Hey Jim,
Must be nice to get your company involved in a lawsuit, SEC investigation, AND give yourself over $1Million in compensation!!!!
firamadainc.com
For the year ended December 31, 1998, the Company had the following significant issuance of its common stock.
Issued 3,320,000 shares as payment of $1,447,550 of termination cost of the Company's former president for 1998 compensation.
Issued 5,000,000 shares of the Company's common stock to the Company's CEO for $1,015,000 of 1998 compensation. Also, issued
13,000,000 shares of the Company's common stock to the CEO for cash proceeds of $942,535.
c) In 1998, the staff of the Securities and Exchange Commission ("SEC") began an informal inquiry relating to the Company. In September 1998, the Company was advised by a member of the staff of the Securities and Exchange Commission that he would recommend that the Securities and Exchange Commission commence a formal private investigation of the Company, its management and persons trading in the Company's securities. The Company does not know whether such an investigation has commenced or will commence.
d)In 1999, two stockholders' pursued litigation in Texas state court against the Company and its then Chief Executive Officer, asserting
various tort causes of action, which occurred in 1998, and seeking the appointment of a receiver over the Company. These and other
stockholders' also brought suit under the federal securities laws against the same parties and a former officer of the Company in federal court in
Oklahoma. The Company and its chief Executive Officer vigorously defended against these claims, which resulted in the settlement of all
litigation. Pursuant to the confidential settlement agreement among the parties, the Company will make regular payments to the claimants over
a period of 28 months, commencing in September 1999, to ultimately secure full releases from claimants and dismissals with prejudice of the
litigation. In the meantime, the litigation is as a standstill and the lawsuits have been dismissed without prejudice. The settlement has been
accrued in accounts payable and accrued expenses as of December 31, 1998. |
