Beyond that do you think the SEC wouldn't care if Mike bonused himself and others a few million bucks in effect raiding the company?
Believe it or not the SEC would not care one bit. However, If they PR'd a set of financials that misrepresented the bonuses, then the SEC would care...but as a grey sheet or even pink sheet they don't have to say or issue anything...so frankly it could happen and you would never know...and not a single law would be broken.