Here are Kyle' compensation details in the latest audit.......
$8362 combined for cell phone and health insurance. No rental car, but they did not disclose his vehicle reimbursements for gas and mileage. He is "required" to travel extensively? That's what it says.
(1) The Company does not pay a salary, bonus or stock compensation to Mr. Kennedy. The Company does not accrue any salary, stock based compensation, benefits or other compensation on behalf of Mr. Kennedy. Mr. Kennedy did not receive any stock based compensation during the years ended December 31, 2016 and 2015. The Company’s Board of Directors has agreed that the Company provide compensation to Mr. Kennedy beginning in 2015, however the amount of compensation has yet to be determined except for health insurance. During the years ended December 31, 2016 and 2015 the Company paid $4,149 and $4.126 respectively in health insurance premiums for Mr. Kennedy. As a part of his duties as CEO, Mr. Kennedy is required to travel extensively on Company business as the Company’s dive operations are on the east coast of Florida and the Company’s headquarters are located on the west coast of Florida. The Company decided that it would be less expensive for Mr. Kennedy to use his personal vehicle than to lease him a car. In lieu of leasing a car for Mr. Kennedy to use for Company business, Mr. Kennedy uses his vehicle for Company business. The Company provides Mr. Kennedy with periodic expense advances and reimbursements, including travel reimbursements for mileage and fuel for the use of his vehicle for Company business and reimburses him for various other Company business related expenses. The Company also paid $4,213 in 2016 and $5,447 in 2015 for Mr. Kennedy’s cellular telephone, text, and wireless data plan.
The audit shows $120K in travel and entertainment the last 2 years.
Expenses:
Consulting and contractor expenses
397,468
624,412
Professional fees
85,452
118,059
General and administrative expense
50,450
117,897
Depreciation expense
33,984
33,984
Rent expense
36,006
45,857
Vessel expense
22,424
46,355
Travel and entertainment expense
49,152
70,800
Is this where the 8 divers are staying?
Operations House
The Company has an operating lease for a house located in Palm Bay, Florida. The Company uses the house to store equipment and gear and to provide temporary work-related living quarters for its divers, personnel, consultants and independent contractors involved in its exploration and recovery operations. The term of the lease agreement commenced on October 1, 2015 and expires on October 31, 2016. The Company pays $1,300 per month to lease the operations house. The term of the lease expired in October 2016, the Company is leasing the operations house on a month-to-month basis and anticipates continuing to lease the house for the foreseeable future.
Couldn't this be Mrs. Kennedy? The relative is unnamed, but they got some .0005's. You think they dumped in the recent run up and after the audit was filed with the SEC?
In May of 2016, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest are due on or before November 10, 2016. The note is not secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0005 per share. The related party lender received 2,500,000 warrants to purchase shares of the Company’s common stock at a price of $0.002. This note remains unpaid.
In May of 2016, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest are due on or before November 10, 2016. The note is not secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0005 per share. The related party lender received 2,500,000 warrants to purchase shares of the Company’s common stock at a price of $0.002. This note remains unpaid.
In May of 2016, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest are due on or before November 20, 2016. The note is not secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0005 per share. The related party lender received 10,000,000 warrants to purchase shares of the Company’s common stock at a price of $0.002. This note remains unpaid.
How 'bout this consulting gig?
The Company has a verbal agreement with a limited liability company that is controlled by a person who is related to the Company’s CEO to pay the related party consultant $3,000 per month to provide general business consulting and assessing the Company's business and to advise management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions, perform period background research including background checks and provide investigative information on individuals and companies and to occasional assist as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. During the year ended December 31, 2016 the company paid the related party consultant a total of $32,950 for consulting services. At December 31, 2016 the Company owed the consultant a total of $5,950. The consultant provides the services under the direction and supervision of the Company’s CEO.
There sure are a lot of expenses beyond contractors and consultants. Where or where does all that money go?
$8362 combined for cell phone and health insurance. No rental car, but they did not disclose his vehicle reimbursements for gas and mileage. He is "required" to travel extensively? That's what it says.
(1) The Company does not pay a salary, bonus or stock compensation to Mr. Kennedy. The Company does not accrue any salary, stock based compensation, benefits or other compensation on behalf of Mr. Kennedy. Mr. Kennedy did not receive any stock based compensation during the years ended December 31, 2016 and 2015. The Company’s Board of Directors has agreed that the Company provide compensation to Mr. Kennedy beginning in 2015, however the amount of compensation has yet to be determined except for health insurance. During the years ended December 31, 2016 and 2015 the Company paid $4,149 and $4.126 respectively in health insurance premiums for Mr. Kennedy. As a part of his duties as CEO, Mr. Kennedy is required to travel extensively on Company business as the Company’s dive operations are on the east coast of Florida and the Company’s headquarters are located on the west coast of Florida. The Company decided that it would be less expensive for Mr. Kennedy to use his personal vehicle than to lease him a car. In lieu of leasing a car for Mr. Kennedy to use for Company business, Mr. Kennedy uses his vehicle for Company business. The Company provides Mr. Kennedy with periodic expense advances and reimbursements, including travel reimbursements for mileage and fuel for the use of his vehicle for Company business and reimburses him for various other Company business related expenses. The Company also paid $4,213 in 2016 and $5,447 in 2015 for Mr. Kennedy’s cellular telephone, text, and wireless data plan.
The audit shows $120K in travel and entertainment the last 2 years.
Expenses:
Consulting and contractor expenses
397,468
624,412
Professional fees
85,452
118,059
General and administrative expense
50,450
117,897
Depreciation expense
33,984
33,984
Rent expense
36,006
45,857
Vessel expense
22,424
46,355
Travel and entertainment expense
49,152
70,800
Is this where the 8 divers are staying?
Operations House
The Company has an operating lease for a house located in Palm Bay, Florida. The Company uses the house to store equipment and gear and to provide temporary work-related living quarters for its divers, personnel, consultants and independent contractors involved in its exploration and recovery operations. The term of the lease agreement commenced on October 1, 2015 and expires on October 31, 2016. The Company pays $1,300 per month to lease the operations house. The term of the lease expired in October 2016, the Company is leasing the operations house on a month-to-month basis and anticipates continuing to lease the house for the foreseeable future.
Couldn't this be Mrs. Kennedy? The relative is unnamed, but they got some .0005's. You think they dumped in the recent run up and after the audit was filed with the SEC?
In May of 2016, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest are due on or before November 10, 2016. The note is not secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0005 per share. The related party lender received 2,500,000 warrants to purchase shares of the Company’s common stock at a price of $0.002. This note remains unpaid.
In May of 2016, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest are due on or before November 10, 2016. The note is not secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0005 per share. The related party lender received 2,500,000 warrants to purchase shares of the Company’s common stock at a price of $0.002. This note remains unpaid.
In May of 2016, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest are due on or before November 20, 2016. The note is not secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0005 per share. The related party lender received 10,000,000 warrants to purchase shares of the Company’s common stock at a price of $0.002. This note remains unpaid.
How 'bout this consulting gig?
The Company has a verbal agreement with a limited liability company that is controlled by a person who is related to the Company’s CEO to pay the related party consultant $3,000 per month to provide general business consulting and assessing the Company's business and to advise management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions, perform period background research including background checks and provide investigative information on individuals and companies and to occasional assist as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. During the year ended December 31, 2016 the company paid the related party consultant a total of $32,950 for consulting services. At December 31, 2016 the Company owed the consultant a total of $5,950. The consultant provides the services under the direction and supervision of the Company’s CEO.
There sure are a lot of expenses beyond contractors and consultants. Where or where does all that money go?
