I proceeded with the board of directors in order.
"Recently, Pitestech has increased and decreased its assets. Please report on that."
Chang stood up with the A4 paper.
"Thank you, Jang Yoon-sik. I'll report it."
They all looked at Chang's face, preparing their writing instruments.
"In the meantime, Pitestech has reduced its capital to 500 million won due to capital erosion, but this time it has increased its capital to 5 billion won. Choi Jun-sik is the only shareholder. In addition, Pietestek borrowed 10 billion won from JS Invest to pay back its bad debts and unpaid bills."
"Continue."
"We used 12 billion won out of 15 billion cash inflows and now we have 3 billion won left in cash."
Han Kwang-jin, vice president, said.
"What's the debt ratio now?”
"As you know, debt-to-equity ratio is an indicator of financial soundness. Divide the total amount of debt into total capital and multiply the number by 100 by the debt ratio. Even if we took the money and paid it back, Pitestech's debt ratio is still over 300 percent."
"Hmm."
Vice President Han Kwang-jin spoke slowly after a faint moan.
"The debt ratio should be lowered to 200 percent. That way, they evaluate that financial soundness is good. If we make money in the future, we will have to make all-out efforts to repay our debts. I have to pay back all the debts of JS Invest. That way, it's down to 200 percent."
I said.
"A detailed list of bad debt and unpaid bills is available in the handout. Please keep in mind. You only need to know the debt ratio of 300% and the cash sample of 3 billion won. Did you confirm?"
"Yes, I checked."
As the vice president just said, the debt ratio should be reduced to less than 200%. Next time on the board, I'd like to report to you the lowered figures."
"We will work hard, too."
"Then let's move on to the next agenda. Please make a profit and loss announcement for the third quarter profit and loss. For convenience, please speak instead of CEO Kim Kyo-young. Please tell me only the large classifications of time."
The accountant stood up.
"In the second quarter, sales were 9.8 billion won, 8 billion won in cost of sales, and 1.92 billion won in general management costs. In addition, financial costs were 160 million won, and operating profit was minus 280 million won."
"Why are there so many sales costs?”
"It is because we use a lot of external services because of the high turnover rate due to overdue wages. We've had a lot of claims because we've had a lot of skilled production jobs and a lot of claims.
"We've paid off our bad debts, so financial costs will fall in the fourth quarter, right?”
"Yes."
"We need to cut down on our administrative expenses."
"Management costs were high because unskilled workers dumped waste water."
I said.
Did you confirm the third quarter minus 280 million won?"
"Confirmed."
"Each director is advised to ensure that the fourth quarter does not suffer a negative impact due to cost reduction. Let's move on to the next agenda. Some of you might want to go to the bathroom, so let's take a break."
"That would be good."
"Then it's a 10-minute break."
"It's 12 o'clock after 10 minutes of rest. Why don't we have a lunch and have a board meeting?"
"Shall we, then?
"Would you like to go out for dinner?"
"Let's eat in the cafeteria because we have to continue the meeting."
"Go down to the restaurant first. At 12 o'clock, I get confused with the staff. We've hired 30 more people, and the restaurant is a bit crowded."
We went down to the restaurant first.
The staff began to flock to the restaurant as they were about to eat rice and side dishes served by the lady.
The staff saw us and said hello.
The new employees grumbled among themselves when they saw us.
I met Yang Sung-mo and Kang Hyung-suk. Yang Sung-mo and Kang Hyung-suk only said hello to me. He didn't approach me because he was with the president's vice president.
I didn't even bring her water today, maybe because she was busy.
The accounting director followed three glasses and gave them to President Kim, Vice President Han and me.
After lunch, we came up to the president's office and drank coffee.
We are still taking a break because we have less time for the meeting, said President Kim Kyo-young.
"The problem of building a production building in a vegetable garden next to the restaurant should not be until next spring.“
"Why?"
"I discussed it with a vice president this morning, and he asked me to do it, watching sales increase. Instead, Han says we should quickly set up a Chinese subsidiary."
"A Chinese subsidiary?"
"We're saying there's too much in stock and half-finished products. We're pushing them back to China."
"Do so."
"Then please pass the proposal for the establishment of a Chinese subsidiary at the board meeting.”
"Okay."
It was 1 p.m.
I announced the opening of the board meeting.
"Let's start the meeting again."
Han Kwang-jin, the new vice president,
"May I propose?"
"Speak."
"In West Bank, China, there is a huge Samsung factory. I propose to set up a subsidiary here."
"Isn't it an order for a subsidiary to make a decision after exploring first?"
"You're right, but it'll be too late if you hold a board meeting again after the survey. First of all, we require approval for a subsidiary."
"What do you think?"
"Leasing a factory makes it easy to withdraw even if it fails. I agree with you if you're renting a factory without a lot of capital."
Again, said one vice president.
