Hello Unknownst and welcome aboard here on the best site, IHang ... for TPAC!
Happy to see the 10-Q out timely and without extension... as well as out early in the day!
I'm glad to see such astute posters here even with the great weary posts from some as I too have had my share of disappointing OTC securities and believe a bit of skepticism is warranted often in OTC. Having said this, I still see TPAC/Bill McKay as among the very best ... candid and delivering on his word as well as having a real and true enterprise/business with intentional growth.
First, I'll say my hope is not to uplist to the QB or QX on this OTC exchange because I feel it is all 'being in the gutter'... but to jump way beyond right to the NASDAQ ... and I believe that's what Bill has indicated in the past.
While today's 10-Q is much as expected I'll point out a couple of things I believe make it a great one for me:
1. The following found under "Subsequent Events" is very new, revealing and important:
"In February 2016, the Company paid off the $50,000 Apollo Note with accrued interest in cash"
This is important because if it had not been paid off, we would have had the following (note would have come due on 3/29/16):
"In September 2015, the Company entered into a Securities Purchase Agreement with Apollo Capital Corp, pursuant to which we sold a 12% Convertible Promissory Note, in the original principal amount of $50,000 (the “Apollo Note”). The Apollo Note has maturity date of March 29, 2016 and are convertible into our common stock, at any time after 180 days, at a price for each share of common stock equal to 40% of the lowest closing price of the common stock as reported on the National Quotation Bureau OTCQB exchange, based on a formula specified in the agreements."
2. Some have questioned Mr. McKay's compensation... looks like from the 10-K and this 10-Q, he's always waived salary and only last year started DESERVEDLY taking preferred shares (none of which has he or I believe would he cash out or sell at this time).
"Employment Agreements
On February 1, 2010, the Company entered into an Employment Agreement with William McKay. Under the agreement, Mr. McKay will receive a base salary of $180,000, plus an initial bonus of 1,200,000 shares of the Company’s common stock (to be issued in 300,000 share blocks on a quarterly basis). The shares were valued based on the closing stock price on the date of the agreement. The initial term of the Employment Agreement expired on January 31, 2011 and automatically renewed for an additional one-year term. The agreement ended January 31, 2013 and Mr. McKay agreed to continue serve as the Company’s CEO without base salary.
As of January 31, 2016 and October 31, 2015, the total accrued salaries owed to Mr. McKay were $0."
True indications of an honest, hard working and reputable broker/CEO. My hat's off to Bill McKay for delivering on his word... again!
Happy to see the 10-Q out timely and without extension... as well as out early in the day!
I'm glad to see such astute posters here even with the great weary posts from some as I too have had my share of disappointing OTC securities and believe a bit of skepticism is warranted often in OTC. Having said this, I still see TPAC/Bill McKay as among the very best ... candid and delivering on his word as well as having a real and true enterprise/business with intentional growth.
First, I'll say my hope is not to uplist to the QB or QX on this OTC exchange because I feel it is all 'being in the gutter'... but to jump way beyond right to the NASDAQ ... and I believe that's what Bill has indicated in the past.
While today's 10-Q is much as expected I'll point out a couple of things I believe make it a great one for me:
1. The following found under "Subsequent Events" is very new, revealing and important:
"In February 2016, the Company paid off the $50,000 Apollo Note with accrued interest in cash"
This is important because if it had not been paid off, we would have had the following (note would have come due on 3/29/16):
"In September 2015, the Company entered into a Securities Purchase Agreement with Apollo Capital Corp, pursuant to which we sold a 12% Convertible Promissory Note, in the original principal amount of $50,000 (the “Apollo Note”). The Apollo Note has maturity date of March 29, 2016 and are convertible into our common stock, at any time after 180 days, at a price for each share of common stock equal to 40% of the lowest closing price of the common stock as reported on the National Quotation Bureau OTCQB exchange, based on a formula specified in the agreements."
2. Some have questioned Mr. McKay's compensation... looks like from the 10-K and this 10-Q, he's always waived salary and only last year started DESERVEDLY taking preferred shares (none of which has he or I believe would he cash out or sell at this time).
"Employment Agreements
On February 1, 2010, the Company entered into an Employment Agreement with William McKay. Under the agreement, Mr. McKay will receive a base salary of $180,000, plus an initial bonus of 1,200,000 shares of the Company’s common stock (to be issued in 300,000 share blocks on a quarterly basis). The shares were valued based on the closing stock price on the date of the agreement. The initial term of the Employment Agreement expired on January 31, 2011 and automatically renewed for an additional one-year term. The agreement ended January 31, 2013 and Mr. McKay agreed to continue serve as the Company’s CEO without base salary.
As of January 31, 2016 and October 31, 2015, the total accrued salaries owed to Mr. McKay were $0."
True indications of an honest, hard working and reputable broker/CEO. My hat's off to Bill McKay for delivering on his word... again!
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