Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2025 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | (7) Commitments and Contingencies Legal
Claims Occasionally,
the Company may be a party to legal claims or proceedings, the outcomes
of which are subject to significant uncertainty. In accordance with Accounting Standards Codification (ASC) 450, Contingencies,
the Company will assess the likelihood of an adverse judgment for any
outstanding claim as well as ranges of probable losses. When it has been
determined that a loss is probable and the amount can be reasonably estimated,
the Company will record a liability. For both periods presented, there were no
material legal contingencies requiring accrual or disclosure. The
Company, as permitted under Delaware law and in accordance with its bylaws,
indemnifies its officers and directors for certain events or occurrences,
subject to certain limits, while the officer or director is or was serving at
the Company’s request in such capacity. The Company entered into employment
agreements with its officers, which provide for indemnification protection in
the executive’s capacity as an officer for actions taken within the scope of
employment. The maximum amount of potential future indemnification is
unlimited; however, the Company has obtained directors’ and officers’ insurance
that limits its exposure. The Company believes the fair value for these
indemnification obligations is minimal. Accordingly, the Company has not
recognized any liabilities relating to these obligations as of March 31, 2025
and December 31, 2024.
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