Form 8-K
8-K — ChronoScale Corp
Accession: 0001493152-26-031298
Filed: 2026-06-30
Period: 2026-06-29
CIK: 0001549084
SIC: 3569 (GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC)
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Other Events
Item: Financial Statements and Exhibits
Documents
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): June 29, 2026
CHRONOSCALE
CORPORATION
(Exact
name of registrant as specified in its charter)
Nevada
001-37854
99-0367049
(State
or other jurisdiction
(Commission
(IRS
Employer
of
Incorporation)
File
Number)
Identification
Number)
3811
Turtle Creek Blvd. Suite 2100
Dallas,
Texas
75219
(Address
of registrant’s principal executive office)
(Zip
code)
214-427-1704
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading
symbol(s)
Name
of each exchange on which registered
Common
Stock, par value $0.001 per share
CHRN
Nasdaq
Capital Market
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On
June 29, 2026, the board of directors (the “Board”) of ChronoScale Corporation, a Nevada corporation (the “Company”),
increased the size of the Board from seven to eight members and appointed Mr. Andrew Cordell Schaap to serve as a member of the
Board to fill the resulting vacancy, effective as of June 29, 2026. In addition, Mr. Schaap was appointed to serve as a member of each
of (i) the Audit Committee of the Board, replacing Douglas Miller who will continue to serve on the Board, and (ii) the Related
Party Transactions Committee of the Board, each effective as of June 29, 2026.
There
are no related party transactions reportable under Item 5.02 of Form 8-K and Item 404(a) of Regulation S-K with respect to Mr.
Schaap and the Company. For informational purposes, the Company discloses that its subsidiary is
a party to a data center lease with a company in which Mr. Schaap is Chief Executive Officer and a member of the board of directors. The lease was previously entered into in the ordinary course of business.
Upon
his appointment, Mr. Schaap was granted a Restricted Stock Award (the “Schaap RSA”) under the Company’s 2026
Omnibus Equity Incentive Plan (as amended from time to time, the “2026 Plan”). The Schaap RSA consists of two hundred
thousand restricted shares of common stock of the Company, par value $0.001 per share (the “Common
Stock”). The Schaap RSA will vest in two equal annual installments on each of the first two anniversaries of the date
of grant; provided, that Mr. Schaap continues to provide service to the Company on the applicable vesting date. In addition,
the Schaap RSA will accelerate and vest upon certain conditions as set forth therein.
The
foregoing description of the Schaap RSA is not complete and is qualified in its entirety to the full text of the Restricted Stock Award
Agreement by and between the Company and Mr. Schaap, a copy of which is incorporated by reference as Exhibit 10.1 to this Current Report
on Form 8-K and is incorporated by reference herein.
Item
8.01. Other Events.
The
Board has established the following committees of the Board: the Audit Committee, the Compensation Committee, the Nominating and Governance
Committee, and the Related Party Transaction Committee, each comprised as follows as of June 30, 2026:
Name
Audit
Committee
Compensation
Committee
Nominating
and Governance Committee
Related
Party Transaction Committee
Douglas
Miller
Member
Member
Richard
Nottenburg
Chair
Ella
Benson
Member
Chair
William
M. Clancy
Chair
Chair
Andrew
Schaap
Member
Member
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
Description
10.1
Restricted Stock Award Agreement, dated June 29, 2026, by and between ChronoScale Corporation and Andrew Schaap.
104
Cover Page Interactive Data File (embedded within the Inline
XBRL document).
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
June 30, 2026
CHRONOSCALE
CORPORATION
By:
/s/
Jerome Wong
Name:
Jerome
Wong
Title:
Chief
Financial Officer
EX-10.1
EX-10.1
Filename: ex10-1.htm · Sequence: 2
Exhibit
10.1
RESTRICTED
STOCK AWARD AGREEMENT
CHRONOSCALE
CORPORATION
This
Restricted Stock Award Agreement (the “Agreement”), dated as of the “Award Date” set forth in the attached
Exhibit A (the “Award Date”), is entered into between ChronoScale Corporation, a Nevada corporation (the “Company”),
and the individual named in Exhibit A hereto (the “Participant”).
