Quarterly report pursuant to Section 13 or 15(d)

Related Parties

v3.19.2
Related Parties
9 Months Ended
May 31, 2019
Notes to Financial Statements  
Note 7: Related Parties

J. Stephen Holmes, our Sales Manager is an advisor to and significant shareholder of the Company. The Company incurred $180,000 and $540,000 in professional fees for management consulting services in the three and nine months ended May 31, 2019, and $180,000 and $520,000 in the three and nine months ended May 31, 2018, respectively.

 

On September 28, 2017, Sean Higgins, one of the Company’s independent directors, was awarded 13,158 shares for services at an assumed fair value of $2.85. For the three and nine months ended May 31, 2019, the Company recognized $0 and $37,500 of compensation expense in its shareholders’ equity for the portion that fully vested. For the three and nine months ended May 31, 2018, the Company recognized 37,500 of compensation expense in its shareholders’ equity.

 

On December 11, 2018, the Company awarded Sean Higgins 32,895 shares for services for his director agreement second anniversary, at an assumed fair value of $2.28. For the three and nine months ended May 31, 2019, the Company recognized $19,300 and 46,988 respectively, of compensation expenses in its condensed consolidated statement of operation. The Company also recorded $64,000 and $57,500 as compensation for his role as independent director for the nine months ended May 31, 2019, and 2018, respectively.

 

On September 28, 2017, Whitney White, one of the Company’s independent directors, was awarded 13,158 shares for services at an assumed fair value of $2.85. For the three and nine months ended May 31, 2019, the Company recognized $0 and $37,500 of compensation expense in its shareholders’ equity for the portion that fully vested. For the three and nine months ended May 31, 2018, the Company recognized 37,500 of compensation expense in its shareholders’ equity.

 

On December 11, 2018, the Company granted Whitney White 32,895 common shares, through the ShiftPixy, Inc., Plan at an assumed fair value of $2.28 per shares, of which 50% will vest on the date marking the six-month anniversary (March 28, 2019) and the remaining 50% of the shares vesting on the second anniversary (September 27, 2019) of service under the executed agreement. For the three and nine months ended May 31, 2019, the Company recognized 19,300 and $46,988, respectively, of compensation expense in its condensed consolidated statement of operation. The Company also recorded $68,000 and $62,000 as compensation for his role as independent director for the nine months ended May 31, 2019, and 2018, respectively.

   

On November 30, 2018, the Board of Directors awarded 12,296 shares of common stock at an assumed fair value of $3.05 to Kenneth W. Weaver. For the three and nine ended May 31, 2019, the Company recognized $0 and $37,500 of compensation expense in its shareholders’ equity. For the nine months ended May 31, 2019, and 2018, the Company recorded $68,500 and $70,000, respectively, as compensation for his role as independent director.

 

On May 15, 2019, the Company granted Ken Weaver 48,077 shares of common stock at an assumed fair value of $0,78. For the three and nine months ended May 31, 2019, the Company recognized $37,500 of compensation expense in its shareholders’ equity for the portion that fully vested