Ocean Thermal Energy Corporation Increases Officer/Director Compensation, Issues Series D Preferred Shares

Ocean Thermal Energy Corp

Issued 722 Series D Convertible Preferred Shares to 40 accredited investors from Jan to May 2023, including 191 for $382,000 cash and 531 for conversion of $1,059,420.29 in debt.
On June 6, 2023, board agreed to increase officer compensation by 25% and set director compensation at $40,000 per year.
On June 9, 2023, Series D stockholders approved by written consent an amendment to increase authorized Series D shares by 400.
The amendment was filed with the Nevada Secretary of State on June 12, 2023; all compensation has been accrued but unpaid since 2015.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Ocean Thermal Energy Corp: Authorized an additional 400 Series D Convertible Preferred Shares by amending the Certificate of Designation (effective 2023-06-12).

Change: charter amendment
Effective: 2023-06-12

Exact text from the filing

On June 6, 2023, the board of directors agreed to amend the Certificate of Designation to authorize an additional 400 Series D Convertible Preferred Shares. On June 9, 2023, the Series D Convertible Preferred Stockholders approved that increase by majority written consent and the amendment was filed with the Nevada Secretary of State on June 12, 2023.

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Source: SEC EDGAR

accession 0001654954-23-008060

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