It looks like Kay is one of the few debtors that the company repays in full. The balance due to him is $0.00. The filings indicate $750,000.00 in total compensation with $230,000.00 paid in stock. He received an additional 4,000,000 shares of common stock, which we can presume was converted to preferred shares. We shouldn't forget his 8% off the top for use of his technology. The technology for which the patents have been withdrawn. We have seen the reported growth, in revenues, receivables, and expenses, just no profit. Some may cite the growth as proof positive that all is well, others may view it as a tumor, you make the call. Rome may not have been built in a day, but it burned down in one. glta
Looks like he has the interest of the company in mind to me:
Quote:Kayode Aladesuyi, the Company’s Chairman, Chief Executive Officer, and President, is the holder of an unsecured non-interest bearing note of the Company. At December 31, 2010, the outstanding balance on the note was $18,456. During the year ended December 31, 2011, the Company borrowed $10,619 from and repaid $29,075 to Mr. Aladesuyi. The balance of the note at December 31, 2011 is $0.
The Company issued 4,000,000 shares of its common stock to Mr. Aladesuyi for services during the years ended December 31, 2011 and converted $230,000 of accrued salaries due to Mr. Aladesuyi to 32,857,143 shares of common stock. During the three months ended March 31, 2012, the Company converted $10,000 of accrued board compensation due to Mr. Aladesuyi into 102,041 shares of Series A Preferred stock.
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