Pay Versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and Item 402(v) of Regulation S-K, which was adopted by the SEC in 2022, the Company is providing the following information regarding the relationship between “compensation actually paid” (“CAP”) to our principal executive officer (“PEO”) and non-PEO named executive officers (“NEOs”) and certain financial performance of the Company for the fiscal years listed below.
| Ronald Glibbery – PEO | Non-PEO NEOs | Value of Initial | Net Loss | |||||||||||||||||
| Year | Summary | Compensation | Average | Average | ||||||||||||||||
| 2025 | $ | 499,000 | $ | 499,000 | $ | 389,000 | $ | 384,628 | $ | (97.02 | ) | $ | (4,753 | ) | ||||||
| 2024 | $ | 400,000 | $ | 356,170 | $ | 285,000 | $ | 250,459 | $ | (96.03 | ) | $ | (10,728 | ) | ||||||
| 2023 | $ | 400,000 | $ | 305,875 | $ | 290,000 | $ | 354,460 | $ | (61.70 | ) | $ | (16,795 | ) | ||||||
____________
(1) Represent the amounts of total compensation reported for our PEO, Ronald Glibbery, during each corresponding year in the “Total” column of the Summary Compensation Table below.
(2) Represents the amount of “compensation actually paid” to our PEO, as computed in accordance with Item 402(v) of Regulation S-K, with the following adjustments:
| Year | Summary | Reported | Fair Value | Fair Value | Fair Value | Fair Value | Compensation | ||||||||||||||
| 2025 | $ | 499,000 |
|
| $ |
|
| $ |
| $ |
|
| $ | 499,000 | |||||||
| 2024 | $ | 400,000 |
|
| $ | (18,670 | ) | $ | 2,177 | $ | (27,337 | ) | $ | 356,170 | |||||||
| 2023 | $ | 400,000 |
|
| $ | (78,663 | ) | $ | 29,514 | $ | (44,976 | ) | $ | 305,875 | |||||||
(4) Represents the average amount of “compensation actually paid” to the Non-PEO NEOs, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average compensation earned or paid to the Non-PEO NEOs 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 Non-PEO NEOs for each year:
| Year | Summary | Reported | Fair Value | Fair Value | Fair Value | Fair Value | Average | ||||||||||||||
| 2025 | $ | 389,000 |
|
| $ | (1,112 | ) | $ |
| $ | (3,260 | ) | $ | 384,628 | |||||||
| 2024 | $ | 285,000 |
|
| $ | (15,228 | ) | $ | 3,260 | $ | (22,573 | ) | $ | 250,459 | |||||||
| 2023 | $ | 290,000 |
|
| $ | 16,341 |
| $ | 25,833 | $ | 22,286 |
| $ | 354,460 | |||||||
(5) TSR is cumulative for the measurement periods beginning on December 31, 2022 and ending on December 31 of each of 2025, 2024 and 2023, respectively, calculated by dividing the difference between our share price at the end and the beginning of the measurement period by our share price at the end of the measurement period. No dividends were paid in 2025, 2024 or 2023.
(6) The dollar amounts reported represent the amount of net loss reflected in our consolidated audited financial statements for the applicable years.
| Year | Summary | Reported | Fair Value | Fair Value | Fair Value | Fair Value | Compensation | ||||||||||||||
| 2025 | $ | 499,000 |
|
| $ |
|
| $ |
| $ |
|
| $ | 499,000 | |||||||
| 2024 | $ | 400,000 |
|
| $ | (18,670 | ) | $ | 2,177 | $ | (27,337 | ) | $ | 356,170 | |||||||
| 2023 | $ | 400,000 |
|
| $ | (78,663 | ) | $ | 29,514 | $ | (44,976 | ) | $ | 305,875 | |||||||
| Year | Summary | Reported | Fair Value | Fair Value | Fair Value | Fair Value | Average | ||||||||||||||
| 2025 | $ | 389,000 |
|
| $ | (1,112 | ) | $ |
| $ | (3,260 | ) | $ | 384,628 | |||||||
| 2024 | $ | 285,000 |
|
| $ | (15,228 | ) | $ | 3,260 | $ | (22,573 | ) | $ | 250,459 | |||||||
| 2023 | $ | 290,000 |
|
| $ | 16,341 |
| $ | 25,833 | $ | 22,286 |
| $ | 354,460 | |||||||
| [1] | Represent the amounts of total compensation reported for our PEO, Ronald Glibbery, during each corresponding year in the “Total” column of the Summary Compensation Table below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [2] | Represents the amount of “compensation actually paid” to our PEO, as computed in accordance with Item 402(v) of Regulation S-K, with the following adjustments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [3] | Represents the average of the amounts reported for our NEOs as a group (excluding our PEO) in each applicable year in the “Total” column of the Summary Compensation Table below. For 2025, this consisted of James Sullivan and Bradley Lynch, for 2024, this consisted of James Sullivan, Bradley Lynch and Mark Lunsford, for 2023, this consisted of James Sullivan and Bradley Lynch (the “Non-PEO NEOs”). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [4] | Represents the average amount of “compensation actually paid” to the Non-PEO NEOs, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average compensation earned or paid to the Non-PEO NEOs 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 Non-PEO NEOs for each year:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [5] | TSR is cumulative for the measurement periods beginning on December 31, 2022 and ending on December 31 of each of 2025, 2024 and 2023, respectively, calculated by dividing the difference between our share price at the end and the beginning of the measurement period by our share price at the end of the measurement period. No dividends were paid in 2025, 2024 or 2023. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [6] | The dollar amounts reported represent the amount of net loss reflected in our consolidated audited financial statements for the applicable years. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||