of $15,667,605. The shares subject to Mr. Reynolds stock option vest over a three-year period, with 1/36th of the shares vesting each month, subject to continued service with us
through each vesting date. In connection with the issuance of the option to Mr. Reynolds, during 2017, we recognized $4.2 million in stock-based compensation.
Edward R. Monfort
Mr. Monfort was our Chief Technology Officer from September 16, 2016 until March 6, 2018 and served as member of our Board from
our inception in August 2012 until June 9, 2017. Pursuant to an employment agreement entered into in September 2014, Mr. Monforts base salary was $240,000 per annum. In addition to his base salary, Mr. Monfort was entitled
to receive a bonus of five percent of our net profits on an annual basis. As we did not generate any net profits during the years ended December 31, 2017 and 2016, we did not make any bonus payments to Mr. Monfort. In June 2016, we entered
into an employment agreement with Mr. Monfort that superseded the prior 2014 employment agreement and reduced his salary to $120,000 per annum, effective June 1, 2016. During the year ended December 31, 2016, Mr. Monfort
received a total base salary of $170,000, less $18,811 in certain other
non-reimbursable
expenses incurred by Mr. Monfort, for a net payment of $151,189. Additionally, we paid up to $7,000 per month for
invoiced expenses relating to research and development services to ELO, LLC, which is owned by Mr. Monfort. During the year ended December 31, 2016, we paid ELO, LLC a total of $49,000, which is reported as All Other
Compensation for 2016 in the Summary Compensation Table. Further, in June 2016, we paid ELO, LLC a lump sum of $200,000, which represented $135,000 in certain expenses owed to Mr. Monfort and $65,000 in consideration for
Mr. Monforts execution of a general release, which is also reported as All Other Compensation in the Summary Compensation Table. During the year ended December 31, 2017, Mr. Monfort received a total base salary of
$120,000 and we paid ELO, LLC a total of $84,000, the latter of which is reported as Other Compensation for 2017 in the Summary Compensation Table. During 2017, we also issued Mr. Monfort an option to purchase 150,000 shares of
Common Stock with a fair value of $1,566,760. The shares subject to Mr. Monforts stock option were scheduled to vest over a three-year period, with 1/36th of the shares vesting each month, subject to continued service with us through each
vesting date. In connection with the issuance of the option to Mr. Monfort, during 2017, we recognized $0.4 million in stock-based compensation. On March 6, 2018, Mr. Monfort ceased serving as our Chief Technology Officer. Upon
Mr. Monforts separation from service, the Board suspended Mr. Monforts options, including the option issued to Mr. Monfort during 2017, although such options remain outstanding but unexercisable as of the date of this
Proxy Statement.
Michael K. Menerey
Mr. Menerey is our Chief Financial Officer, Secretary, Treasurer and member of our Board. We entered into a written employment agreement
with Mr. Menerey effective January 1, 2017. Before that time, we paid Mr. Menerey as a consultant through CFO Edge. During the year ended December 31, 2016, we paid CFO Edge $192,455 in cash for both Mr. Menereys
services and fees incurred in connection with the preparation of the offering circular related to our offering of Common Stock under Regulation A, issued 86,500 shares of Common Stock to Mr. Menerey, valued at $1.00 per share, and issued 11,500
shares of Common Stock to the founder of CFO Edge, valued at $1.00 per share, for total compensation of $290,455. During the year ended December 31, 2017, Mr. Menerey received a total base salary of $200,000, as well as a $25,000
discretionary performance bonus. During 2017, we also issued Mr. Menerey an option to purchase 400,000 shares of Common Stock with a fair value of $4,178,028. The shares subject to Mr. Menereys stock option vest over a three-year
period, with 1/36th of the shares vesting each month, subject to continued service with us through each vesting date. In connection with the issuance of the option to Mr. Menerey, during 2017, we recognized $1.1 million in stock-based
compensation.
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