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0001533743
DEF 14A
Processa Pharmaceuticals, Inc.
<table cellpadding="0" cellspacing="0" id="xdx_886_eecd--PvpTableTextBlock_zOS3zHzpuPNj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Pay vs Performance Disclosure">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_48B_eecd--PeoTotalCompAmt_hecd--IndividualAxis__ecd--PeoMember_zfv84CrjbsE4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO (George Ng) ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_484_eecd--PeoActuallyPaidCompAmt_z5ydp5JNu8ce" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Compensation
Actually Paid to PEO (George Ng) ($) <span id="xdx_F5D_zQSpEBmacBV2">(a)</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_486_eecd--NonPeoNeoAvgTotalCompAmt_z8ZUhfmm0dFk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average
Summary Compensation Table Total for Non-PEO NEOs ($) <span>(b)</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_483_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zngdB92Naqxc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average
Compensation Actually Paid to Non-PEO NEOs ($) <span id="xdx_F54_zJwbG3DOpOwk">(c)</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_482_eecd--TotalShareholderRtnAmt_zIExji8Gc8lj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value
of Initial Fixed $100 Investment Based on the Total Shareholder Return of the Company ($) <span id="xdx_F5B_zjxqueoPxmib">(d)</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_48D_eus-gaap--NetIncomeLoss_pn3n3_zagvg1kB8wTl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net
Income (Loss) ($ in thousands) <span id="xdx_F50_zzJFIQIR8lLb">(e)</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr id="xdx_41B_20250101__20251231_zjbOvz1nEySj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 11%; text-align: center">2025</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">673,303</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">565,067</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">530,986</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">483,384</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">13,564</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_410_20240101__20241231_zV59QW6Oi3Zi" style="vertical-align: bottom; background-color: White">
<td style="text-align: center">2024</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">521,033</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">288,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">286,239</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">268,038</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,850</td><td style="text-align: left">)</td></tr>
<tr id="xdx_41F_20230101__20231231_zte3fZMCZjK2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: center">2023</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">472,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">428,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">321,702</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">225,343</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,122</td><td style="text-align: left">)</td></tr>
</table>
673303
565067
530986
483384
2
13564000
521033
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<p id="xdx_893_eecd--AdjToPeoCompFnTextBlock_dU_z9tAY0aNF2eg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>George
Ng:</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_49D_20230101__20231231__ecd--IndividualAxis__ecd--PeoMember_zG4MGyQb3u2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_49D_20240101__20241231__ecd--IndividualAxis__ecd--PeoMember_zRFISgTSD2N7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_498_20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zlcq8d2z6pK4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr id="xdx_407_eecd--PeoTotalCompAmt_zr7dY4xE8Ap7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 46%; text-align: left">SCT Total Compensation ($)</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">472,849</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">521,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">673,303</td><td style="width: 1%; text-align: left"> </td></tr>
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<td style="text-align: left">Less: Stock and Option Award Values Reported in SCT for the Covered Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(312,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0045">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(199,373</td><td style="text-align: left">)</td></tr>
<tr id="xdx_404_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueForStockAndOptionAwardsGrantedIntheCoveredYearThatAreOutstandingAndUnvestedAtEndOfYearMember_zIDggpEQ1Ht5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Plus: Fair Value for Stock and Option Awards Granted in the Covered Year that are Outstanding and Unvested at End of Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">268,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0049">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115,047</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40C_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueOfOutstandingUnvestedStockAndOptionAwardsFromPriorYearsMember_zWDT3YB0TUBh" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0052">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(180,930</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,364</td><td style="text-align: left">)</td></tr>
<tr id="xdx_405_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueAsOfVestingDateForAwardsGrantedThatVestedInSameYearMember_z5Bt78BAbDi1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Fair Value as of Vesting Date for Awards Granted that Vested in Same Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0056">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0057">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0058">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueOfStockAndOptionAwardsFromPriorYearsThatVestedInTheCoveredYearMember_zHX0TFBE7sW3" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Change in Fair Value of Stock and Option Awards from Prior years that Vested in the Covered Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0060">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(51,710</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(20,546</td><td style="text-align: left">)</td></tr>
<tr id="xdx_400_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueOfStockAndOptionAwardsForfeitedDuringTheCoveredYearMember_zGe2jwwFtVW7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Less: Fair Value of Stock and Option Awards Forfeited during the covered Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0064">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0065">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0066">-</span></td><td style="text-align: left"> </td></tr>
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<td style="text-align: left">Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0068">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0069">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0070">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_408_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--AggregateServiceCostAndPriorServiceCostForPensionPlansMember_zTUg8Lowgm2a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0072">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0073">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0074">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--AggregateServiceCostAndPriorServiceCostForPensionPlansMember_zRH3cS9n0Xvh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjustment to Compensation Amount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0076">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0077">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0078">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_403_eecd--PeoActuallyPaidCompAmt_z3DPsswlmFB" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Compensation Actually Paid ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">428,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">288,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">565,067</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The average
