XcelMobility Inc. (OTCMKTS:XCLL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(e) Conversion of Salaries Payable to Certain Officers
On February 6, 2017, the Board of Directors (the Board) of
XcelMobility Inc., a Nevada corporation (the Company) authorized
and approved the conversion of the balance of salaries payable to
certain officers of the Company as of December 31, 2016 into
shares of the Companys common stock, par value $0.001, at a
conversion price of $0.002 per share. The salaries payable which
are subject to conversion, as approved by the Board, are as
follows: (i) $100,000.00 payable to Mr. Zhixiong Wei, the current
Chairman of the Board and Chief Executive Officer of the Company;
(ii) $50,000.00 payable to Mr. Renyan Ge, the former Chairman of
the Board and Chief Executive Officer, and a current director of,
the Company; and (iii)$10,000.00 payable to Ms. Li Ouyang, the
Chief Financial Officer of the Company. to the Board action, Mr.
Wei shall receive 50,000,000 shares, Mr. Ge shall receive
25,000,000 shares and Ms. Ouyang shall receive 5,000,000 shares
of the Companys common stock.
About XcelMobility Inc. (OTCMKTS:XCLL)
XcelMobility Inc. (Xcel) is engaged in lottery business, which aggregates and processes lottery purchase orders, deriving revenue from service fees paid by local sports lottery administration centers for the purchase orders of sports lottery products directed to such centers. The Company offers a suite of online lottery services in China. It has developed an integrated fulfillment platform that enables it to service and support multi- provincial contracts for the fulfillment of welfare and sports lottery tickets through a single interface. Its mobile platform enables it to deliver white-label mobile application solutions to interested companies seeking to leverage their client bases. The mobile platform allows users to connect through its mobile cloud network. Its services include Individual Lottery Purchase, Lottery Pool Purchase, Automatic Tag-along Purchase and Recurring Purchase. It provides online purchase services for sports lottery products and welfare lottery products. XcelMobility Inc. (OTCMKTS:XCLL) Recent Trading Information
XcelMobility Inc. (OTCMKTS:XCLL) closed its last trading session 00.00000 at 0.00140 with shares trading hands.
