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Accrued Expenses
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses

Note 8 – Accrued Expenses

 

As of December 31, 2024 and 2023, the Company had accrued expenses consisting of the following:

 

 

  

December 31,

2024

  

December 31,

2023

 
Accrued compensation  $3,907,091   $712,092 
Accounts payable and accrued expenses   70,444    55,058 
Accrued Expenses  $3,977,535   $767,150 

 

Accrued compensation and related expenses include approximately $3,907,000 and $710,000 related to performance bonus accruals as of December 31, 2024 and 2023, respectively.

 

The accrued compensation balance for 2024 reflects stock-based compensation expenses associated with the performance bonuses approved by the Board on January 1, 2025 as well as discretionary bonuses accrued for non-officer employees. While the total bonus amounts for officers approved for fiscal year 2024 were $1,916,909 (as disclosed in Note 7 – Executive Compensation), the portion allocated to incentive stock options was recognized at a higher expense for accounting purposes, as required under U.S. GAAP. The stock-based compensation charges for the options component were determined using the Black-Scholes valuation model, resulting in a higher accrued amount.