When the total market cap "value" of a company, as assigned by the free market place, when it is LESS THAN THE CEO annual "base salary", let alone WAY LESS than the combined salaries of just the "two" main employees left, after the CEO running the biz since 2010, and the company being public traded since 2008, I'd say something is grossly "wrong with the picture" IMO.
Per the last SEC filed 10-K, Tomas and Comella did cut their generous base salaries a tad, BUT still tacked-on CASH BONUSES, despite the common shares losing a literal 99% of their value over the same time period. Totally mind blowing. Makes no sense ??
Tomas base salary is $585,463 and he had a $75K CASH BONUS tacked on.
Tomas total "compensation package" for 2015 was listed as: $1,137,642
Comella base salary is $249,008 and she had a $50K CASH BONUS tacked on.
Comella total "compensation package" for 2015 was listed as: $583,747.00
Thus, JUST THE BASE SALARIES FOR "the two" was:
$585,463 + $249,008 = $834,471.00
The market cap for this company, as stated TODAY on Google Finance: $242,017.00
$848K "base salaries" for TWO employees versus TOTAL MARKET CAP of $242K ??
Try and wrap one's noodle around that "concept", LOL?? HOW does that accounting "add up" or "pencil out" and make any freaking sense?
Also, per their most recent SEC FILED 10-Q balance sheet, the company's TOTAL CASH ON HAND remaining, as of that filing, was approx $245K big buck-a-roos. A FRACTION of just the annual "base salaries" for just TWO of the remaining total "4 full time employees" per same SEC FILINGS.
Freaking amazing to me. MAKES NO SENSE TO ME, none?
IMO, If they couldn't use common shares as their bottomless DILUTION "check book" and never ending dilution "currency" in never ending cash-for-shares deals or "pay the bills by issuing/dumping common shares", this mess would've been BK, LIGHTS OUT, a long, long, long time ago, just per simple math and small biz cash-flow 101 for dummies.
NO private small biz owner/operator could ever, ever conduct business, or ever attempt to "run a biz" like this, and ever last even 1 yr, before total BK and insolvency, for simple lack of cash, and running out of cash, per rudimentary accounting concepts.
The ONLY thing that keeps this gig going seems to me, is their never ending ability to DILUTE and DUMP THEIR OWN COMMON SHARES-for-CASH, while literally diluting um down to toilet paper status, aka 3/10ths of ONE CENT per share (actually .0000034 per share "split corrected"), which I'm not even sure would buy one a few "squares" of a decent brand of "TP", toilet paper, on the open market ??
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