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Note 13 - Subsequent Events
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 13. SUBSEQUENT EVENTS

 

On March 21, 2023, the Board of Directors approved the issuance of 250,000 shares of PAID common stock valued at $437,500 and is to be recorded as share-based compensation in 2023 as it relates to the renewal of the employment agreement of W. Austin Lewis IV, of which 125,000 of the shares are subject to repurchase at $0.01 per share if Mr. Lewis terminates employment prior to January 1, 2024, as defined in the employment agreement.  The Board of Directors also approved the allocation of the 2022 bonus accrual to be paid out in cash and shares of which $82,180 has been recorded as share-based compensation expense for the year ended December 31, 2022.  Option compensation for the board positions was increased to 10,000 common stock options per committee head from 5,000 common stock options per committee head and was approved by the Board of Directors.  A total of 46,961 shares of common stock were issued to officers and one employee in March 2023. The Board of Directors has approved the terms of an employment agreement of the Company’s COO, David Scott.  The employment agreement for $214,000 CAD annually includes the issuance of common stock valued at $25,000 USD which are subject to repurchase at $0.01 in the event that Mr. Scott terminates his employment agreement prior to April 1, 2024.

 

The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have been no events that have occurred that would require adjustment to or additional disclosure in the consolidated financial statements, except as disclosed herein.