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CONTRACTS AND AGREEMENTS
6 Months Ended
Jun. 30, 2024
CONTRACTS AND AGREEMENTS  
CONTRACTS AND AGREEMENTS

NOTE 12. CONTRACTS AND AGREEMENTS

 

Director Compensation

 

In January 2023, we increased the annual fee to the non-employee members of our Board to $48,000, to be paid in cash on a quarterly basis, with the exception of the audit committee chairperson, whose annual fee was increased to $54,600, also to be paid in cash on a quarterly basis. Non-employee Director compensation also includes the annual issuance of our Common Stock.

              

               For the six months ended June 30, 2023, we issued an aggregate of 60,000 shares of Common Stock that were valued at approximately $51,000 to members of our Board.

 

              For the three months ended June 30, 2024, we issued an aggregate of 60,000 shares of Common Stock that were valued at approximately $45,000 to members of our Board.

Manufacturing Agreement

 

In June 2020, we entered into a manufacturing agreement with Planet Innovation Products, Pty Ltd (“PI”). The agreement does not provide for any minimum purchase commitments and is for a term of three years. The agreement also provides for a warranty against product defects.