Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

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Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of compensation plan for officers & execution of employment agreements
   

Annual

Salary

   

Target

Annual

Bonus(3)

   

One-time

Option

Award

 
CEO   $ 350,000       30 %     57,474 (4)
COO/CFO(1)   $ 143,000       20 %     30,132 (4)
Chief Development Officer(2)   $ 260,000       20 %     34,596 (5)

 

1 Annual salary is for 50% of full time, on a full-time equivalent basis of $286,000 annually.

 

2 Annual salary is for 70% of full time, on a full-time equivalent basis of $371,000 annually.

 

3 As a percentage of Annual Salary. The target annual bonus will be awarded for meeting performance goals set by the board of directors, with the potential for an additional award not to exceed a third of the target annual bonus for exemplary performance awarded at the discretion of the board of directors.

 

4 Options issued July 1, 2017. Options are to purchase shares of common stock at a price of $5.70 per share, the options vesting over three years and with a term of ten years, the first 1/6th vesting only after 6 months, then 1/36th vesting each month for the remaining 30 months.

 

5 34,596 Options issued July 25, 2017. Options are to purchase shares of common stock at a price of $5.70 per share and have a term of ten years. These options vest over three years, the first 1/6th vesting only after 6 months, then 1/36th vesting each month for the remaining 30 months.