E-Cite' CEO and COO Invest Heavily, Converting Loans and Deferred Compensation to Restricted Stock at Double Market Price Reducing Related Party Payables by over 90% and Total Liabilities ...
VAPORBRANDS INTL INC (VAPR)
Company Research
Source: Yahoo! Finance
Henthorn and COO Gene Langmesser have signed Board Resolutions converting loans and deferred compensation into restricted stock of (OTC PINK:VAPR) eliminating over 90% of related party payables. Specifically, the related party payables resulted from consulting earnings and working capital contributions to the Company. The Compnay's CEO will convert $483,251 of related party payables to 48,325,149 restricted shares of the Company's common stock valued at $0.01 per share. The Company's COO will convert $193,300 related party payables to 19,330,000 restricted shares of the Company's common stock valued at $0.01 per share. The aggregate related party payables converted to common stock was $676,551 and 67,655,149 restricted shares of the Company's common stock. This reduces the related party payables as of September 30, 2024 from $746,340 to $69,789 which is a reduction of more than 90%. In addition, total liabilities were reduced from $1,272,012 to $595,461 which is a reduction of mor
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