It is not only possible that technically I am right - I am right.. If you want to be an independent contractor at a dollar a year that's your business, but then you're not an employee and the whole point of the exercise is to make you an employee. An employee must be paid minimum wage times hours worked or the employer is in violation of the law.
https://www.dol.gov/agencies/whd/minimum-wage/faq
Pay close attention to the second question from the bottom. Note that "schools" are specifically included as being applicable to minimum wage.
If you've got the rafts of tax attorneys and accountants and suchlike who can turn all kinds of tricks to ensure that you're only paid a dollar a year on the books but you still take home millions you too can be the CEO of an international corporation. Somehow I don't think that's the case with you.