| Filed by the Registrant [X] | | | Filed by a Party other than the Registrant [ ] | |
| | | | Sincerely, | |
| | | | Name: Title: Chief Executive Officer | |
| | | | By Order of the Board of Directors, | |
| | | | Name: Title: Chief Executive Officer | |
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PROPOSAL NO. 1 — | | | | | | | |
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PROPOSAL NO. 2 — | | | | | | | |
Background | | | | | | | |
Explanation of Amendment | | | | | | | |
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PROPOSAL NO. 4 — THE ADJOURNMENT PROPOSAL | | | | | | | |
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Proposal | | | Votes Required | | | Voting Options | | | Impact of “Withhold” or “Abstain” Votes | | | Broker Discretionary Voting Allowed | |
Proposal No. 1: | | | | | “FOR” “AGAINST” “ABSTAIN” | | | None(1) | | | No(2) | | |
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| | “FOR” “AGAINST” “ABSTAIN” | | | None(1) | | | No(2) | |
Proposal | | | Votes Required | | | Voting Options | | | Impact of “Withhold” or “Abstain” Votes | | | Broker Discretionary Voting Allowed | |
Proposal No. The Auditor Ratification | | | The affirmative vote of the holders of a majority | | | “FOR” “AGAINST” “ABSTAIN” | | | None(1) | | | Yes(3) | |
| | | Prior to the Reverse Split | | | Assuming a One-for- Ten Reverse Split | | | Assuming a One-for- Fifteen Reverse Split | | | Assuming a One-for- Twenty Reverse Split | |
Aggregate Number of Shares of common stock Outstanding | | | 9,087,467 | | | 908,747 | | | 605,832 | | | 454,374 | |
| | Year Ended December 31, | | |||||||||||||||||||||||
| | 2021 | | 2020 | | | 2023 | | 2022 | | ||||||||||||||||
Audit fees(1) | | | $ | 175,500 | | | | $ | 140,000 | | | | | $ | 202,525 | | | | $ | 173,000 | | | ||||
Audit-related fees(2) | | | | 127,500 | | | | | 59,500 | | | |||||||||||||||
Total fees | | | $ | 303,000 | | | | $ | 199,500 | | | |||||||||||||||
Audit-Related fees(2) | | | | — | | | | | 16,500 | | | |||||||||||||||
Total | | | $ | 202,525 | | | | $ | 189,500 | | |
Name | | | Age | | | Position | | |||
| | | | Chief Executive | ||||||
Office, Chief Treasurer and Director | | |||||||||
Benjamin Bielak | | | | | Chief Information Officer | |||||
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Andrew L. Ross | | | ||||||||
| | Director | | |||||||
Steven Gullans | | | | | Director | | ||||
John L. Brooks III | | | | | Director | | ||||
| | | | Director | | |||||
Elizabeth A. Graham | | 54 | | | Director | |
| | Board Diversity Matrix (as of March 1, 2022) | | | | Board Diversity Matrix (as of March 27, 2023) | | | ||||||||||||||||||||||||||||||||
| | Part I: Gender Identity | | | | Male | | | | Female | | | | Non-Binary | | | | Did Not Disclose Gender | | | | Part I: Gender Identity | | | | Male | | | | Female | | | | Non-Binary | | | | Did Not Disclose Gender | | |
| | Directors (7 total) | | | | 5 | | | | 2 | | | | - | | | | - | | | | Directors (6 total) | | | | 3 | | | | 3 | | | | — | | | | — | | |
| | Part II: Demographic Background | | | | Male | | | | Female | | | | Non-Binary | | | | Did Not Disclose Gender | | | | Part II: Demographic Background | | | | Male | | | | Female | | | | Non-Binary | | | | Did Not Disclose Gender | | |
| | African American or Black | | | | - | | | | - | | | | - | | | | - | | | | African American or Black | | | | - | | | | - | | | | - | | | | - | | |
| | Alaskan Native or American Indian | | | | - | | | | - | | | | - | | | | - | | | | Alaskan Native or American Indian | | | | - | | | | - | | | | - | | | | - | | |
| | Asian | | | | - | | | | - | | | | - | | | | - | | | | Asian | | | | - | | | | 1 | | | | - | | | | - | | |
| | Hispanic, Latino or Latina | | | | - | | | | - | | | | - | | | | - | | | | Hispanic, Latino or Latina | | | | - | | | | - | | | | - | | | | - | | |
