NATO to food trucks: What's Wesley Clark up to?

Vernon Gibson, employee, General Wesley Clark, Director, and David Danhi, Director and COO.
Source: S.E.C.

A money-losing food truck business with ties to retired Gen. Wesley Clark recently filed with the U.S. Securities and Exchange Commission to register shares worth $33.8 million.

Clark, a former NATO commander, is vice chairman of the board and senior veterans advisor at The Grilled Cheese Truck Inc., which aims to expand by recruiting veterans to sign on as franchisees.

Clark owns stock and convertible securities representing a 4.89 percent stake in the company, according to the June 13 SEC filing.

The filing includes photos of Clark arm in arm with company employees.

Clark declined CNBC's request to comment.

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Last year, Clark received total compensation, including cash and warrants, valued at $472,000 from the company. Of this, Clark received $213,333 from The Grilled Cheese Company in consulting compensation, including $100,000 in cash.

The filing comes as The Grilled Cheese Truck has racked up $6.8 million in net losses in its last two fiscal years while only generating $3.3 million in revenue. Its accountants have questioned its ability to continue as a "going concern."

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"Our auditors' doubts are based on our incurring significant net loss and our working capital deficit position. Our ability to continue as a going concern will be determined by our ability to obtain additional funding in the short term to enable us to realize the commercialization of our planned business operations," according to the company's SEC filing.

The company currently owns nine trucks and licenses two, according to the filing. As part of a rapid growth plan, the grilled cheese company wants to sell franchises to 100 veterans.

This story has been updated to reflect The Grilled Cheese Company's additional comments on Gen. Wesley Clark's compensation from the company.