You are probably correct the agreement not substantially different than prior ones, but so what ? After the results the past 18 months I consider it outrageous that this CFO is supposed to be worth $300,000 a year. Does this mean if he does another reverse split, price drops again, and mill permit not received, he should then receive the same or an increase ?
As far as "magic" concerned I would quite agree it would seem the company wont have the cash to pay him his full salary ( but that means also they wont have cash to implement their stated business plan).They have issued millions of dollars in stock for convertibles, services and properties- are we expected to believe the CFO wont be doing his best to squeeze out every penny from all these sorts of transactions ? It sems he should file a form 4 everytime he buys or sells, but based on this company's track record on disclosure it is not unreasonable to question how he will be paid. He has no credibility based on missing every stated projection,misleading and overly-promotional press releases, and now he is to be rewarded with $300,000 a year.
So if not paid it is a liability to accrue which in shares or cash just compounds the company's financial difficulties.
If I am wrong, please advise why it is justifiable this sort of salary compared to the dismal track record- or even the market cap or level of operations. I try to be objective, so really would be interesting how someone could justify this employment agreement.
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