| ITEM 11. | EXECUTIVE COMPENSATION |
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The following table summarizes the compensation of the named executive officers for the years ended December 31, 2024 and 2023.
| Name and Principal Position · Year · Salary ($) · Bonus ($) · Stock Awards ($) · Total Compensation ($) |
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| Steven King, President and Chief | 2024 | $250,000 | (1)(2) | $– | $– | $262,147 |
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| Executive Officer (“CEO”) | 2023 | $250,000 | (1) | $– | $– | $267,844 |
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| Paul Lytle, EVP, Chief Financial | 2024 | $116,846 | (1)(3)(4) | $– | $– | $136,371 |
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| Officer (“CFO”) | 2023 | $250,000 | (1) | $– | $– | $295,526 |
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| (1) | Of such amount, Mr. King and Mr. Lytle have agreed to defer 85% of their base salary payable in cash until such a time that the Company is able to raise at least $4 million in funding. |
| (2) | Of the 15% to be paid in cash, $17,308 has been accrued and not paid as of December 31, 2024. |
| (3) | Of the 15% to be paid in cash, $8,862 has been accrued and not paid as of December 31, 2024. |
| (4) | Effective June 1, 2024, Mr. Lytle reduced his time commitment to the Company to part-time status to provide no more than eight (8) hours of service per month. |
Outstanding Equity Awards
The following table sets forth certain information regarding unexercised stock options and unvested stock awards held by our named executive officers as of December 31, 2024:
| Option Awards · Stock Awards |
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| Name | Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable(1) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(3) |
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| Steven King | 12/16/2020(1) | – | – | – | – | 65,218 | 45,653 |
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| 12/16/2020(2) | – | – | – | – | 43,479 | 30,435 |
| Paul Lytle | 12/16/2020(1) | – | – | – | – | 42,392 | 29,674 |
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| 12/16/2020(2) | – | – | – | – | 37,772 | 26,440 |
| (1) | RSU award will vest 100% on the sooner of (i) August 31, 2026, provided the Company is listed on a national exchange such as the Nasdaq Stock Market prior to August 31, 2026 (ii) upon a merger or acquisition of the Company, provided the holder agrees to accept the underlying shares in writing, or (iii) upon the holders last date of employment, provided the holder agrees to accept the underlying shares in writing. |
| (2) | RSU award will vest 100% on the sooner of (i) August 31, 2027, provided the Company is listed on a national exchange such as the Nasdaq Stock Market prior to August 31, 2027 (ii) upon a merger or acquisition of the Company, provided the holder agrees to accept the underlying shares in writing, or (iii) upon the holders last date of employment, provided the holder agrees to accept the underlying shares in writing. |
| (3) | Market value is calculated based on the closing price of our common stock of $0.70 per share on December 31, 2024, times the number of shares subject to the RSU award. Each RSU represents the contingent right to receive, upon vesting, one share of our common stock. |
