Little under 1.3 Million. and add at Least another 240k soon enough...
Accrued compensation 1,274,779
.CTION 1 – Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement
On December 31, 2014, we entered into an employment agreement with our executive officer and director, Robert Eakle, retroactive for the year ended 2014 (the “2014 Employment Agreement”).
Pursuant to the terms and conditions of the 2014 Employment Agreement with Mr. Eakle:
§ For the fiscal year ended December 31, 2014, we agreed to retain Mr. Eakle as Chief Executive Officer of our company and Mr. Eakle agreed to accept this senior officer position.
§ The term will encompass the fiscal year ended 2014.
§ Mr. Eakle shall receive an annual compensation of $120,000.
§ In the event of insufficient liquidity, Mr. Eakle will be allowed to receive any unpaid and accrued portion of his cash compensation in the form of common stock or Series B Preferred Stock, as he may choose.
On December 31, 2014, we entered into a consulting agreement with Kaufman & Associates Inc. (“Kaufman”) retroactive for the year ended 2014 (the “2014 Consulting Agreement”).
Pursuant to the terms and conditions of the 2014 Consulting Agreement with Kaufman:
§ For the fiscal year ended December 31, 2014, we agreed to retain Kaufman as a consultant and Kaufman agreed to act as a consultant.
§ The term will encompass the fiscal year ended 2014.
§ Kaufman shall receive an annual compensation of $120,000.
§ In the event of insufficient liquidity, Kaufman will be allowed to receive any unpaid and accrued portion of his cash compensation in the form of common stock or Series B Preferred Stock, as it may choose.
The foregoing description of the 2014 Employment Agreement and 2014 Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the agreements filed as Exhibits 10.1 and 10.2 hereto and incorporated herein by reference.
INCONSISTENCIES tell the Real Story... The Problem: FAILURE by a CEO in PENNYLAND, is not only an Acceptable Practice, it REWARDS a CEO... It's much EASIER for CEO to make money selling Company shares, than Build a Company.
