NEW YORK, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Bubblr, Inc., d/b/a Ethical Web AI (OTC:BBLR), a frontrunner in ethical technology determined to revolutionize the digital domain, today announced that it has strengthened the balance sheet of the Company through two actions that are expected to provide significant reductions in future operating costs.
The balance sheet improvement has been achieved in two ways:
- Steve Morris, founder, Chief Technology Officer and a Director of Bubblr, Inc., d/b/a Ethical Web.AI, converted approximately $821,400 of promissory notes payable and due him from the Company into 2,489,186 shares of common stock. The conversion price for the common stock was $0.33 per share.
- Additionally, each of the Company's senior officers including CEO Tim Burks, CFO David Chetwood, and CTO Steve Morris, has agreed to waive and forgive accrued salaries. Professor Paul Morrisey, a member of the Board of Directors, has waived and forgiven $135,000 in directors' fees, which would have been due to him at the end of 2023. Altogether, a further $843,700 in accrued salary liabilities has been removed from the Company's balance sheet.
In total, $1.67 million ...