From what I've been told by Mr. Pagnano - He is entitled to receive $20,000/month but hasnt taken it. It will be owed to him.
Mr. Pagnano states he owns a bit over 37,000,000 shares of common stock (which is basically nothing) - although he does own 10,000,000 shares of the Series A Preferred.
He further states that he has NEVER sold a single share of his holdings. I have not seen a Form 4 filed with the SEC signaling that he has.
As for the S-8's we see, those shares, so I've been told, were used to pay for consulting services, marketing, accounting, etc (which I'm inclined to believe is going directly into his own pocket - although I do not have proof that the monies are being channeled to him in some fashion)
He also claims to have loaned the company between $400,000 and $500,000 and in the latest 10Q it states the following:
"described in greater detail above, and from loan proceeds of approximately $240,000 to us from our Chief Executive Officer, Michael S. Pagnano, made during October and November, 2006, which loan is not memorialized in writing"
So I'm not certain where the other $200,000+ dollars are floating around, or why this loan wasnt put in writing.
It's all a bit sketchy. There is some significant dilution going on, and it's reflected in our shareprice.
It's all in the SEC filings, however I'm just too lazy to dig for it.
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