Would you mind if I divide the question in half before answering? It messes up your point a little bit.
"Nobody finds it strange that NNVC was giving impossible and ridiculous deadlines//////while paying Diwan's CEO salary at another company and not disclosing that transaction as legally required by SEC rules?"
Of course it's strange that NNVC was giving impossible and ridiculous deadlines (actually it turns out to be their regular practice).
The second half is a bit more complicated...I'm sure you'll let me know if I get it wrong:
NNVC has a deal with TheraCour that has been amended and filed with the SEC (hence, disclosed).
That deal doesn't require NNVC to pay Diwan's TheraCour salary and benefits but rather to reimburse TheraCour for the salary and benefits that THEY pay him....nothing wrong with that.
NNVC discloses the total that they pay TheraCour in their 10-Q's quarterly and 10-K's annually.
But here's where I think the beef is:
Even though the Amended Agreement spells out the arrangement, there is no indication in the company's 10-K's that the reimbursement to Diwan is a part of that Agreement....it's unmentioned. The cost of the reimbursement is buried in the total costs payable to TheraCour in the text and the financial statements themselves.
In their 10-K the company acknowledges that Diwan owns 70% of TheraCour, making them a related party, and clearly indicates that "While the Company is not aware of any conflict that has arisen or any transaction that has not been conducted on an arm’s length basis to date, Dr. Diwan may have conflicting fiduciary duties between the Company and TheraCour."
That's all well and good, but the fact that part of the Agreement requires NNVC to reimburse TheraCour for whatever salary and benefits they pay this company's CEO seems to be a fact that should be reported in every 10-K and probably the 10-Q's as well.....especially since it bears on the truth of the statement that "the Company is not aware of any conflict that has arisen or any transaction that has not been conducted on an arm’s length basis to date".
Is it a formal failure to meet the reporting requirements? I don't know. But it is obviously a lack of full disclosure and it couldn't be something that was omitted by accident.....it's not the kind of fact that one simply forgets to include.
edit: I expect that if it could be shown that NNVC was actually paying Diwan's Theracour salary, etc. directly to him, instead of as a reimbursement to TheraCour, then at the very least that would have to be reported separately as part of the NNVC Compensation information. Hence, amendments would be in order.
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