Execution This is from the 10Q from November. I still can't understand this, the CEO of the new Motor Sports Emporium is paid for services performed from the bankrupt Ten Six, so the new company he heads gets stuck with the bill? Am I reading this right, I think this is Bull Crap
On September 16, 2004, the Company executed a Letter of Understanding and Reinstatement Agreement with David Keaveney ("Keaveney"). The Agreement calls for Keaveney to receive a total of $56,352 from services Keaveney performed from February 9, 2004 until September 15, 2004.
On September 25, 2004 David Keaveney was appointed director, President, CEO and CFO of the corporation.
On September 26, 2004 both Tony A Cranford and Thomas E. Sawyer resigned as officers and directors of the corporation.
On September 27, 2004 David Keaveney acknowledged his acceptance to office as the Company's director, President, CEO and CFO. David Keaveney also established a new business address for the Company in the state of Arizona.
On September 27, 2004 the Company entered into a Promissory Note with its previous auditing firm AJ Robbins, Pc for the principal amount of $16,693, with no interest. The balance is an overdue accounting bill for services performed during their tenure. Six equal payments of $2,782 shall be due and payable on the 30th day of each calendar month, with the first payment commencing on October 30, 2004 and final payment on March 30, 2005.
Subsequent to the period covered by this report, on October 13, 2004 Rhonda Keaveney, wife of President, CEO and CFO-David Keaveney, was appointed director and Secretary of the Company.
Subsequent to the period covered by this report, on October 18, 2004, the board of directors granted David Keaveney, the company's President & CEO an option to convert his unpaid balance of $56,352 into common stock. The number of common shares to be issued shall be determined by dividing the unpaid balance by 20% of the closing bid price.
Subsequent to the period covered by this report, on October 25, 2004 the Company entered into an Executive Employment Agreement with its President, CEO and CFO, David Keaveney ("Keaveney"). The initial term of the Agreement commenced on October 25, 2004 and it shall continue in effect until October 25, 2005. Thereafter, the Agreement shall be renewed upon the mutual agreement of Keaveney and the Company. The Agreement grants Keaveney a base salary of $114,000 per year. During the term of the Agreement, Company agrees to pay all costs of Keaveney's medical/dental expenses up to a maximum of $20,000 per year. Company shall also provide an automobile allowance of $1,000 per month. Company shall pay a monthly rent of $2,000 while it maintains its headquarters at Keaveney's place of residency. Not withstanding the one year employment term, the Agreement may be terminated by either party. If the Company desires to terminate the Agreement for any reason, other than reasonable cause or event of permanent disability, Keaveney shall be entitled to 100% of the balance of payments due under the contract payable, at the Company's option, either on a bi-weekly basis or in a lump sum discounted by 10% and payable 30 days after said termination.
Subsequent to the period covered by this report, on November 4, 2004 the Company's President & CEO David Keaveney exercised his right to convert $2,280 (part of a $56,352 debt into 1,500,000 shares of restricted common stock. The remaining outstanding balance was reduced accordingly to $54,072.
Subsequent to the period covered by this report, on November 16, 2004 the Company's President & CEO David Keaveney exercised his right to convert $3,000 (part of a $54,072 debt into 1,000,000 shares of restricted common stock. The remaining outstanding balance was reduced accordingly to $51,072.
PLAN OF OPERATION
AI
