Note 16 - Accrued salary, accrued retirement, and incentive fee - related party

3 Months Ended

Mar. 31, 2021

Notes

Note 16 - 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:

		March 31, 2021		December 31, 2020
Accrued salaries and benefits	$	856,784	$	848,796
Accrued retirement and other benefits		510,538		550,191
Offset by shareholder advance		(261,653)		(261,653)
	$	1,105,669	$	1,137,334

As approved by 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 three months ended March 31, 2021 and 2020, the incentive fee expense was $0 and $0, respectively.