"I will put the capital at $100,000 and lease the factory in West Bank. I'll send an employee to do this tomorrow. So we have to push back the inventory that's currently piled up in the production building. If we can assemble it, we'll have to push the semi-finished product out."
I'm all for it. The sound came out.
"I agree."
"I'm in favor of that. If we push out the inventory, we can use a wide range of production locations."
I said.
"Do you have any objections?"
"None."
I picked up the doctor's rod.
"Then I'll pass the proposal to establish an overseas subsidiary with a capital of $100,000. Land! Land!"
I knocked on the doctor's stick.
"The overseas subsidiary establishment plan has been approved, so please insert this clause into the articles of association. A clause that allows us to set up an overseas subsidiary with the approval of the board of directors to expand our operations."
"Okay."
"Next, we will discuss the stock option. It's about granting the right to buy shares to the president and vice president who are responsible for the management."
This agenda was quiet when I brought it up.
said the director of the institute, who was sitting quietly.
"What specifically do you mean by the share purchase option?”
"It's a stock option spoken in society. It's given to specific executives of the company based on their performance. The right to acquire or acquire your own shares or new shares at a price scheduled for some time in the future."
said Chang, who was next to him.
"It's called stock options, but in commercial terms, it's called stock options. It's a kind of motivation for the executive to do his best for the company."
"Well, I think I know.”
"If you do good research, you're more likely to get rewards than stock options."
The others laughed at this remark by Zhang.
"First of all, you buy stocks cheap."
"That's what I'd say."
"Then shouldn't you have the money to buy the stock because it's not free?"
"Of course you are."
I said.
"Our commercial law recognizes two types of stock options. The first is to give the company the right to buy its own shares at the scheduled price. This is a transfer of equity shares. Second, we have a new share issue."
The conductor gave me a supplementary explanation.
"New share issue type refers to the way in which a person with a stock option issues new shares at the value of the exercise when he or she exercises his or option is exercised."
Again I said.
"I would like to give you three percent of each issue as a share option. Do you agree?"
There was nothing to say.
"Do you have an objection, then?“
There were no words again.
I said.
"I'll give you three percent each for the stock option. If you don't have any objection, I'll pass it. Land! Land! Land!"
I picked up the baton and hit it hard.
"The accounting director would also like to include in the articles of incorporation the share purchase option just approved."
"Okay."
"The shareholders' meeting will not be held separately. This board meeting will be replaced by a shareholders' meeting. Please make a minutes for the General Assembly."
"Okay."
"Please prepare a contract form for us to sign a contract with the owner of our stock option."
"Okay."
"One thing I want to tell you is that stock options are not transferable to others. However, if the stock option holder dies, the inheritance is accepted. Please keep that in mind."
I told a story I saw in a book.
Others saw me as well aware of the stock option system.
I declared the meeting closed because I thought I had finished the agenda I had written down.
"If you don't have anything else to say, I'll close the meeting. Do you have anything to say?"
"None."
"Then I'll close the third-quarter board of Pitestech Inc. Land! Land! Land!"
I knocked on the cuff of the closing declaration.
After the board meeting, only President Kim Kyo-young and President Han Kwang-jin left the president's office and all went out.
Vice Minister Chang also went out, saying he had a job at the accounting department.
President Kim Kyo-young told me.
"Thank you for your efforts to proceed with the board meeting. Thank you for giving us stock options."
Vice President Han Kwang-jin also said.
"Thank you for the stock option. I'll do my best."
"Make the company in the black and exercise stock options before filing for the KOSDAQ preliminary review. That's how I make money."
"Based on current capital, it is 150 million won that we can exercise our stock options."
"Try to go public and fry more than ten times."
"But I will quickly establish a Chinese subsidiary. We need to push back our inventory quickly so we can reduce our inventory and make up for this year's deficit."
"I guess so. We have to make a three-year surplus to register on the KOSDAQ."
President Kim Kyo-young said.
"We've decided to send a research team within this week to establish a subsidiary in West Bank, China."
"Is that so?"
"The sales director and employee Yang Sung-mo decided to go on the survey."
I was shocked to hear that the wool was going away.
But I couldn't express myself.
President Kim's words continued again.
"Yang Sung-mo knows China very well. I've done Chinese trade. I think things are going well because there are ethnic Koreans in China who can handle it."
I laughed inwardly when I heard that the bisexual mother had done trade.
I was buying miscellaneous goods in Iwo City, Zhejiang Province, and sold them on the Internet, and it made me laugh that it was a huge trade. But I pretended not to know.
"Please take care of sending employees to China."
"And I spoke to the president of Mogang Tech, and when he goes to West Bank, the head of the West Bank will introduce him to a Samsung purchasing manager."
"Really? That's great.”
I was relieved that things seemed to be going well for the Virgin Mary.
a woman of spirit