v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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 information about the relationship between executive compensation and certain financial performance of our Company. The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how the Company or the compensation committee view the link between the Company’s performance and its named executive officers (NEOs) pay.

 

Year

 

Summary compensation table total for Principal Executive Officer (“PEO”)(1)

   

Compensation actually paid to PEO(2)

   

Average summary compensation table total for non-PEO named executive officers (“NEOs”)(3)

   

Average compensation actually paid to non-PEO NEOs(4)

   

Value of initial fixed $100 investment based on total shareholder return (“TSR”)(5)

   

Net Income (Loss)(6)

 

(a)

 

(b)

   

(c)

   

(d)

   

(e)

   

(f)

   

(g)

 
2025     980,980       976,000       247,000       237,000     $ 2.60       (10,463 )
2024     1,906,050       1,103,050       241,000       211,000     $ 15.92       (22,526 )

2023

    5,331,000       2,700,040       240,000       12,900     $ 38.32       (12,407 )

 


(1) The dollar amounts reported in column (b) are the amounts of total compensation reported for David Phipps (our Chief Executive Officer and President) and Charles M. Fernandez (our former Executive Chairman and Chief Executive Officer) for each corresponding year in the “Total” Column of the Summary Compensation Table. Refer to “Executive Compensation – Summary Compensation Table.”

   
PEO Total Compensation Amount $ 980,980 $ 1,906,050 $ 5,331,000
PEO Actually Paid Compensation Amount $ 976,000 1,103,050 2,700,040
Adjustment To PEO Compensation, Footnote

(2) The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Phipps and Mr. Fernandez, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Phipps and Mr. Fernandez during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Phipps’ and Mr. Fernandez’s total compensation to determine the “compensation actually paid”:

 

 

Year

 

Reported Summary Compensation Table Totals for PEO ($)

   

Reported Value of Equity Awards(a) ($)

   

Equity Award Adjustments(b) ($)

   

Compensation Actually paid to PEO ($)

 
2025     980,980       (224,980 )     220,000       976,000  
2024     1,906,050       (701,000 )     (102,000 )     1,103,050  

2023

    5,331,000       (3,963,800 )     1,332,840       2,700,040  

 


(a) The grant date fair value of equity awards represents the total of the amounts reported in the “Option Awards” columns in the Summary Compensation Table for the applicable year.

(b) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:

 

   

Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year ($)

   

Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years

   

Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year

   

Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year

   

Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation

   

Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation

   

Total Equity Award Adjustments

 

Year

 

($)

   

($)

   

($)

   

($)

   

($)

   

($)

   

($)

 
2025     27,000             193,000                         220,000  
2024                       (102,000 )                 (102,000 )

2023

          78,000       1,070,840       184,000                   1,332,840  

 

 

(3) The dollar amounts reported in column (d) represent the average of the amounts reported for our company’s named executive officers as a group (excluding Mr. Phipps and Mr. Fernandez) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the named executive officers (excluding Mr. Phipps and Mr. Fernandez) included for purposes of calculating the average amounts in each applicable year are as follows: for 2025, 2024, and 2023, Ms. Ferrio, Ms. Munnik, and Mr. Bedwell.

   
Non-PEO NEO Average Total Compensation Amount $ 247,000 241,000 240,000
Non-PEO NEO Average Compensation Actually Paid Amount $ 237,000 211,000 12,900
Adjustment to Non-PEO NEO Compensation Footnote

(4) The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the named executive officers as a group (excluding Mr. Phipps and Mr. Fernandez), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the named executive officers as a group (excluding Mr. Phipps and Mr. Fernandez) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the named executive officers as a group (excluding Mr. Phipps and Mr. Fernandez) for each year to determine the compensation actually paid, using the same methodology described above in Note (2):

 

Year

 

Average Reported Summary Compensation Table Total for Non-PEO NEOs ($)

   

Average Reported Value of Equity Awards ($)

   

Average Equity Award Adjustments(a) ($)

   

Average Compensation Actually Paid to Non-PEO NEOs ($)

 
2025     247,000       (25,000 )     15,000       237,000  
2024     241,000       (21,000 )     (9,000 )     211,000  

2023

    240,000       (14,000 )     (213,100 )     12,900  

 


