Quarterly report pursuant to Section 13 or 15(d)

Accrued salary, accrued retirement, and incentive fee - related party

v3.23.2
Accrued salary, accrued retirement, and incentive fee - related party
 6 Months Ended
Jun. 30, 2023
Payables and Accruals [Abstract]  
Accrued salary, accrued retirement, and incentive fee - related party

Note 16 - Accrued salary, accrued retirement, and incentive fee - related party

 

The Company had an outstanding liability to its CEO as follows:

   

    June 30,
2023		     December 31,
2022		  
Accrued salaries and benefits   $ 930,112     $ 914,072  
Accrued retirement and other benefits     498,122       501,529  
Offset by shareholder advance     (261,653 )     (261,653 )
Total outstanding liability   $ 1,166,581     $ 1,153,948  

 

As approved by a resolution of the Board of Directors in 1998, the CEO will be paid an incentive fee and a bonus which are payable in installments at the CEO’s option. The incentive fee is 1% of the increase in market capitalization based on the bid price of the Company’s stock beyond the book value at confirmation of the bankruptcy, which was approximately $260,000. The bonus is 0.5% of the increase in market capitalization for each $1 increase in stock price up to a maximum of $8 per share (4%) based on the bid price of the stock beyond the book value at confirmation of the bankruptcy. For the six months ended June 30, 2023 and 2022, the incentive fee expense was $0 and $0, respectively.