WHEREAS,
the Company desires to provide the Participant an incentive to participate in the success and growth of the Company through the opportunity
to earn a proprietary interest in the Company; and
WHEREAS,
to give effect to the foregoing intention, the Company desires to grant the Participant a Restricted Stock Award, pursuant to the ChronoScale
Corporation 2026 Omnibus Equity Incentive Plan (as amended, restated or otherwise modified, from time to time, the “Plan”);
NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the parties hereto
agree as follows:
1.
Award. The Company hereby awards the Participant a Restricted Stock Award for the number of restricted shares of Common Stock
(each a “Restricted Share” and collectively the “Restricted Shares”) set forth in Exhibit A
hereto, subject to the terms and conditions set forth herein and the provisions of the Plan, the terms of which are incorporated herein
by reference. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings as set forth in the Plan.
2.
Restrictions on Sale or Other Transfer. Each Restricted Share awarded to the Participant pursuant to this Agreement shall be subject
to acquisition by the Company and may not be sold, transferred, assigned or pledged or otherwise be the subject of any disposition during
the “Restriction Period” as defined below and any purported sale, transfer, assignment or pledge shall be null and void ab
initio. Each Restricted Share shall be held physically or in book entry form with the Company’s transfer agent until the restrictions
set forth above with respect to such Restricted Share lapse in accordance with the provisions of Section 3 or until such Restricted
Share is forfeited pursuant to Section 3. Restricted Shares shall be delivered to the Participant only when and to the extent
that the restrictions set forth in Section 3 with respect to such Restricted Shares lapse.
3.
Restriction Period. The Restricted Shares shall become vested, and the restrictions applicable to the Restricted Shares shall
lapse (such period, the “Restriction Period”) as set forth in Exhibit A. Subject to the terms of this Agreement,
the Participant shall forfeit the Restricted Shares to the extent that the Participant does not satisfy the applicable vesting requirements
set forth in Exhibit A.
4.
Rights as Shareholder. Except with respect to the restrictions set forth in Section 2 above, upon the issuance to the Participant
of Restricted Shares hereunder, the Participant shall have all the rights of a shareholder of Common Stock with respect to such Restricted
Shares, including the right to vote the shares and receive all dividends and other distributions paid or made with respect thereto; provided,
however, that such dividends and other distributions shall be retained by the Company for the Participant’s account and for delivery
to the Participant, together with the Restricted Shares as and when said restrictions and conditions shall have been satisfied, expired
or lapsed.
5.
Forfeiture. Except to the extent otherwise provided in Exhibit A, upon termination of the Participant’s Continuous
Service with the Company and its Subsidiaries, any Restricted Shares as to which the Restriction Period has not then lapsed shall (together
with any dividends or distributions paid or declared thereon) be forfeited by Participant and such Restricted Shares (together with any
dividends or distributions paid or declared thereon) shall thereupon be transferred to the Company at no cost to the Company. Without
limitation of the foregoing, the Restricted Shares shall be subject to forfeiture at the election of the Company, without payment of
consideration, in the event that the Participant breaches any agreement between the Participant and the Company with respect to noncompetition,
nonsolicitation, nondisparagement, assignment of inventions and contributions and/or nondisclosure obligations of the Participant.
6.
Acceptance. To accept the Restricted Shares, please execute and return this Agreement where indicated (including acceptance via
an electronic platform maintained by the Company or a third party administrator engaged by the Company) no later than six (6) months
from the Award Date (the “Acceptance Deadline”). By executing this Agreement and accepting the Participant’s
Restricted Shares, the Participant will have agreed to all the terms and conditions set forth in this Agreement and the Plan. The grant
of the Restricted Shares will be considered null and void, and acceptance of the Restricted Shares will be of no effect, if the Participant
does not execute and return this Agreement by the Acceptance Deadline.
