PCT Ltd (PCTL)

[Smokenjoe1]

Much needed... enema


On February 15, 2021, the Company entered into Separation and Settlement Agreement with an officer and director of the Company to terminate a previous employment agreement. As part of the terms of the settlement, the Company agreed to issue 5,108,197 shares of common stock to the officer, and the officer agreed to the cancellation of all stock options held. The Company did not have sufficient authorized shares available for issuance of the common stock, and accordingly, the fair value of the common stock of $143,030 has been accrued as a current liability on the balance sheet at December 31, 2021.