Accrued salary, accrued retirement, and incentive fee - related party |
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
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| Accrued salary, accrued retirement, and incentive fee - related party |
Note 14 - Accrued salary, accrued retirement, and incentive fee - related party
The Company had an outstanding liability to its CEO as follows:
As approved by 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, 2024 and 2023, there were no incentive fee expenses.
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