| DEFERRED INCENTIVE COMPENSATION TO OFFICERS |
9. DEFERRED INCENTIVE COMPENSATION TO OFFICERS
SCHEDULE OF DEFERRED INCENTIVE COMPENSATION TO OFFICERS
| Note |
|
Date |
|
|
Payment
Date |
|
Balance
at
September 30, 2021 |
|
|
Balance
at
December 31, 2020 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Rory
Cutaia (A) |
|
|
December
23, 2019 |
|
|
50%
on January 10, 2021 and 50% on January 10, 2022 |
|
$ |
215,000 |
|
|
$ |
430,000 |
|
| Rory
Cutaia (B) |
|
|
December
23, 2019 |
|
|
50%
on January 10, 2021 and 50% on January 10, 2022 |
|
|
161,000 |
|
|
|
324,000 |
|
| Jeff
Clayborne (A) |
|
|
December
23, 2019 |
|
|
50%
on January 10, 2021 and 50% on January 10, 2022 |
|
|
63,000 |
|
|
|
125,000 |
|
| Jeff
Clayborne (B) |
|
|
December
23, 2019 |
|
|
50%
on January 10, 2021 and 50% on January 10, 2022 |
|
|
82,000 |
|
|
|
163,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
521,000 |
|
|
|
1,042,000 |
|
| Non-current |
|
|
|
|
|
|
|
|
- |
|
|
|
(521,000 |
) |
| Current |
|
|
|
|
|
|
|
$ |
521,000 |
|
|
$ |
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 these employees. The Company paid 50% of the Annual Incentive Compensation
on January 10, 2021 and will pay the remaining 50% on January 10, 2022.
During
the nine months ended September 30, 2021, the Company paid $278,000 of the outstanding balance. As of September 30, 2021, the outstanding
balance amounted to $278,000.
|
| |
|
|
| |
(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 these employees. The Company paid 50% of the Nasdaq Up-Listing Award on January 10, 2021 and the remaining 50% will be paid on
January 10, 2022.
During
the nine months ended September 30, 2021, the Company paid $243,000 of the outstanding balance. As of September 30, 2021, the outstanding
balance amounted to $243,000.
|
|