Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS (Tables)

v3.23.3
SUBSEQUENT EVENTS (Tables)
 3 Months Ended
Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF DEFERRED COMPENSATION ARRANGEMENT WITH INDIVIDUAL

On October 6, 2023, the Compensation Committee of the Board (the “Compensation Committee”) and the Board approved the following cash bonuses to the following executive officers, whereby the final cash bonus payout was determined based on a payout percentage of the executive’s previous target cash bonus for fiscal year 2023:

 

Name   Position  

Target Cash

Bonus

     Payout Percentage    

Cash Bonus

Payout

  
Ronald F. Dutt   Chief Executive Officer   $ 225,000       64.7 %   $ 145,565  
Charles Scheiwe   Chief Financial Officer   $ 71,820       64.7 %   $ 46,464  
Jeff Mason   VP of Operations   $ 61,800       64.7 %   $ 39,982  
SCHEDULE OF DEFERRED COMPENSATION ARRANGEMENT WITH INDIVIDUAL, SHARE BASED COMPENSATION

The following executive officers of the Company were granted Options in such number, with such vesting schedule, and under the respective Plan, set forth as follows:

 

Name   Position   Options(1)     Plan   Vesting Schedule
Ronald F. Dutt   Chief Executive Officer     223,216     2021 Plan   Annually over 3 years from Grant Date
Charles Scheiwe   Chief Financial Officer     42,750     2021 Plan   Annually over 3 years from Grant Date
Jeffrey Mason   Vice President of Operations     54,934     2021 Plan   Annually over 3 years from Grant Date

 

(1) Subject to $100,000 ISO limitation under the 2021 Plan
SCHEDULE OF DEFERRED COMPENSATION SALARY INCREASES

On October 20, 2023, pursuant to the recommendation of the Compensation Committee, the Board approved the following salary increases (the “FY2024 Annual Salary”) to the following executive officers, effective for the fiscal year 2024 (“FY2024”):

 

Name   Position  

Current Annual

Salary

     Salary for FY2024  
Ronald F. Dutt   Chief Executive Officer   $ 300,000     $ 375,000  
Charles Scheiwe*   Chief Financial Officer   $ 205,200     $ 205,200  
Jeffrey Mason   Vice President of Operations   $ 206,000     $ 230,720  

 

* Plus an additional supplemental payment of $4,000 per month
2024 Bonus Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF DEFERRED COMPENSATION ARRANGEMENT WITH INDIVIDUAL

The Board approved the following cash bonuses under the 2024 Bonus for the following executive officers:

 

Name   Position  

Maximum

Payout(1)

    

Special Bonus

Maximum

Payout(2)

  
Ronald F. Dutt   Chief Executive Officer   $ 256,281     $ 400,000  
Charles Scheiwe   Chief Financial Officer   $ 91,571     $ -  
Jeffrey Mason   Vice President of Operations   $ 94,607     $ 400,000  

 

(1) Full maximum payout assuming targets reached as set forth in the 2024 Performance Matrix.
(2) Full maximum payout for achieving certain additional gross margin targets.