dukeb
2 weeks ago
The board of directors. LOL.
From the most recent Q:
The Company has committed an aggregate of $598 in board fees to its three independent board members over the term of their appointment for services to be rendered. This amount includes a one-time performance-based bonus payment to a board member that is non-recurring. The Company’s CEO does not receive compensation for serving on the Board of Directors.
Board fees are accrued and paid monthly. The members will serve on the board until the annual meeting for the year in which their term expires or until their successors have been elected and qualified.
Total board fees expensed during the six months ended June 30, 2024 was $403
The company pays each of its 3 independent directors about $200k each every year. Nearly $ 600k in board fees every year.
The company has an annual revenue run rate of less than $ 90,000.
James P. Geiskopf is VERB's lead director. Per the investor relations page:
Since 2014, Mr. Geiskopf has served the Board of Directors of MetaWorks Platforms, Inc., a publicly traded company quoted on the OTC Markets Group Inc.’s OTCQB tier, where he is lead director.
MWRK total revenue for the most recent quarter was just under $500k a 66% decrease from the year prior.. The net loss for the quarter was just over $ 2 million. MetaWorks was founded in 2010, so not a start-up by any stretch. The stock is down 95% since it went public. The historical high was about $ 3 a share. Now it trades for 1.4 cents.
VERB Director Ed Moy is also a director at MetaWorks. Moy is also on the board of Draganfly, which reported $ 1.7 million of revenue for the first six months of 2024 (down 8% from 2023) and a $ 7 million loss for those six months. Draganfly stock has a historical high of nearly $ 400 a share and is currently quoted at under $2.
VERB Director Kenneth Cragun is the CFO and Treasurer of Alzamend Neuro, a biopharma. Alzamend reported ZERO revenue for its most recent quarter and a quarterly loss of more than $ 850k. Accounting for reverse splits the stock had a high of around $ 1300 per share and now sells for just over $ 2 per share. In July of 2024 ALZN did a 1:10 reverse split.
Rory has surrounded himself with people who burn investor capital so they are seemingly unphased by what is going on at VERB.