They had no choice. Can't keep paying people...
...if you don't have the cash. For a company that burns about $2mm/quarter with about $6mm in the bank, $1mm/yr in cuts ain't gonna do it. But it's a start.
What's remarkable is they had a 'c' level position for compliance in the first place. For a company so small, to have so many chiefs and so few indians (relatively) is a big hallmark of bad management. My bet: it was a payoff for good 'ole Art for something - another shady deal a shareholders' expense.
I think they only released an 8k - which you have to do with changes in senior management (another management mistake that comes back to bite Lynn in the butt).
As always all of the above are just my opinions, no facts are asserted.
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