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| | Our board of directors recommends a vote “FOR” the election of Robert A. Crisafulli, Andrew A. Levy, Richard S. McGowan and Walter M. Schenker to our board of directors. | | |
Name | | | Age | | | Position | |
Richard S. McGowan(1) | | | | | Chair of the Board | | |
Robert A. Crisafulli(2) | | | | | Director | | |
Andrew A. Levy | | | | | Director | | |
Walter M. Schenker(2) | | | | | Director | |
Fee Category | | | Fees | | |||
Quarterly Retainer | | | | $ | 6,000 | | |
Audit Committee Chair – Annual Retainer | | | | $ | 5,000 | | |
Chair – Annual Retainer | | | | $ | 12,000 | | |
Name | | Fees Earned(1) | | Option Awards(2) | | Stock Awards(3) | | Totals | | | Fees Earned(1) | | Option Awards(2) | | Stock Awards(3) | | Totals | | ||||||||||||||||||||||||||||||||
Andrew Levy | | | $ | 24,000 | | | | | — | | | | $ | 33,500 | | | | $ | 57,500 | | | | | $ | 39,000 | | | | | — | | | | $ | 43,750 | | | | $ | 82,750 | | | ||||||||
Robert A. Crisafulli | | | $ | 29,000 | | | | | — | | | | $ | 33,500 | | | | $ | 62,500 | | | | | $ | 29,000 | | | | | — | | | | $ | 43,750 | | | | $ | 72,750 | | | ||||||||
Richard S. McGowan | | | $ | 36,000 | | | | | — | | | | $ | 33,500 | | | | $ | 69,500 | | | | | $ | 51,000 | | | | | — | | | | $ | 43,750 | | | | $ | 94,750 | | | ||||||||
Walter M. Schenker | | | $ | 24,000 | | | | | — | | | | $ | 33,500 | | | | $ | 57,500 | | | | | $ | 24,000 | | | | | — | | | | $ | 43,750 | | | | $ | 67,750 | | |
Name | | Shares of common stock | | Percentage | | | Shares of common stock | | Percentage | | ||||||||||||||||
Andrew A. Levy(1) | | | | 1,978,100 | | | | | 6.67% | | | | | | 2,003,100 | | | | | 5.81% | | | ||||
Alexander Shen(2) | | | | 1,811,879 | | | | | 5.79% | | | | | | 1,821,879 | | | | | 5.05% | | | ||||
Walter M. Schenker(3) | | | | 1,512,073 | | | | | 5.11% | | | | | | 1,527,073 | | | | | 4.44% | | | ||||
Thomas Sammons(4) | | | | 527,189 | | | | | 1.76% | | | | | | 537,189 | | | | | 1.54% | | | ||||
Richard S. McGowan(5) | | | | 405,064 | | | | | 1.37% | | | | | | 430,064 | | | | | 1.25% | | | ||||
Robert Crisafulli(5) | | | | 175,000 | | | | | * | | | | | | 200,000 | | | | | * | | | ||||
All executive officers and directors as a group (six individuals)(6) | | | | 6,409,305 | | | | | 19.89% | | | | | | 6,519,305 | | | | | 17.61% | | |
Name and Position | | | Fiscal Year | | | Salary | | | Bonus | | | Option Awards(1) | | | Stock Awards(2) | | | All Other Compensation | | | Total ($) | | |||||||||||||||||||||
Alexander Shen, | | | | | 2021 | | | | | $ | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 5,500 | | | | | $ | 305,500 | | |
Chief Executive Officer | | | | | 2020 | | | | | $ | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 5,020 | | | | | $ | 305,020 | | |
Thomas Sammons, | | | | | 2021 | | | | | $ | 210,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 335 | | | | | $ | 210,335 | | |
Chief Financial Officer | | | | | 2020 | | | | | $ | 210,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 316 | | | | | $ | 210,316 | | |
Name and Position | | | Fiscal Year | | | Salary | | | Bonus | | | Option Awards(1) | | | Stock Awards(2) | | | All Other Compensation | | | Total ($) | | |||||||||||||||||||||
Alexander Shen, Chief Executive Officer | | | | | 2022 | | | | | $ | 300,000 | | | | | $ | 35,000 | | | | | | — | | | | | $ | 17,000 | | | | | $ | 4,742 | | | | | $ | 356,742 | | |
| | | 2021 | | | | | $ | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 5,500 | | | | | $ | 305,500 | | | ||
Thomas Sammons, Chief Financial Officer | | | | | 2022 | | | | | $ | 230,193 | | | | | $ | 35,000 | | | | | | — | | | | | $ | 17,000 | | | | | $ | 411 | | | | | $ | 282,604 | | |
| | | 2021 | | | | | $ | 210,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 335 | | | | | $ | 210,335 | | |
| | Option Awards | | | Option Awards | | Stock Awards | | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price | | Option Exercise Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price | | Option Expiration Date | | Equity incentive plan awards: Number of shares that have not vested | | | | Equity incentive plan awards: Market or payout value of unearned shares that have not vested ($) | | |||||||||||||||||||||||||||||||||
Alexander Shen(1) | | | | 770,000 | | | | | — | | | | $ | 0.08 | | | August 11, 2025 | | | | | 770,000 | | | | | — | | | | $ | 0.08 | | | August 11, 2025 | | | | | | | | | | | | | | |||||||||
Alexander Shen(2) | | | | 1,000,000 | | | | | — | | | | $ | 0.50 | | | December 26, 2026 | | | | | 1,000,000 | | | | | — | | | | $ | 0.50 | | | December 26, 2026 | | | | | | | | | | | | | | |||||||||
Thomas Sammons(3) | | | | 500,000 | | | | | — | | | | $ | 0.17 | | | January 20, 2026 | | | | | 500,000 | | | | | — | | | | $ | 0.17 | | | January 20, 2026 | | | | | | | | | | | | | | |||||||||
Alexander Shen(4) | | | | | | | | | | | | | | | | | | | | | 10,000 | | | | | | $ | 16,700 | | | |||||||||||||||||||||||||||
Thomas Sammons(4) | | | | | | | | | | | | | | | | | | | | | 10,000 | | | | | | $ | 16,700 | | |
| | Our board of directors recommends a vote “FOR” the ratification of the selection of Marcum LLP as our independent registered public accounting firm for the fiscal year ending March 31, | | |
| | March 31, 2021 | | March 31, 2020 | | | March 31, 2022 | | March 31, 2021 | | ||||||||||||||||
Audit Fees | | | $ | 260,870 | | | | $ | 238,176 | | | | | | 483,855 | | | | $ | 260,870 | | | ||||
Audit related fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Tax fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All other fees | | | | 51,500 | | | | | — | | | | | | 17,155 | | | | | 51,500 | | | ||||
Total | | | $ | 312,370 | | | | $ | 238,176 | | | | | | 501,010 | | | | $ | 312,370 | | |
| | Our board of directors recommends a vote “FOR” Proposal Three to approve an amendment to our Certificate of Incorporation to effect a reverse stock split of our Common Stock at an exchange ratio of between 1-for-2 and 1-for-5, such ratio to be determined by our board of directors, at any time prior to March 31, 2023, the implementation and timing of which shall be subject to the discretion of our board of directors. | | |
| | Our board of directors recommends a vote “FOR” the resolution approving the compensation of our named executive officers, as follows: | | |
| | RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the compensation tables and narrative discussion, is hereby approved. | | |
| | Our board of directors recommends a vote for a frequency of once every year for Proposal No. 5. | | |