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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

The following table sets forth information regarding the compensation of our named executive officers (“NEOs”) for the fiscal years ended December 31, 2022, 2023 and 2024, and our financial performance for each such fiscal year:

 

Pay Versus Performance Table

                                     

Year

 

  

Summary

Compensation

Table Total

for PEO

($)(1)

    

Compensation

Actually Paid to

PEO

($)(2)

    

Average Summary Compensation Table

Total for Non-PEO

NEOs

($)(3)

    

Average

Compensation

Actually Paid to Non-

PEO NEOs

($)(2)

    

Value of Initial

Fixed $100

Investment Based on
Total Shareholder

Return

($)(4)

    

Net (Loss)

Income
(In thousands)

($)(5)

  

2024

     778,160       190,276       478,810       417,988       46       (31,795 )

2023

     1,132,230       252,742       542,218       (11,013 )     59       18,416  

2022

     1,604,665       138,164       919,710       731,774       73       90,672  

 

 

(1)

Represents the total compensation of our principal executive officer (PEO), Joseph A. Vitiritto, as reported in the Summary Compensation Table for each year indicated.
   
PEO Total Compensation Amount $ 778,160 $ 1,132,230 $ 1,604,665
PEO Actually Paid Compensation Amount $ 190,276 252,742 138,164
Adjustment To PEO Compensation, Footnote
 

(2)

The amount reported in this column for each year indicated is calculated as follows:

 

[The table follows on the next page.]

 

 

Reconciliation of PEO/Non-PEO NEOs

  

PEO

            

Non-PEO NEOs

          
SCT Total and Compensation Actually Paid.  

2024

    

2023

    

2022

    

2024

    

2023

    

2022

  
 

Total Compensation as reported SCT

   $ 778,160     $ 1,132,230     $ 1,604,665     $ 478,810     $ 542,218     $ 919,710  

Subtract

Pension values reported in SCT for covered fiscal year

     —       —       —       —       —       —  

Subtract

Fair value of equity awards granted during covered fiscal year

     —       (366,145 )     (337,172 )     —       (117,190 )     (144,879 )

Add

Pension value attributable to covered fiscal year’s service and any change in pension value attributable to plan amendments made in the covered year

     —       —       —       —       —       —  

Add

Fair value of equity awards granted in covered fiscal year and that are unvested at end of such covered fiscal year - valued at year-end

     —       268,852       225,071       —       86,050       96,711  

Add

Fair value of equity awards granted in covered fiscal year that vested during such covered fiscal year - valued on date of vesting

     —       —       —       —       —       —  

Add

Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year

     —       —       —       —       —       —  

Add/Subtract

Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year

     (501,811 )     (714,010 )     (1,345,400 )     (13,697 )     (109,670 )     (82,768 )

Add/Subtract

Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year

     (86,073 )     (68,185 )     (9,000 )     (47,125 )     1,901       (57,000 )

Subtract

Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year

     —       —       —       —       (413,322 )     —  

Equals

Compensation Actually Paid to PEO/Non-PEO NEOs

   $ 190,276     $ 252,742     $ 138,164     $ 417,988     $ (11,013 )   $ 731,774  

 

 

(3)

Represents the total compensation of our only non-PEO NEO in 2022, Allen W. West, the average of the total compensation of each of our non-PEO NEOs during 2023, Lance K. Stewart and Allen W. West, and the total compensation of our only non-PEO NEO in 2024, Lance K. Stewart, as reported in the Summary Compensation Table for each year indicated.

 

 

(4)

Represents the cumulative three-year total return to shareholders of our common stock and assumes that the value of the investment was $100 on December 31, 2021. The Company did not issue any dividends during 2022, 2023 or 2024. The stock price performance included in this column is not necessarily indicative of future stock price performance.

 

 

(5)

Represents our reported net (loss) income for each year indicated.
   
Non-PEO NEO Average Total Compensation Amount $ 478,810 542,218 919,710
Non-PEO NEO Average Compensation Actually Paid Amount $ 417,988 (11,013) 731,774
Compensation Actually Paid vs. Total Shareholder Return

Relationship Between Compensation Actually Paid to our NEOs and Company Performance

 

The following graphs show the relationship between the compensation actually paid to our PEO and our other NEOs to our total shareholder return and net (loss) income over the three fiscal years ending December 31, 2024 as reported in the table above:

 

[The graphs follow on the next page.]

 

 

image2.jpg

 

    
Compensation Actually Paid vs. Net Income
image3.jpg

 

    
Total Shareholder Return Amount $ 46 59 73
Net Income (Loss) (31,795) 18,416 90,672
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Pension Adjustments Service Cost      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 (366,145) (337,172)
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 0 268,852 225,071
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 (501,811) (714,010) (1,345,400)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
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 (86,073) (68,185) (9,000)
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 0 0
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 Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Pension Adjustments Service Cost      
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 0 (117,190) (144,879)
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 0 86,050 96,711
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 (13,697) (109,670) (82,768)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
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 (47,125) 1,901 (57,000)
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 (413,322) 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