This is the single most important reason why I gave up on this company: Parsi's salary isn't commensurate with his responsibilities or his achievements.
He doesn't manage the day-to-day. Presumably he has accountants running the finances, along with a CFO. His "job" is basically to go out and try to raise money -- which he's proven incapable of doing on every level.
He also can't be trusted. He claims it costs upwards of $400k/year to remain a publicly traded company -- I would love to hear how he justifies these expenses as every other source indicates it should cost significantly less for a company of GIGL's size.
And when he raised $500k in an offering, even though it was less than the $5M he wanted, did he return that money since the offering wasn't successful? No. Did he put it into an interest-bearing account to be used for expansion when he raised the rest of the money? No. Did he spend it on G&A -- which presumably includes his salary? Yes.
He claims that he himself took part in the offering. Do we know how many shares he purchased at .03? No.
He claimed to be stepping down because GIGL needed someone more experienced like Philip Gay to lead it going forward. Is Parsi still running the company? Yes.
How many people would have invested in the offering if they knew the money would be spent on things other than expansion?
Sometimes you can just look at someone and get a feel for what they're like. When I look at Joey Parsi, I see an uneducated slimeball douchebag who only cares about himself. What do you see?
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