For purposes of this table, 149,842,451 shares of our typical stock outstanding as of July 31, 2012 with each other with securities exercisable or convertible into shares of our Common Stock within 60 days of July 31, 2012 for each and every stockholder. Helpful ownership is determined in accordance with the guidelines of the Securities and Exchange Commission and frequently consists of voting or investment power with respect to securities. On July 30, 2009, the Organization entered into an employment agreement with Mark Jarvis (the “Jarvis Agreement”), pursuant to which Mr. Jarvis agreed to serve as Co-CEO of the Enterprise for a term of two years. Pursuant to the Jarvis Agreement, Mr. Jarvis shall obtain annual compensation of $480 thousand (the “Base Salary”). Mr. Jarvis shall also be entitled specific other positive aspects, including wellness insurance, as may perhaps be provided to other comparable executives of Zurvita Holdings.
Convertible debt, warrants, employee and non-employee stock selections that are viewed as potentially dilutive are integrated in the fully diluted shares calculation as lengthy as the impact is not anti-dilutive. Contingently issuable shares are integrated in the computation of standard loss per share when the issuance of the shares is no longer contingent. Shares of Convertible Preferred Stock converted into common stock shall be canceled and shall not be reissued.
Zurvita Holdings, Inc
Earnings per share are computed working with the basic and diluted calculations on the face of the statement of operations. Standard earnings per share is calculated by dividing net earnings offered to prevalent stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share is calculated by dividing the net earnings by the weighted typical number of shares of frequent stock outstanding for the period, adjusted for the dilutive effect of typical stock equivalents, applying the treasury stock process.
In addition to his Base Salary, Mr. Jarvis shall also be eligible to get specific incentive bonus compensation (the “Incentive Bonus”) primarily based upon the revenue generated by zurvita (mouse click the up coming article) Holdings. Mr. Jarvis’ Incentive Bonus shall be calculated as ten% of Zurvita Holdings net income.
As of July 31, 2011, the Company did not have an audit committee. Nonetheless, Keith Hughes who is a Director of the Board is considered the monetary professional of the Board. Considering that our common stock is not listed for trading on a national securities exchange, but rather quoted on theOTC Markets Group (the “OTCQX”), we are not topic to rules relating to the independence of our directors or audit committee members. Nevertheless, these shares were not issued at either of these aforementioned periods, as the requirements for issuance had been not met.
Zurvita Holdings Inc
Through fiscal 2010, the Corporation raised from a shareholder $five.3 million of equity funding. For the duration of fiscal 2011, the Organization raised from a shareholder $1.5 million of equity funding. In order to raise capital, the Enterprise may possibly sell more equity or issued additional convertible debt securities which would result in further dilution to our stockholders. The issuance of further debt would result in improved expenses and could subject us to covenants that may have the effect of restricting our operations.
It is not obtainable in stores, but you can acquire it from a single of the numerous independent Zurvita distributors. The corporation was founded back in 2008, and its headquarters are based in Houston, Texas. According to the organization, the utilization of natural ingredients in its goods such as goji berry extract and beetroot powder gives you mental concentrate, high power levels, and comprehensive wellness. In his zeal to squeeze ever more dollars out of Mr. Burnett’s golden goose, Mr. Trump signed on to an array of questionable goods and solutions, like some that claimed to sell insights into his business enterprise experience. Unless otherwise indicated, each particular person has sole investment and voting energy with respect to the shares indicated, topic to community home laws, where applicable.
Does Zurvita Work?
Convertible debt and warrants, officer, employee and non-employee stock options that are viewed as potentially dilutive are included in the completely diluted shares calculation as lengthy as the effect is not anti-dilutive. The Firm critiques the terms of convertible debt and preferred stock for indications requiring bifurcation, and separate accounting for the embedded conversion feature. Normally, embedded conversion attributes where the potential to physical or net-share settle the conversion option is not within the control of the Corporation or the number of shares is variable are bifurcated and accounted for as derivative economic instruments. (See Derivative Financial Instruments beneath.) Bifurcation of the embedded derivative instrument needs allocation of the proceeds very first to the fair worth of the embedded derivative instrument with the residual allocated to the host instrument. The Business critiques the terms of convertible debt and preferred stock for indications requiring bifurcation and separate accounting for the embedded conversion feature.
In addition, in the occasion that for the 1st quarter ending six months following July 30, 2009 Zurvita Holdings is cash flow positive, the Business shall, inside 30 days of the Corporation filing its Type ten-Q, issue to Mr. Jarvis 7.2 million shares. These shares had been not issued at either of these aforementioned periods, as the requirements for issuance was not met. The Functionality Shares shall be topic to a one particular year vesting period from the time of initial grant.
In addition, within 30 days of the execution of the Jarvis Agreement, the Business shall spot 7.2 million shares of the Company’s typical stock in escrow on behalf of Mr. Jarvis (the “Initial Jarvis Shares”). The Initial Jarvis Shares are topic to a vesting period pursuant to which three.six million shares shall vest on July 30, 2010, and 3.six million shares shall vest on July 30, 2011.