Quarterly report pursuant to Section 13 or 15(d)

Deferred Incentive Compensation to Officers

v3.20.2
Deferred Incentive Compensation to Officers
6 Months Ended
Jun. 30, 2020
Compensation Related Costs [Abstract]  
Deferred Incentive Compensation to Officers

9. DEFERRED INCENTIVE COMPENSATION TO OFFICERS

 

Note   Date     Payment Date   Balance at
June 30, 2020
    Balance at
December 31, 2019
 
                       
Rory Cutaia (A)     December 23, 2019     50% on January 10, 2021 and 50% on January 10, 2022   $ 430,000     $ 430,000  
Rory Cutaia (B)     December 23, 2019     50% on January 10, 2021 and 50% on January 10, 2022     324,000       324,000  
Jeff Clayborne (A)     December 23, 2019     50% on January 10, 2021 and 50% on January 10, 2022     125,000       125,000  
Jeff Clayborne (B)     December 23, 2019     50% on January 10, 2021 and 50% on January 10, 2022     163,000       163,000  
                             
Total                 1,042,000       1,042,000  
Non-current                 (521,000 )     (1,042,000 )
Current               $ 521,000     $ -  

 

(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 $162,000, 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.