Quarterly report pursuant to Section 13 or 15(d)

Related Parties

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Related Parties
 6 Months Ended
Jun. 30, 2024
Related Parties [Abstract]  
RELATED PARTIES

NOTE 10 - RELATED PARTIES

 

Accounts Payable – Related Parties

 

Accounts payable - related parties were $364,645 and $266,009 as of June 30, 2024 and December 31, 2023, respectively, and consist of amounts due to certain officers and directors of the Company, as well as deferred compensation for certain executives. For the accounts payable – related party balance as of December 31, 2023, approximately $210,000 relates to income taxes payable to the U.K. government for the salary of Prof. Sir Marc Feldmann, who serves as the Chairman, CEO and Executive Director of CannBioRex. Such amount was paid during the first quarter of 2024, upon receipt of the R&D tax credit.

 

Accrued Expenses - Related Parties

 

Accrued expenses - related parties were $107,515 and $0 as of June 30, 2024 and December 31, 2023, respectively, and consist of interest accrued on loans and convertible notes due to certain officers and directors of the Company, as well as deferred compensation for certain executives.

 

Research and Development Expenses - Related Parties

 

Research and Development Expenses – Related Parties of $133,665 and $131,463 during the three months ended June 30, 2024 and 2023, respectively, and $304,207 and $348,147 during the six months ended June 30, 2024 and 2023, respectively, are related to consulting and professional fees paid to current or former officers, directors or greater than 10% investors, or affiliates thereof.