7.
Government Regulations. Notwithstanding anything contained herein to the contrary, the Company’s obligation hereunder to
issue or deliver shares of Common Stock shall be subject to Applicable Law.
8.
Investment Purpose. The Participant represents and warrants that unless the Restricted Shares are registered under the Securities
Act of 1933, as amended (the “Securities Act”), any and all shares of Common Stock acquired by the Participant under
this Agreement will be acquired for investment for the Participant’s own account and not with a view to, for resale in connection
with, or with an intent of participating directly or indirectly in, any distribution of such shares of Common Stock within the meaning
of the Securities Act. The Participant agrees not to sell, transfer or otherwise dispose of such shares unless they are either (1) registered
under the Securities Act and all Applicable Laws, or (2) exempt from such registration in the opinion of Company counsel.
9.
Securities Law Restrictions. Regardless of whether the offering and sale of shares of Restricted Shares pursuant to this Agreement
and the Plan have been registered under the Securities Act, or have been registered or qualified under the securities laws of any state,
the Company at its sole and absolute discretion may impose restrictions upon the sale, pledge or other transfer of such shares of Common
Stock (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the
judgment of the Company, such restrictions are necessary in order to achieve compliance with Applicable Law.
10.
Lock-Up Agreement. The Participant hereby agrees that in the event that the Restriction Period lapses with respect to any of the
Restricted Shares at a time during which any directors or officers of the Company have agreed with one or more underwriters not to sell
securities of the Company, then Participant shall enter into an agreement, in form and substance satisfactory to the Company, pursuant
to which the Participant shall agree to restrictions on transferability of such Restricted Shares, and any Restricted Shares for which
the Restriction Period may lapse during such time, comparable to the restrictions agreed upon by such directors or officers of the Company.
-2-
11.
Withholding Taxes. The Company shall have the right to require the Participant to remit to the Company, or to withhold from amounts
payable to the Participant, as compensation or otherwise, the minimum statutory amount required to satisfy all federal, state and local
income tax withholding requirements and the Participant’s share of applicable employment withholding taxes including, without limitation,
any such income or employment taxes resulting from (i) the expiration of restrictions set forth hereunder that are applicable to any
Restricted Shares or (ii) an election made by the Participant under Section 83(b) of the Code.
12.
Participant Representations. The Participant has reviewed with the Participant’s own tax advisors the federal, state, local
and foreign tax consequences of the transactions contemplated by this Agreement. The Participant is relying solely on such advisors,
and not on any statements or representations of the Company or any of its agents, if any, made to the Participant. The Participant understands
that the Participant (and not the Company) shall be responsible for the Participant’s own liability arising as a result of the
transactions contemplated by this Agreement.
13.
Section 83(b) Election. The Participant hereby acknowledges that the Participant has been informed that, with respect to the Restricted
Shares, the Participant may file an election with the Internal Revenue Service, within 30 days of the execution of this Agreement, electing
pursuant to Section 83(b) of the Code to be taxed currently on any difference between the purchase price of the Restricted Shares and
their fair market value on the date of purchase. Absent such an election, taxable income will be measured and recognized by the Participant
at the time or times at which the forfeiture restrictions on the Restricted Shares lapse. The Participant is strongly encouraged to seek
the advice of his or her own tax consultant in connection with the issuance of the Restricted Shares and the advisability of filing of
the election under Section 83(b) of the Code. THE PARTICIPANT ACKNOWLEDGES THAT IT IS NOT THE COMPANY’S RESPONSIBILITY, BUT
RATHER IS THE PARTICIPANT’S SOLE RESPONSIBILITY, TO FILE THE ELECTION UNDER SECTION 83(b) TIMELY. If the Participant files
an election under Section 83(b) of the Code, the Participant shall promptly furnish the Company with a copy of the election. A form of
election under Section 83(b) of the Code is attached hereto as Exhibit B for reference.
14.