figures shown include Russell Skibsted and Sian Bigora:</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation actually paid
(CAP) to our non-PEO NEOs reflects the respective amounts set forth in column (d) of the table above, adjusted as set forth in the
table below. The assumptions used to calculate the fair values did not differ materially from the assumptions used to calculate the
fair values as of the grant dates.</span></td></tr>
</table>
472849
521033
673303
-312000
-199373
268000
115047
-180930
-3364
-51710
-20546
428849
288393
565067
<p id="xdx_892_eecd--AdjToNonPeoNeoCompFnTextBlock_dU_zCC8i7pfr3n7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_497_20230101__20231231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zZKlnFxyJpwb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_493_20240101__20241231__ecd--IndividualAxis__ecd--NonPeoNeoMember_za3wJxrFZ4dk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_497_20250101__20251231__ecd--IndividualAxis__ecd--NonPeoNeoMember_z3Uh0WoHRsvd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Non-PEO NEOs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See column (c) note above</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See column (c) note above</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See column (c) note above</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eecd--NonPeoNeoAvgTotalCompAmt_z99GYQn4OTfe" style="vertical-align: bottom; background-color: White">
<td style="width: 46%; text-align: left">SCT Total Compensation ($)</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">321,702</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">286,239</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">530,986</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40D_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--StockAndOptionAwardValuesReportedInSCTForTheCoveredYearMember_zQR9MXAx1EAk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Less: Stock and Option Award Values Reported in SCT for the Covered Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(136,837</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(31,742</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(79,495</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40B_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueForStockAndOptionAwardsGrantedIntheCoveredYearThatAreOutstandingAndUnvestedAtEndOfYearMember_zRUXXOYwNdEd" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plus: Fair Value for Stock and Option Awards Granted in the Covered Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41,708</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,261</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45,839</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueOfOutstandingUnvestedStockAndOptionAwardsFromPriorYearsMember_zNlI3hIfKgL8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(596</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(298</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,287</td><td style="text-align: left">)</td></tr>
<tr id="xdx_408_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueAsOfVestingDateForAwardsGrantedThatVestedInSameYearMember_zlFXfdi0RTU2" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Fair Value as of Vesting Date for Awards Granted that Vested in Same Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0102">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">759</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0104">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueOfStockAndOptionAwardsFromPriorYearsThatVestedInTheCoveredYearMember_zhs6FqMSLE61" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Change in Fair Value of Stock and Option Awards from Prior years that Vested in the Covered Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(634</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,181</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,360</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueOfStockAndOptionAwardsForfeitedDuringTheCoveredYearMember_zIRlBBgP01mg" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less: Fair Value of Stock and Option Awards Forfeited during the covered Year ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0110">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0111">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0112">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--AggregateChangeInActuarialPresentValueOfAccumulatedBenefitUnderPensionPlansMember_zDBfbaFOZQY7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0114">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0115">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0116">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--AggregateServiceCostAndPriorServiceCostForPensionPlansMember_zP8dlFKT692g" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0118">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0119">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0120">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_406_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--AggregateServiceCostAndPriorServiceCostForPensionPlansMember_zkbwyXGHTEMl" style="display: none; vertical-align: bottom; background-color: White">
<td style="text-align: left">Adjustment to Compensation Amount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0122">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0123">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0124">-</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_408_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zNN17HIXy605" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Compensation Actually Paid ($)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">225,343</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">268,038</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">483,684</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total shareholder return
is determined based on the value of an initial fixed investment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFBheSB2cyBQZXJmb3JtYW5jZSBEaXNjbG9zdXJlAA__" id="xdx_907_eecd--TotalShareholderRtnAmt_c20230101__20231231_z8qbSfKCWaZk">100</span> in our common stock as of January 1, 2023.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects “Net Income”
in the company’s audited financial statement included in our Annual Reports on Form 10-K for each of the years ended December
31, 2023, 2024 and 2025.</span></td></tr>
</table>
321702
286239
530986
-136837
-31742
-79495
41708
15261
45839
-596
-298
-3287
759
-634
-2181
-10360
225343
268038
483684
100
<p id="xdx_896_eecd--CompActuallyPaidVsTotalShareholderRtnTextBlock_dU_zyaW5woHZ0r9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="formdef14a_002.jpg"/></span></p>
<p id="xdx_80F_eecd--CompActuallyPaidVsNetIncomeTextBlock_dU_z1zgZewbdlbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="formdef14a_003.jpg"/></span></p>