Accounts Payable Owed to Related Parties
Mr. Sparks is owed $721,333 of accrued salary plus $63,134 which has been accrued to pay applicable payroll taxes, unemployment taxees, etc. Additionally, interest of $33,011 is owed Mr. Sparks for the note payable described in Note 11 to these Notes to Financial Statements. Mr. Sparks is also owed $28,793 for cash amounts advanced by him to Visualant to fund operating expenses since his employment.
Mr. Erickson is owed $2,270 for expenses on behalf of the company totaling an additional $14,310. Such expenses are recorded in accounts payable from related parties. Mr. Erickson became CEO and President on November 12, 2009.
Dr. Kawahata, one of the company’s directors, is owed $90,681 by Visualant for services rendered
to the company.
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