v3.25.2
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

Pay Versus Performance 

 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following pay versus performance table to illustrate the relationship between executive compensation actually paid (“CAP”), as calculated under applicable SEC rules, and our financial performance.

 

 

The table presented below discloses CAP  for the following named executive officers ("NEOs"): (i) our principal executive officer (“PEO”), Mr. Peterson, (ii) our former Co-Chief Executive Officer and Co-President, Mr. Rozek (our "Former Co-PEO"), and (ii) and Joshua Weisenburger, our Chief Financial Officer, who is the only named executive officer currently other than Mr. Peterson ( the “Non-PEO NEO”). Total compensation for our PEO, our former Co-PEO and the Non-PEO NEO is not tied to any specific company performance measures. The amounts set forth below may vary significantly year over year due to factors such as stock price volatility.

 

Year

Summary Compensation Table  ("SCT") Total for PEO - Adam K. Peterson

 SCT Total for Former Co- PEO - Alex B. Rozek 

CAP to PEO -

Adam K. Peterson

 CAP to Former Co-PEO - Alex B. Rozek

 

Average SCT Table

Total for Non-PEO NEO (1,4)

 

Average CAP to

Non-PEO NEO (1,4)

Value of Initial Fixed $100 Investment Based 

On Total Shareholder Return (2)

Net Income (Loss) Attributable to Common Stockholders

 

 

Net Loss from Operations (3)

 

 

 

Total Revenues

2024

 $670,220 $3,246,962 (5) $670,220 $3,246,962 (5) $542,391 $537,885 $49.35 ($1,292,450) ($8,467,478)   $108,274,901

2023

$668,817

$669,855

$668,817

$669,855

$910,484

$846,541

$54.75

($7,004,009)

($8,852,403)

$96,253,736

2022

$612,200

$612,200

$612,200

$612,200

$391,392

$391,392

$92.24

$10,233,400

($5,229,895)

$81,234,194
(1) Mr. Weisenburger is the Named Executive Officer included as the "Non-PEO NEO" in this Pay versus Performance discussion.
(2) Calculations are based on the closing per share price for the Company's Class A common stock of $28.73 on December 31, 2021, $26.50 on December 31, 2022, $15.73 as reported on December 31, 2023 and $14.18 as of December 31, 2024.
(3) Includes depreciation and amortization expenses of $22,179,699 in Fiscal Year 2024, $19,565,035 in Fiscal Year 2023, and $15,123,857 in Fiscal Year 2022.

(4)

 Consists of compensation earned by Mr. Weisenburger, our Chief Financial Officer, in 2022, 2023 and 2024 consisting of (i) a base salary of $320,000 in 2024, $290,000 in 2023, and $275,000 in 2022, (ii) a cash bonus of $140,000 in 2024, $170,000 in 2023, and $105,000 in 2022, (iii) a restricted stock grant for 3,322 shares of Class A common stock which was issued in February 2025 for services provided in 2024, and which shares are fully vested as of the date of grant, (iv) a restricted stock grant for 8,440 shares of Class A common stock which was issued in February 2024 for services provided in 2023, and which shares are fully vested as of the date of grant, and (v) a restricted stock grant for 11,559 shares of Class A common stock which was issued in January 2023 for services rendered in 2022 and 2021, which shares vest as follows: 5,029 shares vested on the date of the grant, 3,265 shares vested on January 2, 2024 and the remaining 3,265 shares vested on January 2, 2025. The value of these restricted stock awards is measured at the grant date fair value calculated in accordance with FASB ASC Topic 718. The shares of our Class A common stock issued to Mr. Weisenburger in 2025 and 2024 were issued at his request in lieu of a portion of his cash bonus earned for each of 2024 and 2023, respectively.
(5) See Note 2 to the Executive Compensation Table on page 15 of this Proxy Statement regarding separation payments made to Mr. Rozek in 2024.
   
Adjustment To PEO Compensation, Footnote

(a)  Each of our PEO and our Former Co-PEO did not receive equity grants for which adjustments to the SCT are required to calculate CAP. The following adjustments were made to calculate the CAP from the compensation included in the SCT for the non-PEO Named Executive Officer.  

 

 

Name

Year

Summary

Compensation

Table Total for

PEO

Exclusion

of Stock

and Option

Awards

from

Summary

Compensation

Table for

PEO

Inclusion of

Year-End

Fair Value of

Equity Awards

Granted

During Year

that  Remained

Outstanding

and Unvested as

of Last Day

of the Year

for PEO

Inclusion of

Vesting

Date Fair

Value of

Awards

Granted

During

Year that

Vested

During Year

for PEO

Inclusion

of Change

in Fair Value

from Last Day

of Prior Year

to Vesting

Date of

Unvested

Equity Awards

Granted in

any Prior Year that

Vested During

Year for PEO

Exclusion

Of Fair

Value

At Last

Day of Prior

Year of Equity

Awards Forfeited

During Year

for PEO

CAP

Actually

Paid to PEO

($)

 

Adam K. Peterson

2024

$670,220

-

-

-

-

-

$670,220
PEO

2023

$668,817

-

-

-

-

-

$668,817
 

2022

$612,200

-

-

-

-

-

$612,200

 

Alex B. Rozek

2024 (6)

$3,246,962

-

-

-

-

-

$3,246,962  
Former Co-PEO

2023

$669,855

-

-

-

-

-

$669,855
 

2022

$612,200

-

-

-

-

-

$612,200

 

 

(6)

See note 2 to the Executive Compensation Table on page 15 of this Proxy Statement regarding separation payments made to Mr. Rozek in May 2024.
   
