Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2.2
Accrued salary, accrued retirement, and incentive fee - related party
9 Months Ended
Sep. 30, 2022
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:

 

    September 30,
2022
    December 31,
2021
 
Accrued salaries and benefits   $ 905,864     $ 881,125  
Accrued retirement and other benefits     503,240       508,393  
Offset by shareholder advance     (261,653 )     (261,653 )
Total outstanding liability   $ 1,147,451     $ 1,127,865  

 

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 nine months ended September 30, 2022 and 2021, the incentive fee expense was $0 and $0, respectively.