David Enholm
About David Enholm
David Enholm, 61, is Chief Financial Officer of ZONE and has served on the board since July 2023; he became CFO in March 2023 after a 35+ year finance career spanning budgeting, forecasting, treasury, M&A, restructuring, and controllership roles . He holds a BS in Business Administration (Accounting major) from the University of Nebraska–Omaha . Company performance during his tenure includes FY2025 revenue of ~$2.07M (+29% YoY) and a record U.S. revenue quarter in Q4 FY2025 of ~$1.1M; Q3 FY2025 revenue grew 77.7% YoY to ~$558k, and Q1 FY2026 revenue reached ~$0.9M . TSR and EBITDA growth targets are not disclosed in company filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nelbud Services (Monroe Capital portfolio) | Interim CFO → CFO | Mar 2020–Sep 2022 | Led two acquisitions; developed new revenue sources |
| Complete Nutrition (Monroe Capital portfolio) | CFO | Oct 2018–Aug 2021 | Built restructuring plan transitioning from stores to e-commerce |
| FRGC LLC | CFO | Not disclosed | Not disclosed |
| CoSentry LLC | Corporate Controller | Not disclosed | Not disclosed |
| Pamida Operating Stores LLC | VP Corporate Controller | Not disclosed | Not disclosed |
External Roles
No external public company directorships or committee roles are disclosed for Enholm in the latest proxy statements .
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Base Salary ($) | $191,555 | $152,917 |
| Target Bonus ($) | Up to $55,000 (criteria set by Board) | Up to $55,000 (criteria set by Board) |
| Target Bonus (%) | Not disclosed | Not disclosed |
| Actual Bonus Paid ($) | $0 | $0 |
| Other Cash/All Other Comp ($) | $12,480 | $11,400 (health insurance stipends) |
Key employment agreement terms: base salary set at $185,000, reduced to $75,000 effective May 1, 2025; eligible for annual incentive bonus up to $55,000; at-will with Company termination on 14 days’ notice or Enholm on 30 days’ notice .
Performance Compensation
Equity Awards and Vesting
| Award Type | Grant Date | Quantity | Strike/ Fair Value | Vesting Schedule | Expiration |
|---|---|---|---|---|---|
| Stock Options (2022 Plan) | Mar 27, 2023 | 325,000 | $2.50 strike | 32,500 at 90 days; 32,500 at 180 days; remaining 260,000 vest monthly over 36 months starting day 181 | Mar 27, 2028 |
| RSUs (2022 Plan) | May 6, 2025 | 90,000 | $218,700 market value as of FYE (unvested) | Vest quarterly over 1 year commencing Jul 1, 2025 | N/A |
Outstanding as of June 30, 2025:
- Options: 223,889 exercisable; 101,111 unexercisable
- Unvested RSUs: 90,000 (market value $218,700)
Performance metrics tied to Enholm’s awards (weightings/targets) were not specified; the 2022 Plan permits performance awards and change-of-control acceleration at the administrator’s discretion, but no individual PSU metrics are disclosed for Enholm .
Equity Ownership & Alignment
| Record Date | Shares Owned Directly | Options/RSUs Exercisable or Vesting Within 60 Days | Total Beneficial Ownership | % of Class |
|---|---|---|---|---|
| Oct 27, 2025 (Common Stock) | 273,550 | 267,222 (options within 60 days) | 540,772 | <1% |
| Apr 22, 2025 (Class B) | 8,550 | 216,667 (options within 60 days) | 225,217 | 2.59% Class B; 2.59% total voting power |
Additional alignment factors:
- Insider trading policy prohibits hedging and pledging company stock unless specifically approved; short sales are prohibited .
- Stock ownership guidelines are not disclosed; compliance status not available .
Insider selling pressure considerations:
- Quarterly RSU vesting beginning July 1, 2025 and monthly option vesting through 2026 imply recurring potential Form 4 activity around vest dates; no specific sales are disclosed in the proxies .
