Zerify Inc (ZRFY)

[surfkast]

Name/ Principal Position Year Salary ($) Bonus ($) Stock Awards ($) MIncentive Plan Option Awards (Vested) ($) Securities Underlying Options/SARs ($) Nonqualified DeferreD Compensation Earnings($) All Other Compensation ($) Total ($) 
 

Mark L. Kay 2020 158,000 6,000 51,000 215,000


Selling, general and administrative expenses $2,350,000


advertising, sales and marketing expenses were $2,000 in 2020

What was the other $2,348,000 spent on? Administrative?



Note 4 - Convertible Notes Payable – Related Parties



In previous years, the Company issued convertible notes to related parties/officers in exchange for cash and/or services rendered. The notes are unsecured and were due on December 31, 2020. As of December 31, 2018 and 2019, outstanding balance of the notes payable amounted to $356,000, respectively.



During the year ended December 31, 2020, two notes aggregating $58,000 held by the Company’s VP of Technology were extinguished as part of a debt settlement obligation transaction (see Note 9). In addition, noteholders also agreed to extend the maturity date to December 31, 2021 with no changes to the other terms of the notes payable.



At December 31, 2020, the balance of convertible notes payable-related parties totaled $298,000. The notes are made up of ten convertible note payables, are unsecured, and have extended due dates of December 31, 2021. Six notes totaling $268,000 are due to the Company’s Chief Executive Officer, at a compounded interest rate of 8% per annum; and four notes totaling $30,000 are due to the spouse of the Company’s Chief Technology Officer at a compounded interest rate of 8% per annum. The aggregate notes are convertible into less than one share of the Company’s common stock at fixed conversion prices adjusted for applicable reverse stock splits.


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