(a) The amounts deducted or added in calculating the total average equity award adjustments are as follows:

 

   

Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year

   

Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years

   

Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year

   

Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year

   

Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year

   

Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation

   

Total Equity Award Adjustments

 

Year

 

($)

   

($)

   

($)

   

($)

   

($)

   

($)

   

($)

 
2025     10,000             12,000       (7,000 )                 15,000  
2024           (1,000 )           (8,000 )                 (9,000 )

2023

    5,500       6,000       13,200       (237,800 )                 (213,100 )

 

(5) Cumulative total shareholder return (“TSR”) is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between our company’s share price at the end and the beginning of the measurement period by our company’s share price at the beginning of the measurement period. No dividends were paid on stock or option awards in the years presented.

 

(6) The dollar amounts reported represent the amount of net income (loss) reflected in our Annual Report on Form 10-K for the applicable year.

   
Compensation Actually Paid vs. Total Shareholder Return

Analysis of the Information Presented in the Pay Versus Performance Table

 

In accordance with Item 402(v) of Regulation S-K, we are providing the following descriptions of the relationships between information presented in the Pay Versus Performance table on compensation actually paid (CAP) and each of TSR and net loss.

 

We do not utilize TSR and net loss in our executive compensation program. However, we do utilize several other performance measures to align executive compensation with our performance. As described in more detail above in the section “Employment Agreements,” part of the compensation our PEO and NEOs are eligible to receive consists of performance-based cash bonuses that are designed to provide appropriate incentives to our executives to achieve defined annual corporate goals and to reward our executives for individual achievement towards these goals, subject to certain employment criteria. Additionally, we view restricted stock and stock options, which are an integral part of our executive compensation program, as related to company performance although not directly tied to TSR, because they provide value only if the market price of our common stock increases, and if the executive officer continues in our employment over the vesting period. These restricted stock and stock option awards strongly align our executive officers’ interests with those of our stockholders by providing a continuing financial incentive to maximize long-term value for our stockholders and by encouraging our executive officers to continue in our employment for the long-term.

 

All information provided above under the “Pay Versus Performance” heading will not be deemed to be incorporated by reference in any filing of our company under the Securities Act of 1933, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

   
Compensation Actually Paid vs. Net Income

Analysis of the Information Presented in the Pay Versus Performance Table

 

In accordance with Item 402(v) of Regulation S-K, we are providing the following descriptions of the relationships between information presented in the Pay Versus Performance table on compensation actually paid (CAP) and each of TSR and net loss.

 

We do not utilize TSR and net loss in our executive compensation program. However, we do utilize several other performance measures to align executive compensation with our performance. As described in more detail above in the section “Employment Agreements,” part of the compensation our PEO and NEOs are eligible to receive consists of performance-based cash bonuses that are designed to provide appropriate incentives to our executives to achieve defined annual corporate goals and to reward our executives for individual achievement towards these goals, subject to certain employment criteria. Additionally, we view restricted stock and stock options, which are an integral part of our executive compensation program, as related to company performance although not directly tied to TSR, because they provide value only if the market price of our common stock increases, and if the executive officer continues in our employment over the vesting period. These restricted stock and stock option awards strongly align our executive officers’ interests with those of our stockholders by providing a continuing financial incentive to maximize long-term value for our stockholders and by encouraging our executive officers to continue in our employment for the long-term.

 

All information provided above under the “Pay Versus Performance” heading will not be deemed to be incorporated by reference in any filing of our company under the Securities Act of 1933, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

   
Total Shareholder Return Amount $ 2.6 15.92 38.32
Net Income (Loss) $ (10,463) $ (22,526) (12,407)
PEO Name David Phipps Charles M. Fernandez  
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (224,980) $ (701,000) (3,963,800)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 220,000 (102,000) 1,332,840
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 27,000 0 0
PEO | 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 0 0 78,000
PEO | 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 193,000 0 1,070,840
PEO | 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 (102,000) 184,000
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for 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 (25,000) (21,000) (14,000)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 15,000 (9,000) (213,100)
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 10,000 0 5,500
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 0 (1,000) 6,000
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 12,000 0 13,200
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 (7,000) (8,000) (237,800)
Non-PEO NEO | 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 | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0 $ 0 $ 0