Replies to post #31818 on All American Pet Company Inc (AAPT)

[Helter Skelter]

That's not their style...

OR, they can collect 100,000K per year holding on to the notes.

This is...

Common Stock Issued – Settlement of Officers Accrued Salaries

The total number of shares of Common Stock to be subject to this Plan is 35,000,000. During the year ended December 31, 2010 there were 19,750,000 shares issued under the Plan.

The Board of Directors in an effort to reduce payables authorizes the CEO to enter into an agreement with the only officers of the corporation, Barry Schwartz the CEO and Lisa Bershan the President to accept shares of Common stock for all accrued salary as of July 31, 2008.

Therefore it was resolved that the officers of the company take advantage of the ability to pay past due salary accruals with restricted shares of Common stock.

Therefore, it is now resolved that the price used to calculate the number of shares to be issued be based on the average trading price for the company’s shares based on the transactions recorded by the quotation services during the month of July.

The following was affected:

For Barry Schwartz, his accrued salary was exchanged for 8,843,584 shares of Common stock. For Lisa Bershan, her accrued salary was exchanged for 6,933,372 shares of Common stock

Link > AAPT Garbage 10-K 2010