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DEF 14A
PALATIN TECHNOLOGIES, INC.
The
Company did <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEF3YXJkIFRpbWluZyBEaXNjbG9zdXJlAA__" id="xdx_90B_eecd--AwardTmgPredtrmndFlag_dbF_c20240701__20250630_zEgCIdXvLi64">not</span> grant any new stock options or restricted stock units to directors or named executive officers during the fiscal year
ended June 30, 2025.
false
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Clawback
Policy</i>. Awards may also be subject to forfeiture or repayment pursuant to the terms of any compensation recovery policy adopted by
the Company, including the Palatin Technologies, Inc. Compensation Recovery Policy.</span>
<table cellpadding="0" cellspacing="0" id="xdx_884_eecd--PvpTableTextBlock_zcGawADVuCG7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fiscal
Year</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_489_eecd--PeoTotalCompAmt_zRpUCtaE1CO6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Summary
Compensation Table Total for CEO</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_48F_eecd--PeoActuallyPaidCompAmt_zusoeovCSUj3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Compensation
Actually Paid to CEO <span id="xdx_F5A_zdbPvu6nvo0h" style="font-size: 10pt">(1)</span></span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_484_eecd--NonPeoNeoAvgTotalCompAmt_zrUTqZ21i7ui" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Summary
Compensation Table Total for CFO</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_489_eecd--NonPeoNeoAvgCompActuallyPaidAmt_z9dirDz9sgQj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Compensation
Actually Paid to CFO <span id="xdx_F5E_zO1Xk63wEvb2" style="font-size: 10pt">(1)</span></span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_489_eecd--TotalShareholderRtnAmt_pid_zHvyDG87rbK9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Value
of Initial Fixed $100 Investment Based on Total Shareholder Return</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_48A_eus-gaap--NetIncomeLoss_zyB1pSRrdVEa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Net
Loss</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr id="xdx_41C_20240701__20250630_zCaAHAeiWXPi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 16%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">738,500</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">96,059</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">687,960</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">126,801</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.07</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,300,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr id="xdx_41B_20230701__20240630_zYYpQ8hQtRy9" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,448,350</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">660,990</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,424,644</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">739,958</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28.89</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,700,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr id="xdx_417_20220701__20230630_zPS2RRTBJXqb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,303,800</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">283,915</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,193,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">309,338</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">31.11</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,200,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
</table>
738500
96059
687960
126801
2.07
17300000
1448350
660990
1424644
739958
28.89
29700000
1303800
283915
1193150
309338
31.11
36200000
<p id="xdx_896_eecd--NamedExecutiveOfficersFnTextBlock_dU_zJTYTufpqhrc" style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts represent
compensation actually paid to <span id="xdx_903_eecd--PeoName_c20220701__20230630__ecd--IndividualAxis__custom--CEOMember_zm1tlUqa5id"><span id="xdx_90B_eecd--PeoName_c20230701__20240630__ecd--IndividualAxis__custom--CEOMember_z3uPlDWAVFL9"><span id="xdx_90E_eecd--PeoName_c20240701__20250630__ecd--IndividualAxis__custom--CEOMember_znDr1xpse3v5">Dr. Spana</span></span></span>, our CEO, and <span id="xdx_901_eecd--PeoName_c20240701__20250630__ecd--IndividualAxis__custom--CFOMember_zXy9DBlde8Xi"><span id="xdx_907_eecd--PeoName_c20230701__20240630__ecd--IndividualAxis__custom--CFOMember_ziYXI6Px1g56"><span id="xdx_909_eecd--PeoName_c20220701__20230630__ecd--IndividualAxis__custom--CFOMember_z7Rs2pDiH4Y1">Mr. Wills</span></span></span>, our CFO. See “Executive Compensation – Summary Compensation
Table” for certain other compensation and awards granted to our CEO and CFO for each of the fiscal years ended June 30, 2025, 2024
and 2023.</span></td>
</tr></table>
Dr. Spana
Dr. Spana
Dr. Spana
Mr. Wills
Mr. Wills
Mr. Wills
<p id="xdx_89D_eecd--AdjToPeoCompFnTextBlock_dU_zNVUbXZjGIFg" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
actually paid to our CEO represents the total compensation reported in the Summary Compensation Table for the applicable fiscal year,
as adjusted as follows:</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"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Adjustments
to Determine Compensation “Actually Paid” to Our CEO</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_492_20240701__20250630__ecd--IndividualAxis__custom--CEOMember_zwi946ZxqBR5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_49A_20230701__20240630__ecd--IndividualAxis__custom--CEOMember_zSXrUusqjE0g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_49F_20220701__20230630__ecd--IndividualAxis__custom--CEOMember_zB3bCPkYgoHd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 58%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Total Compensation in the Summary
