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EXECUTIVE COMPENSATION
12 Months Ended
Dec. 31, 2014
EXECUTIVE COMPENSATION  
EXECUTIVE COMPENSATION

NOTE 4—EXECUTIVE COMPENSATION

        The Company's co-founders and original two executives received compensation pursuant to employment agreements effective July 23, 2010 (the "Original Agreements"). The Original Agreements stipulated that the executives would receive a base salary of $252,000 per annum, of which one-half was payable with the issuance of Class A Membership Interests of the Company (then organized as a limited liability company prior to the corporate conversion in March 2014) at the most recent offering price ($50 per Class A Membership Interest in each case), until such time as the Company raised aggregate proceeds of at least $2,000,000. This threshold was reached on March 11, 2011; however, both executives signed temporary waivers until January 2012, at which time the executives revoked one-half of each waiver, and then subsequently reinstated the waiver in full. The Company issued 0 and 2,310 Class A Membership Interests to these two executives pursuant to the Original Agreements for years ended December 31, 2014 and 2013, respectively.

 

        The Original Agreements also stipulated that the two executives would receive 5 weeks of vacation per annum. Any unused weeks at the end of each year are payable to the executives in cash.

 

        The Company currently is managed by four executives including the original two executives, in each case, pursuant to employment agreements effective March 18, 2014. Accrued vacation pay for all executives, pursuant to their employment agreements, was $73,570 and $172,845 for the years ended December 31, 2014 and 2013, respectively.