Non-PEO NEO Average Total Compensation Amount $ 542,391 $ 910,484 $ 391,392
Non-PEO NEO Average Compensation Actually Paid Amount $ 537,885 846,541 391,392
Adjustment to Non-PEO NEO Compensation Footnote

Reconciliation of Summary Compensation Table Total to CAP for Non-PEO NEO

 

Year

2024

2023

2022

SCT Total

$542,391

$910,484

$391,392

(Minus): Grant Date Fair Value of Equity Awards Granted in Fiscal Year

 - (295,000) -

Plus: Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year

 - 102,717 -

Plus/(Minus): Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Years

 (5,061) - -

Plus/(Minus): Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year

 555 - -

Plus: Fair Value of Equity Awards Granted and Immediately Vested in the Fiscal Year (7)

 - 128,340 -

CAP Total

 $537,885 $846,541 $391,392

(7)  Equity grants awarded to Mr. Weisenburger for fiscal years 2023 and 2024, and which were paid in January 2024 and January 2025, respectively, were issued at Mr. Weisenburger's request in lieu of a portion of his cash bonus for that year. The value of these restricted stock awards is measured at the grant date fair value calculated in accordance with FASB ASC Topic 718.

 

    
Compensation Actually Paid vs. Total Shareholder Return

Description of Relationship Between PEOs and Non-PEO NEO CAP and Company Total Shareholder Return (“TSR”)

 

The following table sets forth the relationship between the CAP to our PEOs, the CAP to our Non-PEO NEO, and the Company’s cumulative TSR from December 31, 2022 through December 31, 2024.

 

Year

CAP to our

First PEO-Adam Peterson

CAP to our

Second Former PEO

Ales Rozek

CAP to our

Non-PEO NEO

Cumulative TSR of

$100 Invested Over

the Three Most

Recently Completed

Fiscal Years

2024

$670,220

$3,246,962

$537,885

$49.35

2023

$668,817

$669,855

$846,541

$54.75

2022

$612,200

$612,200

$391,392

$92.24
   
Compensation Actually Paid vs. Net Income

Description of Relationship Between PEOs and Non-PEO NEO CAP and Net Income

 

The following table sets forth the relationship between the CAP to our PEOs, the  CAP to our Non-PEO NEO, and the Company’s Net Income (Loss) during the three most recently completed fiscal years.

 

Year

CAP to our

First PEO- Adam Peterson

CAP to our Former

Second PEO - Alex Rozek

CAP to our

Non-PEO NEO

Net Income (Loss)

for the Three Most

Recently Completed

Fiscal Years (8)

2024

$670,220

$3,246,962

$537,885

($1,292,450)

2023

$668,817

$669,855

$846,541

($7,004,009)

2022

$612,200

$612,200

$391,392

$10,233,400

 

 

(8)

Net income (loss) includes depreciation and amortization charges which totaled $22,179,699 in Fiscal Year 2024, $19,565,035 in Fiscal Year 2023 and $15,123,857 in Fiscal Year 2022. During Fiscal Year 2024, we also incurred approximately $4.1 million in one-time employee costs and professional fees associated with the payment of sums to Mr. Rozek under the Separation Agreement.
   
Total Shareholder Return Amount $ 49.35 54.75 92.24
Net Income (Loss) $ (1,292,450) $ (7,004,009) $ 10,233,400
Company Selected Measure Amount (8,467,478) (8,852,403) (5,229,895)
Measure:: 1      
Pay vs Performance Disclosure      
Other Performance Measure, Amount 108,274,901 96,253,736 81,234,194
Mr. Peterson [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 670,220 $ 668,817 $ 612,200
PEO Actually Paid Compensation Amount $ 670,220 668,817 612,200
PEO Name Adam K. Peterson    
Mr. Rozek [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 3,246,962 669,855 612,200
PEO Actually Paid Compensation Amount $ 3,246,962 669,855 612,200
PEO Name Alex B. Rozek    
PEO | Mr. Peterson [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0 0 0
PEO | Mr. Peterson [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Mr. Peterson [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Mr. Peterson [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Mr. Peterson [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Mr. Rozek [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Mr. Rozek [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Mr. Rozek [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Mr. Rozek [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Mr. Rozek [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 (295,000) 0
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 102,717 0
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (5,061) 0 0
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 128,340 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 555 $ 0 $ 0