Employment Terms
| Term | Detail |
|---|---|
| Role start date | CFO since March 27, 2023; Director since July 2023 |
| Agreement term | Indefinite; Company may terminate with 14 days’ notice; Enholm may resign with 30 days’ notice |
| Severance | If terminated without Cause: lump sum equal to 3 months base salary, plus previously earned/accrued unpaid benefits |
| Bonus eligibility | Up to $55,000 annually, criteria set by Board |
| Non-compete | 12 months post-termination; prohibits competitive engagement or lending/advice to competitors |
| Non-solicit | 12 months post-termination (employees) |
| Garden leave / consulting | Not disclosed |
| Change-of-control | 2022 Plan permits award agreement provisions including possible vesting acceleration; no individual CIC multiple disclosed for Enholm |
| Clawback / gross-ups | Not disclosed; no tax gross-ups mentioned for Enholm |
Board Governance
| Attribute | Detail |
|---|---|
| Board service | Director since July 2023 |
| Independence | Not independent (employee director) |
| Committees | None; all committee members are independent |
| Attendance | Each incumbent director attended ≥75% of board and committee meetings in FY2025 |
| Current leadership | Separate Chairman (Alexander B. Spiro) and CEO structure as of Oct 2025 |
| Prior leadership | Combined CEO/Chairman structure in April 2025 (Adams) before subsequent separation |
Dual-role implications:
- As CFO and director, Enholm is a non-independent board member; however, audit, compensation, and nominating committees are composed solely of independent directors, which mitigates compensation and oversight conflicts .
Performance & Track Record
Selected Quarterly Performance
| Metric | Q2 FY2025 (Dec 31, 2024) | Q3 FY2025 (Mar 31, 2025) | Q4 FY2025 (Quarter) | Q1 FY2026 (Sep 30, 2025) |
|---|---|---|---|---|
| Revenue ($USD) | ~$257,000 | ~$558,000 | U.S. revenue ~$1,100,000 | ~$900,000 |
| YoY Revenue Growth | Not disclosed | +77.7% YoY | Not disclosed (U.S. revenue) | Not disclosed |
Full-Year Performance
| Metric | FY2024 | FY2025 |
|---|---|---|
| Revenue ($USD) | ~$1.61M | ~$2.07M (+29% YoY) |
| Net Loss ($USD) | ~$2.28M | ~$6.74M |
| Stock-based comp ($USD) | ~$1.00M | ~$3.20M |
| Auditor going concern disclosure | Not disclosed | Going concern explanatory paragraph included in FY2025 audit |
Strategic highlights (FY2025–Q1 FY2026):
- Acquisition of Sanzonate Europe (Apr 2025), expanding international sales pipeline .
- Large purchase order activity with carryover into Q1 FY2026 .
- DOGE treasury strategy launch; 703.6M DOGE held with fair value ~$163.9M as of Sep 30, 2025; holdings exceeded 733.1M DOGE as of Nov 12, 2025 .
Investment Implications
- Pay-for-performance: Enholm’s cash compensation is modest (salary reduced to $75k effective May 2025) with equity-heavy incentives via options and RSUs, aligning with long-term value creation but also creating periodic vesting events that can correspond to insider selling windows; no individual performance PSU metrics disclosed limits direct pay-to-target linkage .
- Retention risk: Severance economics are light (3 months base), and the agreement is at-will with short notice periods; however, continued vesting of sizable options/RSUs provides retention hooks through 2026 .
- Alignment and risk controls: Insider policy prohibits hedging/pledging without approval, supporting alignment; absence of disclosed ownership guidelines and individualized clawbacks is a governance gap relative to best practice .
- Execution risk: As CFO and director at a company with an auditor going-concern flag and a large DOGE treasury strategy that materially changes the balance sheet, Enholm’s risk management and controls are pivotal; independent committees and a separate Chairman help governance, but macro/crypto volatility and scaling the core business increase execution risk .
- Trading signals: Anticipate regular vesting-related Form 4 activity from quarterly RSUs (through mid-2026) and monthly option vesting; monitor for option exercises as in-the-money status shifts with share price and for any policy-approved pledging/hedging exceptions .