Compensation Table</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eecd--PeoTotalCompAmt_c20240701__20250630_zKqJ0qGwAHqa" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">738,500</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eecd--PeoTotalCompAmt_c20230701__20240630_zw75Wt4yPB46" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,448,350</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eecd--PeoTotalCompAmt_c20220701__20230630_zmdWuRgIRmU7" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,303,800</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr id="xdx_40D_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--DeductionForAmountsReportedUnderTheColumnsStockAwardsOptionAwardsAndAllOtherCompensationInTheSummaryCompensationTableMember_z0D9Lp6pcKSf" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Deduction for Amounts Reported Under the
Columns “Stock Awards,” “Option Awards,” and “All Other Compensation” in the Summary Compensation
Table</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(391,350</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(341,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_40F_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueAsOfTheEndOfTheCoveredFiscalYearOfAllAwardsGrantedDuringTheCoveredFiscalYearThatAreOutstandingAndUnvestedAsOfTheEndOfTheCoveredFiscalYearMember_zBv2q5Rdik4g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fair Value as of the End of the Covered
Fiscal Year of All Awards Granted During the Covered Fiscal Year that Are Outstanding and Unvested as of the End of the Covered Fiscal
Year</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0055">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">395,680</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">309,785</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr id="xdx_40A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueOfOutstandingAndUnvestedStockAwardsAndOptionAwardsGrantedInPriorFiscalYearMember_zR3f5ZwIQHde" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Change in Fair Value of Outstanding and
Unvested Stock Awards and Option Awards Granted in Prior Fiscal Year</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(214,148</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,991</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(130,591</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_40A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueAsOfVestingDateOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember_zwNbt4MC2Ldg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Change in Fair Value as of Vesting Date
of Stock Awards and Option Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal
Year</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(410,793</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(789,699</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(857,779</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_403_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueAsOfPriorFiscalYearEndOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsThatFailedToMeetApplicableVestingConditionsDuringFiscalYearMember_zULy01Akyd95" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fair Value as of Prior Fiscal Year End of
Stock Awards and Option Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0067">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0068">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0069">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td></tr>
<tr id="xdx_409_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--TotalAdjustmentsMember_zcEWxNUWY4O4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Total Adjustments</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(642,441</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(787,360</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,019,885</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Compensation Actually Paid to the CEO</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eecd--PeoActuallyPaidCompAmt_c20240701__20250630_zQskfMtdnoDe" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">96,059</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eecd--PeoActuallyPaidCompAmt_c20230701__20240630_zsUo41O80M7a" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">660,990</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eecd--PeoActuallyPaidCompAmt_c20220701__20230630_z53yQcNsW5fh" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">283,915</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
</table>
738500
1448350
1303800
-17500
-391350
-341300
395680
309785
-214148
-1991
-130591
-410793
-789699
-857779
-642441
-787360
-1019885
96059
660990
283915
<p id="xdx_892_eecd--AdjToNonPeoNeoCompFnTextBlock_dU_zW9Gz4p4vcli" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="display: none; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
actually paid to our CFO represents the total compensation reported in the Summary Compensation Table for the applicable fiscal year,
as adjusted as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Adjustments
to Determine Compensation “Actually Paid” to Our CFO</b></span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_49C_20240701__20250630__ecd--IndividualAxis__custom--CFOMember_zVrIsXomoEKl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_49B_20230701__20240630__ecd--IndividualAxis__custom--CFOMember_zu80AM8WV0J1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td colspan="2" id="xdx_49E_20220701__20230630__ecd--IndividualAxis__custom--CFOMember_z8RydrXvb6qf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 58%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Total Compensation in the Summary
