0000797465
2025-01-01
2025-12-31
0000797465
2023-01-01
2025-12-31
0000797465
2023-01-01
2023-12-31
0000797465
2024-01-01
2024-12-31
iso4217:USD
false
0000797465
DEF 14C
HG HOLDINGS, INC.
true
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><span style="text-decoration: underline; ">Pay Versus Performance</span></b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The following table presents the Company’s pay versus performance disclosure as required by the SEC.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<div>
<table cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 0pt; margin-right: 0pt;">
<tbody><tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 16%; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">Year(1)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Summary</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Compensation</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Table Total</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">for</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">PEO ($) (2)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Compensation</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Actually Paid</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">to</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">PEO ($)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Average</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Summary</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Compensation</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Table Total</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">for</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Non-PEO</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Named</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Executive</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Officers ($)</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(3)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Average</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Compensation</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Actually Paid</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">to</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Non-PEO</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Named</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Executive</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Officers ($)</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(4)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Value of</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Initial Fixed</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$100</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Investment</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Based on</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Total</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Shareholder</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Return ($) (5)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Company</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Reported Net</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Income (Loss)</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 16%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2025</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">125,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">125,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">385,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">385,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">71.43</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,666,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 16%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2024</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">125,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">125,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">230,500</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">230,500</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">67.86</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(249,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 16%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2023</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">125,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">125,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">550,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">550,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">89.14</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(953,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
</tbody></table>
</div>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">
<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;text-align:justify;margin:0pt;">(1)</p>
</td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Our principal executive officer (“PEO”) for the years ended December 31, 2025, 2024 and 2023 was Steven A. Hale II, our Chairman and Chief Executive Officer. Our non-PEO named executive officer for the year ended December 31, 2025 was Anna A. Lieb, our Principal Financial and Accounting Officer; Secretary. Our non-PEO named executive officers for the year ended December 31, 2024 were Ms. Lieb, our Principal Financial and Accounting Officer; Secretary, effective as of May 31, 2024, and Justin H. Edenfield, our former Principal Financial and Accounting Officer; Secretary. Our non-PEO named executive officer for the year ended December 31, 2023 was Mr. Edenfield.</p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;"> </td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt;"> </p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(2)</p>
</td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Amounts reported in this column represent the total compensation reported in the Summary Compensation Table for the applicable year in which Mr. Hale served as our PEO.</p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;"> </td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt;"> </p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(3)</p>
</td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">For 2025, represents the total compensation reported in the Summary Compensation Table for Ms. Lieb. For 2024, represents the average of the total compensation reported in the Summary Compensation Table for Ms. Lieb and Mr. Edenfield. For 2023, represents the total compensation reported in the Summary Compensation Table for Mr. Edenfield.</p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;"> </td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt;"> </p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(4)</p>
</td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">For 2025, represents the compensation actually paid to Ms. Lieb. For 2024, represents the average of the compensation actually paid to Ms. Lieb and Mr. Edenfield. For 2023, represents the compensation actually paid to Mr. Edenfield.</p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;"> </td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt;"> </p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(5)</p>
</td>
<td style="width: auto;">
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Total Shareholder Return is calculated assuming a $100 investment in the Company on December 30, 2022, calculated through the end of 2023, 2024 or 2025, as the case may be, based on the Company’s closing stock price on the OTCQB.</p>
</td>
</tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
125000
125000
385000
385000
71.43
1666000
125000
125000
230500
230500
67.86
-249000
125000
125000
550000
550000
89.14
-953000
Steven A. Hale II