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 actually paid (as defined by SEC rules) and certain financial performance metrics of the Company.
| (a) · (b) · (c) · (d) · (e) |
|---|
| Year | Summary Compensation Table Total for PEO($) | Compensation Actually Paid to PEO($) | Average Summary Compensation Table Total for Non-PEO NEO’s ($) | Average Compensation Actually Paid to Non-PEO NEO’s ($) | Value of Initial Fixed $100 Investment Based on: Total Shareholder Return ($) | Net Income ($) |
|---|
| 2023 | 680,265 | 680,265 | n/a | n/a | 150.00 | (6,929,104) |
| 2022 | 841,141 | 649,824 | n/a | n/a | 22.86 | (8,706,131) |
| Calculation of Compensation Actually Paid to PEO (column b) | 2023 | 2022 |
|---|
| Total Summary Compensation Paid Table (SCT) - column (a) | 680,265 | 735,024 |
|---|
| Less: value reported under stock awards in the SCT | - | (85,200) |
|---|
| Add: FV of unvested equity awards at year end 2022 | - | - |
|---|
| Add: FV of vested awards as of the vesting date | - | - |
|---|
| Compensation actually paid | 680,265 | 649,824 |
|---|
| (a) | The amounts reported in this column are the amounts of total compensation reported for Mr. Haverhals, Chief Executive Officer, for each corresponding year in the "Total" column of the Summary Compensation Table (“SCT’) on page 12 of this proxy statement. |
| (b) | The amounts reported in this column represent the amount of compensation actually paid (“CAP”) Mr. Haverhals as computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to Mr. Haverhals during the applicable year. The determination of CAP begins with the total compensation reported in the SCT, which is then adjusted by equity-based and other compensation as set forth in the following table. For equity-based awards made during the year, the recorded grant date value is replaced with the estimated year-end value. For equity-based awards made in prior years that remain unvested at year-end, the estimated change in value from the beginning to the end of the year is included. For equity-based awards made in prior years, but vested during the year, the estimated change in value from the beginning of the year to the date of vesting is included: |
| (c) | The amounts reported in this column represent the average of the amounts reported for the Company's Non-CEO named executive officer’s (“NEOs”) as a group in the "Total" column of the SCT in each applicable year. There were no NEO’s at the company during 2023 and 2022, respectively. |
| (d) | The amounts reported in this column represent the average amount of CAP to the Non-CEO NEOs as a group, as computed in accordance with Item 402(v) of Regulation S-K. Since there were no adjustments to be made for these NEO’s, the amounts actually paid are equal to the SCT amounts calculated in the previous column. |
| (e) | This represents the year-end value of an initial $100 investment made at the beginning of the period. |