| | Native Hawaiian or Pacific Islander | | | | - | | | | - | | | | - | | | | - | | | | Native Hawaiian or Pacific Islander | | | | - | | | | - | | | | - | | | | - | | |
| | White | | | | 5 | | | | 2 | | | | - | | | | - | | | | White | | | | 3 | | | | 2 | | | | - | | | | - | | |
| | Two or More Races or Ethnicities | | | | - | | | | - | | | | - | | | | - | | | | Two or More Races or Ethnicities | | | | - | | | | - | | | | - | | | | - | | |
| | LGBTQ+ | | | | - | | | | LGBTQ+ | | | | - | | | ||||||||||||||||||||||||
| | Undisclosed | | | | - | | | | Undisclosed | | | | - | | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($) | | | Stock awards ($) | | | Option awards ($)(1) | | | Nonequity incentive plan compensation ($) | | | Nonqualified deferred compensation earnings ($) | | | All other compensation ($) | | | Total ($) | | |||||||||||||||||||||||||||
Christopher Ianelli(1) | | | | | 2021 | | | | | $ | 300,000 | | | | | $ | 140,000 | | | | | $ | 330,213 | | | | | $ | - | | | | | $ | - | | | | | $ | - | | | | | $ | - | | | | | $ | 770,213 | | |
Chief Executive, President and Director | | | | | 2020 | | | | | $ | 250,000 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 250,000 | | |
Jill Mullan,(2) | | | | | 2021 | | | | | $ | 277,500 | | | | | $ | 113,750 | | | | | $ | 330,213 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 721,463 | | |
Chief Operating Officer, Secretary and Director | | | | | 2020 | | | | | $ | 230,000 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 230,000 | | |
Benjamin Bielak(3) | | | | | 2021 | | | | | $ | 250,000 | | | | | $ | 84,000 | | | | | $ | 300,193 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 634,193 | | |
Chief Information Officer | | | | | 2020 | | | | | $ | 220,000 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 220,000 | | |
Tracy Curley(4) | | | | | 2021 | | | | | $ | 282,999 | | | | | $ | 84,000 | | | | | $ | 240,153 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 607,152 | | |
Chief Financial Officer and Treasurer | | | | | 2020 | | | | | $ | 105,600 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 105,600 | | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($) | | | Stock awards ($) | | | Option awards ($)(1) | | | All other compensation ($) | | | Total ($) | | |||||||||||||||||||||
Tracy Curley(2) | | | | | 2023 | | | | | $ | 350,000 | | | | | $ | 87,500 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 437,500 | | |
Chief Executive Officer, Chief Financial Officer, Treasurer and Director | | | | | 2022 | | | | | $ | 313,385 | | | | | $ | — | | | | | $ | — | | | | | $ | 77,000(4) | | | | | $ | — | | | | | $ | 390,385 | | |
Benjamin Bielak | | | | | 2023 | | | | | $ | 326,000 | | | | | $ | 65,200 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 391,200 | | |
Chief Information Officer | | | | | 2022 | | | | | $ | 301,938 | | | | | $ | 6,000(3) | | | | | $ | — | | | | | $ | 23,100(5) | | | | | $ | — | | | | | $ | 331,038 | | |
| | | Option Awards | | | Stock awards | | ||||||||||||||||||||||||
Name | | | Number of securities underlying unexercised options (#) exercisable | | | Number of securities underlying unexercised options (#) unexercisable | | | Option exercise price ($) | | | Option expiration date | | | Number of shares of units of stock that have not vested (#) | | | Market value of shares of units of stock that have not vested ($)(3) | | ||||||||||||
Tracy Curley | | | | | 41,664 | | | | | | 58,336 | | | | | $ | 1.61 | | | | October 31, 2032 | | | 15,152(1) | | | | $ | 7,576 | | |
Benjamin Bielak | | | | | 12,500 | | | | | | 17,500 | | | | | $ | 1.61 | | | | October 31, 2032 | | | 18,940(2) | | | | $ | 9,470 | | |
Benjamin Bielak | | | | | 4,396 | | | | | | — | | | | | $ | 1.00 | | | | July 27, 2028 | | | — | | | | | — | | |
