NOTE 11 – COMMITMENTS AND CONTINGENCIES

On April 1, 2017, the Company entered into new Employment Agreements with its Chairman and CEO. In the case of the CEO, this superseded his previous employment agreement. The Chairman receives a $12,500 per month fee starting April 1 and continuing until he assumes the role of CEO on a full-time basis, at which time, his base salary will be increased to $350,000 per year. The Company’s current CEO receives a $10,000 per month fee starting on April 1, and at such time that the Chairman assumes the role of CEO, he will move into the position of President and General Counsel at a base salary of $220,000 per year. Both agreements have provisions for a 12-month severance in the instance either executive is terminated without cause or after a change in control.