Denise - I believe you said you were a writer. If you are going to invest in development stage companies it is also important to be a reader (please don't read this as a personal rebuke - it's just one of my standard speeches to anyone wanting to invest).
Some of the items that would address your concerns as to the salaries are addressed on the following pages. I would urge everyone who is invested to read the entire document.
In my opinion, and you'll have to make your own determination on this, but when a person and his wife devote 6/7 days a week on something and do so and are only being paid in stock I believe that action speaks for itself. I think that's one criteria for wanting to invest. "Skin in the game" is important.
Pg F-14 under Common Stock:
During the year ended June 30, 2011 the Company issued 8,499,034 of restricted common shares as stock based compensation. In July according to the terms of employment contracts approved by the board of directors the Company issued 300,000 common shares with a fair value of $30,000 to two new employees and 8,199,034 shares were issued to the CEO as part of the 10,000,000 shares approved by the Board in January 2011.
Pg F-11 under Related Parties Transaction:
On January 20, 2010, the Board recognized that Mr. Stephen Squires has made loans to the Company and may make additional loans to the Company. The Board approved granting Mr. Squires a two-year option to convert up to $200,000 of cash advances into a maximum of 5% of the outstanding common stock of Solterra currently 100% owned by the Company. As of the filing date of this Form 10-K, Mr. Squires has declined to exercise this option.
Pg F-15
As of May 18, 2011, the Company's executive officers, directors and employees converted accrued salaries of $256,000 and bonuses of $64,000 totaling $320,000 into warrants to purchase 2,909,089 shares, exercisable at $0.11 per share over a period of five years. On the date of board approval of this event the Company’s stock had a closing price of $0.11 cents per share. The Company has attributed $252,100 to the warrant value using the Black Scholes price model.
Pg F-18
As of August 5, 2011, the Company's executive officers, directors and employees converted accrued salaries of $256,000 and bonuses of $64,000 totaling $320,000 into warrants to purchase 2,909,089 shares, exercisable at $.11 per share over a period of five years. On the date of board approval of this event the Company’s stock had a closing price of $0.11 cents per share.
Pg 47 you will find a list of salaries accrued (not paid-see list)
As of November 4, 2010, the Company's executive officers, directors and employees converted accrued salaries of $630,500 and bonuses of $157,625 totaling $788,125 into warrants to purchase 10,508,331 shares, exercisable at $.075 per share over a period of five years. The following table lists the names of such persons, the dollar amount converted and the total number of warrants received.
Page 49 - see loans from Stephen Squires
In November 2008, Mr. Squires received 35,500,000 shares of the Company's Common Stock as part of a plan of reorganization, 20,000,000 of which he pledged to secure certain company indebtedness. Between December 2008 and December 2010, Mr. Squires privately sold an aggregate of approximately 13,431,000 shares of the Company's Common Stock for an aggregate of $595,000. Mr. Squires advanced to the Company cash loans and made payment of Company expenses utilizing $269,895 of the net proceeds of these private sales. On December 30, 2010, the Board of Directors authorized Mr. Squires to receive 10,000,000 restricted shares in recognition of his support of the Company and in cancellation of all outstanding cash loans and advanced expenses totaling $269,895. Not reflected in the foregoing, were an additional approximate $86,000 of cash loans that have been made by Mr. Squires to the Company and repaid to him.
One would be surprised at the wealth of information that is in the 10K. We are still past due on a 10Q from the period ending September 30th 2011 and December 31st 2011. A little more patience is on the schedule.
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