Imagine if you sold 30,000 shares at $0.58 for $17,400 on December 14, 2015 and later bought them back for $0.0001 (30,000 shares x $0.00010 = $3).
Quite an incentive to continually sell into the Bid collecting your $120,000 / year salary at high prices today, and exercise the option to cover a short position by acquiring 3,000,000 shares at $0.0001 over a 3-year period.
Someone got screwed, but that's precisely how hubris works.
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On December 14, 2015, we issued 30,000 common shares, valued at $0.58 per share, pursuant to a consulting agreement. The common shares issued pursuant to the consulting agreement qualified for an exemption pursuant to Section 4(a) (2) of the Securities Act as the issuance of the securities by our company did not involve a “public offering.”
On April 27, 2015, the Company entered into an employment agreement with Isaac H. Sutton to serve as Chief Executive Officer of the Company. The agreement provides for an initial term of three years and will terminate on April 27, 2018. The employment agreement will be extended automatically for successive one-year periods thereafter unless the Company or Mr. Sutton gives written notice to the other to allow the employment agreement to expire. Mr. Sutton will be paid an initial annual base salary of $120,000. In addition, Mr. Sutton will be eligible to receive each year an incentive bonus in an amount up to 100% of his base salary and a revenue bonus in an amount equal to 0.75% of the amount by which the Company’s net revenues in such year exceed $25 million.
Subject to the approval of the Board, the Company will also grant to Mr. Sutton a stock option to purchase 3,000,000 shares of the Company’s common stock at a price per share not less than the per-share fair market value of the common stock on the date of grant.The option will vest with respect to one-third of the shares on the first anniversary of the date of grant and as to the remaining two-thirds of the shares in 24 equal monthly installments thereafter.
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