COMPETITIVE COMPANIES, INC. (OTCMKTS:CCOP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Compensation Arrangements. In or about December 2004, the President of Competitive Companies, Inc., a Nevada corporation (the "Company"), personally guaranteed a Small Business Administration ("SBA") loan for the benefit of Discovernet, Inc., a prior subsidiary of the Company, in the original principal amount of $150,000 (the "Loan"). Discovernet, Inc. never repaid the Loan and has dissolved. The Loan was thereafter transferred to the United States Department of Treasury ("USDT") for collection. On January 5th, 2017, the board of directors determined to assist the President of the Company with repayment of the Loan. Accordingly, on that date the company repaid the outstanding balance of the loan in the amount of $177,689.75 including principal, interest and penalties. Subsequently, the company deemed the repayment of the loan to be compensation to Mr. Gray. On March 3, 2017, the company recorded the loan repayment with repayment as a bonus to Mr. Gray and grossed up the amount to cover the taxes. The total amount of the bonus was $252,992.50.
About COMPETITIVE COMPANIES, INC. (OTCMKTS:CCOP)
Competitive Companies, Inc. is a holding company for its operating subsidiaries, Wytec International, Inc. (Wytec), Wylink, Inc. (Wylink), Wireless Wisconsin LLC (Wireless WI), Capaciti Networks, Inc. (CNI), Innovation Capital Management, Inc. (ICM) and Innovation Capital Management LLC (ICMLLC). The Company and its subsidiaries (collectively CCI) are involved in providing fixed and mobile wireless broadband Internet services nationally and internationally to wholesale, retail and enterprise customers. Wytec designs, manufactures and installs carrier-class wireless fidelity (Wi-Fi) solutions to local government, mobile service operations (MSOs), national telecommunications operators (NTOs) and corporate enterprises. Wylink operates and manages a sales organization engaged in the sale of Federal Communications Commission (FCC) registered links participating in the 70 and 80 gigahertz licensed frequency program. ICM operates as the Company’s private equity placement division. COMPETITIVE COMPANIES, INC. (OTCMKTS:CCOP) Recent Trading Information
COMPETITIVE COMPANIES, INC. (OTCMKTS:CCOP) closed its last trading session 00.0000 at 0.0270 with 18,000 shares trading hands.