Annual report pursuant to Section 13 and 15(d)

Deferred Incentive Compensation to Officers (Tables)

v3.20.1
Deferred Incentive Compensation to Officers (Tables)
12 Months Ended
Dec. 31, 2019
Compensation Related Costs [Abstract]  
Schedule of Deferred Incentive Compensation to Officers

Note   Date     Payment Date   Balance at
December 31,
2019
    Balance at
December 31,
2018
 
                       
Rory Cutaia (A)     December 23, 2019     50% on January 10, 2021 and 50% on January 10, 2022   $ 430,000     $                         -  
Rory Cutaia (B)     December 23, 2019     50% on January 10, 2021 and 50% on January 10, 2022     324,000       -  
Jeff Clayborne (A)     December 23, 2019     50% on January 10, 2021 and 50% on January 10, 2022     125,000       -  
Jeff Clayborne (B)     December 23, 2019     50% on January 10, 2021 and 50% on January 10, 2022     163,000       -  
                             
Total                 1,042,000       -  
Non-current                 (1,042,000 )     -  
Current               $ -     $ -  

 

(A) On December 23, 2019, the Company awarded Rory Cutaia, Chief Executive Officer and Jeff Clayborne, Chief Financial Officer Annual Incentive Compensation of $430,000 and 125,000, respectively for services rendered. The Company has determined that it is in its best interest and in the best interest of its stockholders to defer payments to the Employees. The Company will pay 50% of the Annual Incentive Compensation on January 10, 2021 and the remaining 50% on January 10, 2022.

 

(B) On December 23, 2019, the Company awarded Rory Cutaia, Chief Executive Officer and Jeff Clayborne, Chief Financial Officer received a bonus for the successful Up-Listing to Nasdaq and Acquisition of Verb Direct during fiscal 2019, totaling $324,000 and 163,000, respectively. The Company has determined that it is in its best interest and in the best interest of its stockholders to defer payments to the Employees. The Company will pay 50% of the Nasdaq Up-Listing Award on January 10, 2021 and the remaining 50% on January 10, 2022.