No Guarantee of Continued Service. The Participant acknowledges and agrees that (i) nothing in this Agreement or the Plan confers
on the Participant any right to continue in an employment, service or consulting relationship with the Company, nor shall it affect in
any way the Participant’s right or the Company’s right to terminate the Participant’s employment, service, or consulting
relationship at any time, with or without cause, subject to any employment or service agreement that may have been entered into by the
Company and the Participant; and (ii) the Company would not have granted this Award to the Participant but for these acknowledgements
and agreements.
15.
Notices. Notices or communications to be made hereunder shall be in writing and shall be delivered in person, by registered mail,
by confirmed facsimile or by a reputable overnight courier service to the Company at its principal office or to the Participant at his
or her address contained in the records of the Company. Alternatively, notices and other communications may be provided in the form and
manner of such electronic means as the Company may permit.
-3-
16.
Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
of the Company and the Participant with respect to the subject matter hereof, and except as provided in the Plan, may not be modified
in a manner material and adverse to the Participant’s interest except by means of a writing signed by the Company and the Participant.
In the event of any conflict between this Agreement and the Plan, the Plan shall be controlling. This Agreement shall be construed under
the laws of the State of Texas, without regard to conflict of laws principles.
17.
Opportunity for Review. The Participant and the Company agree that this Award is granted under and governed by the terms and conditions
of the Plan and this Agreement. The Participant has reviewed the Plan and this Agreement in their entirety, has had an opportunity to
obtain the advice of counsel prior to accepting this Agreement and fully understands all provisions of the Plan and this Agreement. The
Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions
relating to the Plan and this Agreement. The Participant further agrees to promptly notify the Company upon any change in Participant’s
residence address.
18.
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective
permitted successors, assigns, heirs, beneficiaries and representatives.
19.
Section 409A Compliance. To the extent that this Agreement and the award of Restricted Shares hereunder are or become subject
to the provisions of Section 409A of the Code, the Company and the Participant agree that this Agreement may be amended or modified by
the Company, in its sole and absolute discretion and without the Participant’s consent, as appropriate to maintain compliance with
the provisions of Section 409A of the Code.
20.
Recoupment. Notwithstanding anything to the contrary contained herein, any amounts paid hereunder shall be subject to recoupment
in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any
clawback policy adopted by the Company, as in effect from time to time, or as is otherwise required by Applicable Law.
[Signature
Page Follows]
-4-
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth in Exhibit A.
CHRONOSCALE CORPORATION
By:
/s/
Jerome Wong
Name:
Jerome
Wong
Title:
Chief
Financial Officer
PARTICIPANT
/s/ Andrew Schaap
Name:
Andrew Schaap
-5-
EXHIBIT
A
CHRONOSCALE
CORPORATION
RESTRICTED
STOCK AWARD AGREEMENT
(a).
Participant’s Name: Andrew Schaap
(b).
Award Date: June 29, 2026
(c).
Number of Restricted Shares Granted: 200,000
(d).
