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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2022
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 15 – SUBSEQUENT EVENTS

 

Management of the Company has evaluated the events that have occurred through the date of the filing of this Annual Report on Form 10-K and has noted the following subsequent events for disclosure purposes:

 

Increase of NWarrender’s Base Salary

 

On January 10, 2023, the Compensation Committee of the Board of Directors of the Company voted to increase the base salary of NWarrender to $500,000 per year from $250,000. NWarrender’s new salary will commence retroactively as of January 1, 2023. The reason for the salary increase is due to NWarrender’s increased responsibility and performance.

 

Payment of Security Deposit

 

On February 3, 2023, Lifted paid a security deposit for its leased facility located at 5732 95th Avenue, Suite 200 and 300, Kenosha, WI 53144

 

Hiring of Robert T. Warrender III

 

On January 9, 2023, Robert T. Warrender III, the brother of Nicholas S. Warrender, and the son of director Robert T. Warrender II, was hired as an employee of Lifted. Prior to January 9, 2023, Robert T. Warrender III served as an independent contractor of Lifted.

 

Issuance of Deferred Contingent Stock

 

At the closing of the Lifted Merger, 645,000 shares of unregistered common stock of the Company were designated as contingent deferred compensation (the “Deferred Contingent Stock”) to certain persons specified by NWarrender in a schedule delivered by him to the Corporation at the closing of the Merger (the “Deferred Contingent Stock Recipients”). These 645,000 shares of Deferred Contingent Stock, related to the Company’s acquisition of Lifted, will be issued to certain Deferred Contingent Stock Recipients on or after February 24, 2023, subject to certain conditions and requirements. As of March 3, 2023, 410,000 shares of Deferred Contingent Stock have been issued to certain Deferred Contingent Stock Recipients, including 200,000 shares of Deferred Contingent Stock to WJacobs. The issuance of this Deferred Contingent Stock is accounted for and reported as stock compensation as of the date of issuance.