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You can find in the last two 10-Qs

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TheSkunk   Thursday, 11/07/13 01:34:43 AM
Re: ImOnABoat post# 29786
Post # of 91005 
You can find in the last two 10-Qs where the Salary Expense is broken out from SG&A it shows the salaries as "accrued".

The last 10-K we got in September 2013 for the year ended 2012 (yes it was late) shows it better.

It describes salary expense in a couple of places but the quickest way I can direct you to the verbiage that explains both salaries and what Caz stated regarding $2,000,000 in revenues can be found in Section 8 Related Party Transactions.

http://www.sec.gov/Archives/edgar/data/1125280/000101376213001225/form10k.htm


(The 10-K has a table that I can't get to look right in the post)

Quote:

8. Related Party Transactions


Officer Salary

The Company has recorded a salary expense of $275,000 and $275,000 for the year ended December 31, 2012 and 2011, respectively, related to the Company’s Chief Executive Officer and a salary expense totaling approximately $205,000 and $188,900 the year ended December 31, 2012 and 2011, respectively, recorded for the Company’s Executive Vice President, a shareholder and the spouse of the Company's Chief Executive Officer.

Research and Development

Research and Development costs for the year ended December 31, 2012 and 2011 is $0 and $156,000, respectively, included fees accrued and payable to the Chief Executive Officer for services as the attending physician in thirty-eight (38) patient cases included as part of the Company’s ongoing research of its technologies and processes. Payment of these fees will be contingent upon the Company either generating $2.0 million in revenues or completing an equity offering of the Company’s common stock or other securities equal to or greater than $5.0 million, whichever occurs first. As of December 31, 2012 and 2011, the following amounts were owed to related parties:


December 31, 2012 December 31, 2011

Accrued salaries $753,647 $374,932

Accrued research fees $361,000 $361,000





The way I read this section, only the accrued research fees is paid to the Doc if either of the two triggers are met. $2,000,000 in revenue or an equity offering worth $5,000,000 or more.

So the accrued salary expenses won't be paid at the $2,000,000 revenue milestone or equity offering of $5,000,000.

At some point I'm sure the Doc would like to get paid for past salary but that looks to be a ways away.

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