Benjamin Bielak | | | | | 1,409 | | | | | | — | | | | | $ | 1.00 | | | | April 26, 2029 | | | — | | | | | — | | |
| | | Option awards | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
Name | | | Number of securities underlying unexercised options (#) exercisable | | | Number of securities underlying unexercised options (#) unexercisable | | | Equity incentive plan awards ; Number of securities underlying unexercised unearned options (#) | | | Option exercise price ($) | | | Option expiration date | | | Number of shares or units of stock that have not vested (#) | | | Market value of shares of units of stock that have not vested ($) | | | Equity incentive plan awards: Number of unearned share, units or other rights that have not vested (#) | | | Equity incentive plan awards : Market or pay our value of unearned shares, units or other rights that have not vested ($) | | ||||||||||||||||||||||||
(a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | | (j) | | ||||||||||||||||||||||||
Christopher Ianelli | | | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 31-Jan-29 | | | | | 41,667 | | | | | $ | 264,169 | | | | | | — | | | | | | — | | |
Christopher Ianelli | | | | | 48,106 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 12-Jul-29 | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Jill Mullan | | | | | 19,296 | | | | | | — | | | | | | — | | | | | $ | 1.08 | | | | 29-Jun-26 | | | | | 41,667 | | | | | $ | 264,169 | | | | | | — | | | | | | — | | |
Jill Mullan | | | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 31-Jan-29 | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Jill Mullan | | | | | 65,792 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 12-Jul-29 | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Benjamin Bielak | | | | | 20,513 | | | | | | 2,931 | | | | | | — | | | | | $ | 1.56 | | | | 14-Jun-28 | | | | | 37,879 | | | | | $ | 240,153 | | | | | | — | | | | | | — | | |
Benjamin Bielak | | | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 31-Jan-29 | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Tracy Curley | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | — | | | | | 30,304 | | | | | $ | 192,127 | | | | | | — | | | | | | — | | |
| Name | | Fees earned or paid in cash ($) | | Stock awards ($) | | | | | | | Options awards ($)(6) | | | | | | | Non-equity incentive plan compensation ($) | | Non qualified deferred compensation earnings ($) | | All other compensation ($) | | Total ($) | | Name and Principal Position | | Fees earned or paid in cash($) | | Stock awards($) | | Option awards ($)(10) | | Non-equity incentive plan compensation ($) | | Non-qualified deferred compensation earnings ($) | | All other compensation ($) | | Total($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) | | (b) | | (c) | | | | | | | (d) | | | | | | | (e) | | (f) | | (g) | | (h) | | Andrew L. Ross(1) Chairman of the Board | | | $ | 27,500 | | | $176(6) | | $3,500(11) | | | | — | | | | | — | | | | | — | | | | $ | 31,176 | | | |||||||||||||||||||||||||||||||||||||
| Andrew L. Ross(1) Chairman of the Board | | | $ | 10,493 | | | | $ | 15,700 | | | | | (7) | | | | $ | 52,288 | | | | | (12) | | | | | - | | | | | - | | | | | - | | | | $ | 78,481 | | | Steven Gullans(2) Director | | | $ | 31,250 | | | $176(7) | | $3,500(12) | | | | — | | | | | — | | | | | — | | | | $ | 34,926 | | | ||||||||||||||||
| George “Bud” (2) Director | | | $ | 10,493 | | | | $ | 15,700 | | | | | (8) | | | | $ | 52,288 | | | | | (13) | | | | | - | | | | | - | | | | | - | | | | $ | 78,481 | | | John L. Brooks(3) Director | | | $ | 31,250 | | | $176(8) | | $3,500(13) | | | | — | | | | | — | | | | | — | | | | $ | 34,926 | | | ||||||||||||||||
