Lol 8 years. Ok
This is how your pay people. Must be why I get paid as a consultant as well...
On December 15, 2003 the Company issued 300,000 shares of common stock to a consultant. Such shares were valued at their market value on the date of issuance of $.30 per share. The Company recorded consulting expenses of $90,000. On October 1, 2003, in connection with the exercise of stock warrants, the Company issued 2,000,000 shares of common stock to consultants. Since the Company did not receive any cash for the exercise of these options, the Company reduced amounts due to the consultants by $600,000 based on the exercise price of the underlying stock options granted. On January 9, 2004, the Company issued 2,000,000 shares of common stock as settlement for accrued expenses of $119,000. The shares were valued at their market value on the date of issuance of $.30 per share or $600,000. The Company recorded the $481,000 in excess of the accrued expenses as consulting expenses. On January 26, 2004, the Company issued 100,000 shares of common stock as settlement for accrued expenses of $19,000. The shares were valued at their market value on the date of issuance of $.37 per share or $37,000. The Company recorded the $18,000 in excess of the accrued expenses as consulting expenses. On February 1, 2004, in connection with the exercise of stock options, the Company issued 1,500,000 shares of common stock to its President. Since the Company did not receive any cash for the exercise of these options, the Company reduced accrued salaries owed to the president by $15,000 based on the exercise price of the underlying stock options granted. In September 2004, the Company cancelled 300,000 shares of common stock to a consultant for non-performance. The Company reversed the original amount of consulting expense recorded of $90,000. In September 2004, the Company issued 2,000,000 shares of common stock to consultants. Such shares were valued at their market value on the date of issuance of $.03 per share. The Company recorded consulting expenses of $60,000. In October 2004, the Company issued 214,286 shares of common stock as a settlement for accrued expenses. Such shares were valued at their market value on the date of issuance of $.04 per share. The Company recorded an additional $8,500 for this settlement. In October 2004, the Company issued 214,286 shares of common stock to a consultant. Such shares were valued at their market value on the date of issuance of $.04 per share. The Company recorded consulting expenses of $8,500. In January 2005, the Company issued 13,400,000 shares of common stock to the Company's executive officers in exchange for forgiveness of debt. Such shares were valued at their market value on the date on the date of issuance of $.03 per share. The Company recorded a reduction of payables of $402,000. In January 2005, the Company issued 3,000,000 shares of common stock to consultants for settlement of accrued expense of $30,000. Such shares were valued at their market value on the date of issuance of $.02 per share or $60,000. The Company recorded the $30,000 in excess of the accrued expenses as non-cash compensation expense. In January 2005 the Company issued 2,450,000 shares of common stock for the exercise of warrants. The amount due for the exercise of $60,450 was used to reduce amounts due to the same individuals.
