENCIES

Employment agreement

On December 20, 2014, the Company entered into a five-year employment agreement with Nicholas Campanella, Chief Executive Officer. Under the terms of the agreement, the Company is required to pay a base compensation of $180,000 annually, subject to increases in cost of living and performance bonuses as awarded by the Board of Directors. After 5 years, the agreement is automatically renewed for an additional two years unless terminated by either party. As part of the agreement Mr. Campanella opted to defer, with no interest, the receipt of compensation under the agreement until the Company has the funds to pay its obligation. At June 30, 2019 and December 31, 2018, the Company had accrued compensation of $687,364 and $631,166, respectively, and recorded the related expenses in ‘general and administrative’ on the accompanying condensed consolidated statements of operations.

Sun Pacific Holding Corp. (See all company filings) U.S Security and Exchange Commission:
https://www.sec.gov/cgi-bin/browse-edgar?company=Sun+Pacific+Holding+Corp&owner=exclude&action=getcompany


NOTE 8 - RELATED PARTY TRANSACTIONS
In order to secure financing for the MedRecycler-RI, Inc. West Warrick, Rhode Island waste to energy facility, Mr. Campanella agreed that upon initial financing of the project, he shall pledge substantially all of his holdings in the Company, assign his pledges in MedRecycler, LLC, and certain properties held by Mr. Campanella, personally, in order to collateralize the debt obligations.

Sun Pacific Holding Corp. (See all company filings) U.S Security and Exchange Commission:
https://www.sec.gov/cgi-bin/browse-edgar?company=Sun+Pacific+Holding+Corp&owner=exclude&action=getcompany