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Deferred Compensation
6 Months Ended
Jun. 30, 2019
Compensation Related Costs [Abstract]  
Deferred Compensation
10. Deferred Compensation

 

Pursuant to the Company’s employment agreements with the founders, the founders have earned incentive compensation totaling $141,166 and $165,166 payable in cash, as of June 30, 2019 and December 31, 2018, respectively, which payment obligation has been deferred by the Company until it reasonably believes it has sufficient cash to make the payment. Following the retirement of founder A. Michael Chretien on December 8, 2017, the Company commenced making bi-weekly payments to A. Michael Chretien of $1,846 which will continue until the deferred compensation has been paid in full, which will comprise 61 full payments and one partial payment of $1,569. For the three and six months ended June 30, 2019 and 2018, the Company paid $12,923 and $24,000, respectively, and $11,077 and $24,000, respectively, which is reflected as a reduction in the deferred compensation liability.