Post by
mdjbrown on Aug 07, 2020 9:10am
What is really going on?
Why did Mr Rowann resign in December,, if he was going to continie working for Krn on the nitrogen idea. When taking this into account, KRN has actually paid more towards this nitrogen idea, and after another $66K paid out to a consultaant tasked with finding a suitable location, shareholders still dont know the intended location 2 years after announcing this vision.!
"Consulting expenses for the six month period ended June 30, 2020 amounted to $66,000 compared to $50,000 in the comparative 2019 period, which is an increase of $16,000. Expenses in this category incurred during the first two quarters of 2020 consisted mostly of consulting fees to former director Todd Rowan. This contract has been terminated since the end of the second quarter of 2020 and so no further expenses under this contract will be incurred.”
“Contingent liabilities
In the fourth quarter of 2019, the Company received a statement of claim filed at the Court of Queen’s Bench of Saskatchewan by Frank Wheatley, the Company’s former Chief Executive Officer, in the amount of $450,000. Mr. Wheatley’s claim is for an alleged breach of contract, wrongful dismissal, egregious conduct on termination, and defamation relating to the termination of his employment on September 11, 2019. The Company has denied Mr. Wheatley’s allegations and filed a statement of defense and had recorded an estimate of all amounts payable to Mr. Wheatley under his contract. The Company previously estimated and accrued $233,000 as owing to Mr. Wheatley of which approximately $15,000 has been paid. This estimate was revised during the quarter based on recent mediation discussions and an additional $63,000 accrued. Actual amounts may vary from amounts estimated.”
Comment by
AriW16o on Aug 08, 2020 9:05am
totally agree with you Tru! if runs out of cash then ... or ... but either way must stop first spending cash unwisely through tons of lawsuits and create a healthy working environment.