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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure    
Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

Pay Versus Performance

The following Pay Versus Performance information presents the compensation of our Principal Executive Office (“PEO”) and Named Executive Officers (“NEOs”) disclosed in the Summary Compensation Table as well as Compensation Actually Paid (“CAP”) to our NEOs and certain performance measures prepared in accordance with Item 402(v) of SEC Regulations S-K.

As discussed further below, the CAP amounts do not necessarily represent actual compensation earned or realized by our NEOs in a given year. The Compensation Committee did not consider the Pay Versus Performance information in 2024 in making its compensation decisions for our NEOs. For additional information about our performance-based pay philosophy and how the Compensation Committee aligns executive compensation with our performance, refer generally to the sections above.

 

Summary
Compensation
Table

  

Compensation
Actually

  

Average
Summary
Compensation
Table Total for

  

Average
Compensation
Actually Paid
to

  

Value of
Initial
Fixed $100
Investment
Based on(3):

  

Net Income

Year

  

Total for
PEO

  

Paid to
PEO(2)

  

Non-PEO
NEOs(1)

  

Non-PEO
NEOs(2)

  

TSR

  

2024

  

$

1,456,500

  

$

1,050,000

  

$

500,000

  

$

500,000

  

$

20.69

  

$

(11,349,814

)

2023

  

$

1,621,999

  

$

1,050,000

  

$

500,000

  

$

500,000

  

$

39.48

  

$

(17,583,327

)

____________

(1)      Non-PEO consists of one person

(2)      The CAP amounts presented reflects the following adjustments to compensation reported within the Summary Compensation Table as required by the SEC:

 

2024

  

2023

Adjustments to Summary Compensation
Table amounts to CAP amounts

  

PEO
($)

  

Average
Non-PEO
NEOs
($)

  

PEO
($)

  

Average
Non-PEO
NEOs
($)

Summary Compensation Table

  

 

1,456,500

 

  

 

500,000

  

 

1,621,999

 

  

 

500,000

Grant Date FV of option awards granted in fiscal year

  

 

(406,500

)

  

 

—

  

 

(571,999

)

  

 

—

Total Compensation Actually Paid

  

$

1,050,000

 

  

$

500,000

  

$

1,050,000

 

  

$

500,000

(3)      Total Shareholder Return (“TSR”) represents cumulative total shareholder return on a fixed investment of $100 in our common stock for the period beginning on the last trading day of the fiscal year ended December 31, 2022 through the last trading day of the applicable fiscal year.

  
PEO Total Compensation Amount $ 1,456,500 $ 1,621,999
PEO Actually Paid Compensation Amount [1] 1,050,000 1,050,000
Non-PEO NEO Average Total Compensation Amount [2] 500,000 500,000
Non-PEO NEO Average Compensation Actually Paid Amount [1] $ 500,000 500,000
Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs Cumulative TSR

 

2023

  

2024

PEO

  

$

1,050,000

  

$

1,050,000

NEO

  

$

500,000

  

$

500,000

TSR

  

$

39

  

$

21

 
Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs Net Income

 

2023

  

2024

PEO

  

$

1,050,000

 

  

$

1,050,000

 

NEO

  

$

500,000

 

  

$

500,000

 

Net Income

  

$

(17,583,327

)

  

$

(11,349,814

)

 
Total Shareholder Return Amount [3] $ 20.69 39.48
Net Income (Loss) (11,349,814) (17,583,327)
PEO | Grant Date FV of Option Awards Granted in Fiscal Year [Member]    
Pay vs Performance Disclosure    
Adjustment to Compensation, Amount (406,500) (571,999)
Non-PEO NEO | Grant Date FV of Option Awards Granted in Fiscal Year [Member]    
Pay vs Performance Disclosure    
Adjustment to Compensation, Amount
[1] The CAP amounts presented reflects the following adjustments to compensation reported within the Summary Compensation Table as required by the SEC:
 

2024

  

2023

Adjustments to Summary Compensation
Table amounts to CAP amounts

  

PEO
($)

  

Average
Non-PEO
NEOs
($)

  

PEO
($)

  

Average
Non-PEO
NEOs
($)

Summary Compensation Table

  

 

1,456,500

 

  

 

500,000

  

 

1,621,999

 

  

 

500,000

Grant Date FV of option awards granted in fiscal year

  

 

(406,500

)

  

 

—

  

 

(571,999

)

  

 

—

Total Compensation Actually Paid

  

$

1,050,000

 

  

$

500,000

  

$

1,050,000

 

  

$

500,000
[2] Non-PEO consists of one person
[3] Total Shareholder Return (“TSR”) represents cumulative total shareholder return on a fixed investment of $100 in our common stock for the period beginning on the last trading day of the fiscal year ended December 31, 2022 through the last trading day of the applicable fiscal year.