Valueless, you said> "I have given a lot of good insights and information into this company" If it weren't you speaking with your head up your BUTT!, then I might agree. But since your misleading others into thinking Frank is taking this company into bankruptcy, then I shall once again prove you wrong.
btw....you never did come back proving that 300K is to much "initial money" for a Small Cap CEO! Figures!
Also you have misread the Jan 27 statement (which is why as Doug has posted, immature), shows your "lack of understanding the basic concept of READING THE ENTIRE STATEMENT, without taking "your part" and turning the thing around.
You stated that Frank W. Peters made an extra 100k, and didn't even bother to read all the statement. That's what I call being deceitful and everyone here ONCE AGAIN needs to understand this.
"Frank W. Peters, President.................... 1996 $275,056 (1)" $100,000 ________This>(1) denotes> Portions of these amounts were deferred. See "Transactions with
Management," below.
Did you not see the (1), of course you didn't Valueless.peck. That's not part of your agenda, telling the whole story, just ALL the negative side, and more from someone who is DUMMER THAN A BOX OF ROCKS.
So that you understand it, the final value of the (1) came out to>
On September 20, 1995, the Company issued a promissory note for *******$100,000******, bearing interest at the rate of 8%, to its President, in lieu of bonus compensation, included in the table above, for attaining certain corporate objectives. The note is payable in twenty four equal monthly installments of $4,523. No payments have been made to date on this Note, and ****the President has waved***** the default provisions
OTHER TRANSACTIONS>, and I might note that most where DEFFERRED, and either waved or converted into shares, with latter being less.
During the year ended June 30, 1995, the Company issued notes for an
aggregate of $217,000 payable to its President, Frank W. Peters, in lieu of
compensation, included in the table above. These notes bear interest at the rate
of 9% per annum and are due and payable as follows: $12,000 due on August 20,
1995, $65,000 due on August 20, 1997, and $140,000 due on January 5, 1999. Mr.
********Peters has waived any defaults or penalties with respect to the unpaid portions
of these notes*******. The $140,000 note is convertible into shares of the Company's
Common Stock at a conversion price of $.10 per share. DONE!!!!! No Money!!
During the year ended June 30, 1995, the Company issued 2,000,000 shares to
its President, Frank W. Peters, upon exercise of options previously granted. The
exercise price was******* paid by the cancellation******* of notes in the amount of $92,000 and accrued interest in the amount of $42,000. DONE!!! Paid $ 134,000
During the year ended June 30, 1996, the Company transferred 4,200,000 of its
shares of FNet Corp., a subsidiary of the Company, to its President, Frank W.
Peters, FRANKS VALUE FOR PRESIDENT OF Fnet. DONE!!!
During the year ended June 30, 1996, the Company *******deferred payment of $117,000****** in compensation, included in the table above, to its President, Frank W. Peters, with his permission, for an undetermined time period.
On September 20, 1995, the Company issued a "promissory note" for $100,000,
bearing interest at the rate of 8%, to its President, in lieu of bonus
compensation, included in the table above, for attaining certain corporate
objectives. The note is payable in twenty four equal monthly installments of
$4,523. *******No payments have been made to date on this Note, and the President has
******waived****** the default provisions !!!!!!!!!!!!!
On September 20, 1996, the Company issued a $100,000 promissory note to its
President in exchange for services rendered in fiscal 1997. No compensation
expense was recorded in fiscal 1996 relating to this note. Bonus compensation
expense of $100,000 will be recorded in connection therewith in fiscal 1997. The
note bears interest at 8% per annum, and is payable in thirty-six equal monthly
installments of $3,134.
On December 13, 1996, the Company granted an option to purchase 1,000,000
shares of its Common Stock at an exercise price of $1.31 per share, the market
price as of December 13, 1996. *******The options were granted to key management
employees for ((((((((((achievement of certain goals)))))))))). The options are all currently
exercisable. Of the options, 500,000 were granted to the Company's President,
Frank W. Peters, and 100,000 were granted to its Chief Financial Officer, Thomas
Russell.
During the year ended June 30, 1997, the Company ********deferred payment *********of $112,000 in compensation, included in the table above, to its President, with his permission, for an undetermined time period.
As of June 30, 1997, the deferred compensation of $117,000 and $112,000 was
converted into***** two promissory notes*****. One half of the principal balance of the
notes is convertible into shares of the Company's Common Stock at a conversion
rate of ****50%**** of the fair market value of the Common Stock at the date of
conversion. DOESN'T THAT SEEM FAIR!!!!1
On October 7, 1997, the Company's President exercised an option to purchase
1,333,695 shares of the Company's Common Stock at the exercise price of $.10
per share.
First of all MR. Value.less!!! its obvious to anyone who READS the entire statements herein, understands that Frank W. Peters did not get everything the BOARD entitled him to receive. Furthermore, a CEO owning 29% of the company is very fair. If I were CEO, I would have a majority stake too, and probably much larger.
When Franklin Telecom does get into the TEEN'S and beyond, Frank would have put enough into this company `blood-sweat' that he F'n well deserves to be a MILLIONAIRE 100 Times over!!!!!
What the hell have you done lately beside's cut companies in the GROWth stage? Your sure showing your ASS lately.....gggggggggggggggggggggggg
Frankin-Temp' |
