Year-to-date, the Company has issued 623,974 shares of stock as compensation to various parties at an expense of $3,013,020. Of these, 4,700 were issued to employees of Pak-It, 100 shares per employee, on January 7, 2010. On February 25, 2010, the Company issued a total of 400,000 shares to 5 key employees and consultants as bonuses and for past services. During the second quarter, 175,800 shares were issued for services rendered, 10,000 shares were issued to each of the Company’s three independent members of the Board of Directors, and the remaining 13,474 were issued to 3 employees. The shares issued were generally valued at the closing share price on the respective issue dates and were reported as operating expenses in the statement of operations. Shares issued to settle existing monetary commitments were valued at the existing commitment amount.
Year-to-date, stock compensation has been issued and expensed totaling $3,013,020, with $643,120 occurring in the second quarter. This non-cash expense will likely continue in future quarters but the amount will vary based on number of shares issued and the stock price on the date of issuance.
Stock-Based Compensation
The Company periodically issues shares of common stock for services rendered or for financing costs. Such shares are valued based on the market price on the transaction date.
Changes in ownership are reported on Form 4 and must be reported to the SEC within two business days. You can find the limited categories of transactions not subject to the two-day reporting requirement in the new rule. http://www.sec.gov/answers/form345.htm
The SEC requires individuals with “beneficial ownership” (including directors and officers as well as any investors who own 10 percent or more of a company’s shares) to file a Form 4 within two days of buying or selling the company’s stock. (They must also report stock received as part of compensation.) http://moneywatch.bnet.com/money-library/sec-filings/tutorial/4/
Form 4 provides information about the disposition of stock either by sale or transfer. This information may indicate whether the shares have been transferred to a family partnership or other entity controlled by the shareholders, officers, and/or Directors.
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