"Would be nice if he started deferring salary again."
That's a very surreal hope/expectation. Recently he has been taking his previously deferred salary in addition to his current salary.
During the year ended 6/30/21 Accrued salaries - related parties went from $2,647,000 to $1,785,000.
During the most recent quarter Accrued salaries - related parties went from $1,785,000 to $1,455,000.
If there's a way to reduce the amount in that account other than to pay the salaries that were accrued I'd like to hear someone explain what it may have been.
The 10K says that "the Company accrued payroll to Dr. Krishna Menon, ex-President of Research of approximately $1,443,000 for his past services with the Company".
It's not hard to connect the dots. Except for an unexplained $12,000, the entire $1,455,000 balance is due to Menon and Ehrlich has taken all of the salary in the last 6 quarters that had been deferred (in excess of $1.4M). During that same period the CEO took his current salary (not including directors fees and stock awards) of ~$700K.
That's ~$2.1M that he has taken out of the money raised from discounted issuances of the Company's shares in the last 6 quarters.
His willingness to do that should tell you everything you need to know about the likelihood that he will start deferring his salary again. He has been doing precisely the opposite.
Absent a new funding source (there are no more warrants to sell for preferred shares and Aspire needs a $.10 common share price before they can be obligated to provide more funds) he needs to operate, including paying himself, constrained by the existing cash in the bank.
As my dear old grandfather Litvak said (just before they swung the trap), he said "You can't cheat an honest man. Never give a sucker an even break or smarten up a chump."
