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Stock-Based Compensation
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

9. Stock-Based Compensation

 

Stock based compensation expense recognized under ASC Topic 718 of $13,065 for each of the years ended December 31, 2024 and 2023 reflects the amortization of the fair value of 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value is being amortized over 15 years. At December 31, 2024, all 1,000,000 shares remain restricted, and the remaining unrecognized stock-based compensation amounted to $21,774. One third of such restricted shares shall vest on each of September 9, 2026, September 9, 2027, and September 9, 2028.