Note 20 - Accrued salary, accrued retirement and incentive fee - related party

9 Months Ended

Sep. 30, 2018

Notes

Note 20 - Accrued salary, accrued retirement and incentive fee - related party

Note 20 - Accrued salary, accrued retirement and incentive fee - related party

The Company had an outstanding liability to Mr. Billingsley, its Chief Executive Officer ("CEO"), as follows:

		September 30, 2018		December 31, 2017
Accrued salaries and benefits	$	796,843	$	780,666
Accrued retirement and other benefits		483,830		465,744
Offset by shareholder advance		(261,653)		(276,929)
	$	1,019,020	$	969,481

As provided by Board of Director resolution 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. No incentive fee expense was recorded for the three months ended September 30, 2018 and 2017. The incentive fee expense was $0 and $175,997 for the nine months ended September 30, 2018 and 2017, respectively.