| Steven Gullans(3) Director | | | $ | 22,932 | | | | $ | 15,700 | | | | | (9) | | | | $ | 52,288 | | | | | (14) | | | | | - | | | | | - | | | | | - | | | | $ | 90,920 | | | Joseph J. Basile(4) Director | | | $ | 31,647 | | | $89(9) | | $3,500(14) | | | | — | | | | | — | | | | | — | | | | $ | 35,236 | | | ||||||||||||||||
| Magaret H. Lawrence(4) Director | | | $ | 10,493 | | | | $ | 15,700 | | | | | (10) | | | | $ | 52,288 | | | | | (15) | | | | | - | | | | | - | | | | | - | | | | $ | 78,481 | | | Theresa Mock(5) Director | | | $ | 16,576 | | | $— | | $1,735(15) | | | | — | | | | | — | | | | | — | | | | $ | 18,311 | | | ||||||||||||||||
| John L. Brooks III(5) Director | | | $ | 10,493 | | | | $ | 15,700 | | | | | (11) | | | | $ | 52,288 | | | | | (16) | | | | | - | | | | | - | | | | | - | | | | $ | 78,481 | | |
Plan | | | Number of Shares Issued | | | Number of Shares Reserved for Issuance | | | Number of Shares underlying Outstanding Options, Restricted Stock Units or Warrants | | | Number of Shares Remaining Available for Future Issuance | | ||||||||||||
2010 Stock Incentive Plan | | | | | 156,615 | | | | | | 270,513 | | | | | | 113,898 | | | | — | | |||
2013 Stock Incentive Plan | | | | | 65,235 | | | | | | 309,029 | | | | | | 137,949 | | | | | | 105,845 | | |
Amended and Restated 2021 Stock Incentive Plan | | | | | 44,126 | | | | | | 608,000 | | | | 337,710 | | | | | 226,164 | | |
Plan | | | Number of Shares Reserved for Issuance | | | Number of Shares Issued | | | Number of Shares underlying Outstanding Options | | | Weighted Average Exercise Price of Outstanding Options | | | Number of Shares Remaining Available for Future Issuance | | |||||||||||||||
2013 Stock Incentive Plan | | | | | 309,029 | | | | | | 40,560 | | | | | | 155,403 | | | | | | 1.73 | | | | | | — | | |
2021 Stock Incentive Plan | | | | | 1,869,500 | | | | | | 198,210 | | | | | | 140,865 | | | | | | 2.66 | | | | | | 1,671,290 | | |
Name and Address of Beneficial Owner(1) | | | Number of Shares of Common Stock Beneficially Owned | | | Approximate Percentage of Class(2) | | | |||||
Director and Executive Officers | | | | | | | | | | | | | |
Andrew L. Ross | | | 1,348,737(3) | | | | | 14.8% | | | | ||
Benjamin Bielak | | | 85,588 (4) | | | | | * | | | | ||
Tracy Curley | | | 82,304 (5) | | | | | * | | | | ||
Theresa Mock | | | 6,672(6) | | | | | * | | | | ||
Steven Gullans | | | 26,775(7) | | | | | * | | | | ||
John L. Brooks III | | | 25,647(8) | | | | | * | | | | ||
All Directors and Officers as a Group (6 persons) | | | 1,573,015 | | | | | 17.0% | | | | ||
5% or Greater Stockholders | | | | | | | | | | | | ||
OBF Investments | | | 841,981(9) | | | | | 9.3% | | | | ||
James G. Wolf | | | 790,730(10) | | | | | 8.7% | | | |
Title of Class | | | Name and Address of Beneficial Owner | | | Amount and Nature of Beneficial Ownership | | | Percentage of Class(2) | | |||
Directors and Executive Officers | | | | | | | | | | | | | |
Common Stock | | | Andrew L. Ross(1) | | | 1,312,399(3) | | | | | 14.88% | | |
Common Stock | | | Christopher Ianelli(1) | | | 402,442(4) | | | | | 4.56% | | |
Common Stock | | | Jill Mullan(1) | | | 222,530(5) | | | | | 2.52% | | |
Common Stock | | | Benjamin Bielak(1) | | | 33,362(6) | | | | | ** | | |
Common Stock | | | Tracy Curley(1) | | | 17,575(7) | | | | | ** | | |
Common Stock | | | George “Bud” Scholl(1) | | | 843,856(8) | | | | | 9.57% | | |
Common Stock | | | Steven Gullans(1) | | | 8,637(9) | | | | | ** | | |
Common Stock | | | John L. Brooks III(1) | | | 1,875(10) | | | | | ** | | |
Common Stock | | | Margaret H. Lawrence(1) | | | 1,875(11) | | | | | ** | | |
| | | All Directors and Officers as a Group | | | | |||||||
Common Stock | | | (9 persons) | | | 2,844,551 | | | | | 32.26% | | |
5% or Greater Stockholders | | | | | | | | | | | | | |
Common Stock | | | OBF Investments(1) | | | 841,981 | | | | | 9.55% | | |