Compensation Table</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eecd--NonPeoNeoAvgTotalCompAmt_c20240701__20250630_z7JyNBWEZ966" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">687,960</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eecd--NonPeoNeoAvgTotalCompAmt_c20230701__20240630_z7txZknYgOEf" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,424,644</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eecd--NonPeoNeoAvgTotalCompAmt_c20220701__20230630_zzerEQRR9dw3" style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,193,150</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr id="xdx_40D_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--DeductionForAmountsReportedUnderTheColumnsStockAwardsOptionAwardsAndAllOtherCompensationInTheSummaryCompensationTableMember_z55kcafFfpJ1" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Deduction for Amounts Reported Under the
Columns “Stock Awards,” “Option Awards,” and “All Other Compensation” in the Summary Compensation
Table</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,960</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(342,444</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(299,350</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_40F_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueAsOfTheEndOfTheCoveredFiscalYearOfAllAwardsGrantedDuringTheCoveredFiscalYearThatAreOutstandingAndUnvestedAsOfTheEndOfTheCoveredFiscalYearMember_zb0gBKCCkKrj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fair Value as of the End of the Covered
Fiscal Year of All Awards Granted During the Covered Fiscal Year that Are Outstanding and Unvested as of the End of the Covered Fiscal
Year</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0087">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">345,270</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">269,650</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
<tr id="xdx_40A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueOfOutstandingAndUnvestedStockAwardsAndOptionAwardsGrantedInPriorFiscalYearMember_z2D8tl1Uc3Ml" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Change in Fair Value of Outstanding and
Unvested Stock Awards and Option Awards Granted in Prior Fiscal Year</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(186,915</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,700</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(113,350</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_40A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueAsOfVestingDateOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember_zUDD1OYfL5f7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Change in Fair Value of Outstanding and
Unvested Stock Awards and Option Awards Granted in Prior Fiscal Years</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(356,284</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(684,812</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(740,762</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_403_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueAsOfPriorFiscalYearEndOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsThatFailedToMeetApplicableVestingConditionsDuringFiscalYearMember_zh5lTq04K9Vj" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fair Value as of Prior Fiscal Year End of
Stock Awards and Option Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0099">-</span></span></td><td style="text-align: left"></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0100">-</span></span></td><td style="text-align: left"></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0101">-</span></span></td><td style="text-align: left"></td></tr>
<tr id="xdx_409_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--TotalAdjustmentsMember_zthbhsakJ0X" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Total Adjustments</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(561,159</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(684,686</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(883,812</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Compensation Actually Paid to the CFO</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20240701__20250630_z1ZQiIeTtt5i" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">126,801</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20230701__20240630_zRdaDdc8AfIb" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">739,958</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20220701__20230630_zDoQXD2bnN1" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">309,338</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr>
</table>
687960
1424644
1193150
-17960
-342444
-299350
345270
269650
-186915
-2700
-113350
-356284
-684812
-740762
-561159
-684686
-883812
126801
739958
309338
<p id="xdx_894_eecd--CompActuallyPaidVsTotalShareholderRtnTextBlock_dU_zFNBIgJJn6X1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.35pt; text-align: justify; text-indent: 35.65pt"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span>Compensation
Actually Paid and Cumulative Total Shareholder Return (“TSR”)</span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart sets forth the relationship between compensation actually paid to the PEO and the NEO, compared to our cumulative TSR
for each of the years presented:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <img alt="" src="formdef14a_006.jpg"/></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>
<p id="xdx_892_eecd--CompActuallyPaidVsNetIncomeTextBlock_dU_zvgOEM9l8CNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span>Compensation
Actually Paid and Net Loss</span></i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></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">The
following chart sets forth the relationship between compensation actually paid to the PEO and the NEO, compared to our net loss reported
in our most recent 10-K filings for each of the years presented:</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"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="formdef14a_007.jpg"/></p>