Restriction Period:
The
Restricted Shares shall vest as follows: (i) fifty percent (50%) of the Restricted Shares shall vest on the one-year anniversary of the
Award Date; and (ii) fifty percent (50%) of the Restricted Shares shall vest on the two-year anniversary of the Award Date, subject to
the Participant’s Continuous Service with the Company through the applicable vesting date; provided, however, (A) in the event
the Participant’s Continuous Service is terminated due to the Participant’s death, or by the Company due to the Participant’s
Disability, the Restricted Shares shall vest in full on the date of termination of the Participant’s Continuous Service, (B) the
Restricted Shares shall vest in full on the date of consummation of a Change in Control, subject to the Participant’s Continuous
Service through the date of consummation of such Change in Control, and (C) in the event that the Participant elects not to stand for
reelection as a director of the Company, a pro-rata portion of the then-unvested Restricted Shares (if any) shall vest at the annual
meeting at which their services as a director for the Company terminates, in an amount determined as follows:
(1)
if the Participant elects not to stand for reelection prior to the first annual meeting of Stockholders following the Award Date (such
meeting, the “First Post-Award Annual Meeting”), the number of Restricted Shares that shall vest pursuant to clause (C) shall
equal the product of (x) 100,000, multiplied by (y) a fraction, (1) the numerator of which is the number of days elapsed from and including
the Award Date through and including the date of the First Post-Award Annual Meeting, and (2) the denominator of which is the total number
of days from and including the Award Date through and including the one-year anniversary of the Award Date; and
(2)
if the Participant elects not to stand for reelection following the First Post-Award Annual Meeting, the number of Restricted Shares
that shall vest pursuant to clause (C) (if any) shall equal the product of (x) 100,000, multiplied by (y) a fraction, (1) the numerator
of which is the number of days elapsed from and including the most recent date on which a tranche of Restricted Shares vested (or, if
no tranche has previously vested, the Award Date), through and including the date of the applicable Annual Meeting of Stockholders at
which the Participant’s service as a director of the Company terminates, and (2) the denominator of which is the total number of
days in the vesting period applicable to the tranche next scheduled to vest following the date of the applicable Annual Meeting of Stockholders.
-6-
EXHIBIT
B
ELECTION
UNDER SECTION 83(b)
OF
THE INTERNAL REVENUE CODE OF 1986
The
undersigned taxpayer hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations thereunder (the “Regulations”), and in connection with this election supplies the following information:
1.
The name, address and taxpayer identification number of the undersigned are:
[Name]
[Address]
Social
Security Number: ___-__-____
2.
The election is being made with respect to [________] shares of common stock (the “Stock”) of ChronoScale Corporation, a
Nevada corporation (the “Company”).
3.
The date on which the Stock was transferred to the undersigned was [_______________]. The taxable year for which this election is being
made is calendar year [____].
4.
The property is subject to the following restrictions:
The
above-mentioned shares may not be transferred and are subject to forfeiture under the terms of an agreement between the taxpayer and
the Company. These restrictions lapse upon the satisfaction of certain conditions contained in such agreement.
Disposition
of the Stock also may be subject to restrictions imposed under applicable federal and state securities laws.
5.
The fair market value of the Stock at the time of transfer (determined without regard to any lapse restriction, as defined in §1.83-3(i)
of the Regulations) was $[___________].
6.
The undersigned did not pay any amount for the Stock. Therefore, $[______] (the full fair market value of the Stock stated above) is
includible in the undersigned’s gross income as compensation for services.
7.
A copy of this election has been furnished to the Company and to the transferee of the Stock, if different from the taxpayer as required
by §1.83-2(d) of the Regulations.
Dated:
[taxpayer signature]
-7-
INSTRUCTIONS
FOR FILING SECTION 83(B) ELECTION
Attached
is a form of election under section 83(b) of the Internal Revenue Code. If you wish to make such an election, you should complete, sign
and date the election and then proceed as follows:
1.
Execute three counterparts of your completed election (plus one extra counterpart for each person other than you, if any who receives
property that is the subject of your election), retaining at least one photocopy for your records.
2.
Send one counterpart to the Internal Revenue Service Center with which you will file your Federal income tax return for the current year
via certified mail, return receipt requested. THE ELECTION SHOULD BE SENT IMMEDIATELY, AS YOU ONLY HAVE 30 DAYS FROM THE ISSUANCE/PURCHASE/GRANT
DATE WITHIN WHICH TO MAKE THE ELECTION – NO WAIVERS, LATE FILINGS OR EXTENSIONS ARE PERMITTED.
3.
Deliver one counterpart of the completed election to the Company for its files.
4.
If anyone other than you (e.g., one of your family members) will receive property that is the subject of your election, deliver one counterpart
of the completed election to each such person.
-8-
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- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Local phone number for entity.
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No definition available.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
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- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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- Definition
Trading symbol of an instrument as listed on an exchange.
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No definition available.
+ Details
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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