Director Fees and "Performance Bonuses" wasted Investor CASH$$$!
Why didn't they pay the director fees and bonuses out in stock? Why would the Board approve of this nefarious conveyance of cash?? Seems like de la garzinian law is still in effect! Investors should be outraged by this extraction of cash.
Message in reply to:
The Company received $3.1mil in April 2021
So, just to be fair, we have $5.6mil on 3/31/2021 per 10-Q released yesterday.
+ $3.1mil additional net proceeds paid b/t April Fools and April 16th
- $500k estimated for April - May 18 burn
- $160k Director Fees paid
- $275k "Performance Bonuses" paid
- 186k escrowed for PPP loan payback
- $1.2mil in A/P and accrued liabilities
= $6.4mil as of today in "available cash"
NOTE 8 – SUBSEQUENT EVENTS
On April 16, 2021, the Company closed its Private Offering. The total net proceeds to the Company from this offering were $8.7 million. The Company received $3.1 million between April 1, 2021 and the closing date of April 16, 2021.
On April 15, 2021, the Company funded an escrow account to repay its Paycheck Protection Program loan. The principal balance is $365,430. The Company has a pending application requesting $179,000 in loan forgiveness.
During July 2020, the Board of Directors deferred their quarterly director fees. On March 31, 2021, the Company had accrued $160,000 of unpaid director fees. On April 8, 2021, the Board of Directors approved paying the accrued fees. During that same meeting, the Directors approved one-time performance bonuses totaling $275,000 for the Chairman, Chief Executive Officer, Chief Technology Officer, and Chief Financial Officer. The executive performance bonuses and the accrued director fees were paid the following week.
