| Deferred Incentive Compensation to Officers |
8. DEFERRED INCENTIVE COMPENSATION TO OFFICERS
| Note |
|
Date |
|
Payment Date |
|
Balance at
December 31,
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. Subsequent to December 31, 2020, the Company paid $215,000 of the amount due and will pay the remaining $63,000 during the remainder of 2021. |
| (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. Subsequent to December 31, 2020, the Company paid $162,000 of the amount due and will pay the remaining $82,000 during remainder of 2021. |
|