Item 5.02 Departure of Directors or Certain Officers, Election of Directors, Appointment of Certain Officers, Compensatory Arrangements of Certain Officers
Appointment of Director
On October 3, 2019, the Board of Directors of Tautachrome Inc., a Delaware corporation (the “Company”), appointed David LaMountain as a director of the Company pursuant to Section 223 of the Delaware General Corporation Law, to hold such office until his successor is elected and qualified or until his earlier resignation or removal. On October 4, 2019, Mr. LaMountain accepted his appointment as director of the Company. There are no arrangements or understandings between Mr. LaMountain and any other persons pursuant to which Mr. LaMountain was selected as a director of the Company.
Related Party Transactions
Mr. LaMountain served as President of ArKnet, Inc. (“ArKnet”) until October 4, 2019 and is currently a shareholder of ArKnet. On October 17, 2018, the Company executed a License Agreement with ArKnet pursuant to which the Company received certain technologies aimed at the global household goods and services market in exchange for the right to receive on-going cash royalty payments to ArKnet (none of which have been received as of the date of this report) and 40,000 shares of Convertible Preferred Series E Stock, issuable to ArKnet on or before April 17, 2020. ArKnet is also a current shareholder of the Company.
The Company has issued promissory notes in the principal amounts of $75,000 (issued on May 17, 2017), $27,000 (issued on July 19, 2017), $5,000 (October 13, 2017), $2,000 (issued on August 20, 2018), $2,683.53 (issued on August 20, 2018), $1,052.96 (issued on August 20, 2018), $2,088.21 (issued on August 20, 2018), $10,000 (issued on August 20, 2018), and $10,000 (issued on August 20, 2018) to Mr. LaMountain as evidence of funds loaned to the Company by Mr. LaMountain.
Resignation of Director
On October 10, 2019, Matthew Staker resigned from all positions held in the Company. Mr. Staker served as director of the Company. Mr. Staker’s resignation was not caused by any disagreement with the Company known to the Company.