I'm looking through the 10-K and just keep finding some shady things. First of all, can someone please put in laymans terms where the $1.5 million "other income" came from? I honestly don't understand the terminology and certainly this doesn't come from product sales right?
Personally, I'm only seeing one line on that 10K. Gross profit = $93K. Yes, it's an increase from last year and congratulations, but why is Mahoney taking a $100K+ salary? Damn.
For the longs here - explain how a company survives when you have $93K profit vs. $500K+ in operating expenses? Do you think Mahoney deserves a 195K salary? Rubbish
Am I the only one thinking the 10 Billion A/S looming over this stock is a dark ominous cloud?
And no, I don't own this stock - just doing some DD and lookin for some feedback to poke some holes in my statements. Thanks!
Oh yea, my favorite paragraph from the 10-K (2nd paragraph, page 37)
"In the event Mr. Mahoney's employment agreement is terminated by the Company for cause or due to Mr. Mahoney's disability or retirement, the Company will pay him his full base salary for five years from the date of termination at the highest salary level under the agreement. Under his agreement, "cause" means (1) the willful and continued failure of Mr. Mahoney to substantially perform his duties to the Company after written demand for such performance is delivered to Mr. Mahoney by the Company's Board of Directors, (2) the willful engaging by Mr. Mahoney in conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise, (3) the conviction of Mr. Mahoney of a felony, which is limited solely to a crime that relates to the business operations of the Company or that results in his being unable to substantially carry out his duties as set forth in the agreement, or (4) the commission of any act by Mr. Mahoney against the Company that may be construed as embezzlement, larceny, and/or grand larceny. However, Mr. Mahoney will not be deemed to have been terminated for cause unless the Board of Directors determines, by a vote of at least 75% of the members of the board of directors, that Mr. Mahoney was guilty of conduct described in items (1), (2) or (4) above. "
haha really?! where can i find a company that will do that for me?
AI
