Related Parties |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Related Parties [Abstract] | |
| RELATED PARTIES |
NOTE 12 - RELATED PARTIES
Accounts Payable – Related Parties
Accounts payable - related parties were $580,830 and $266,009 as of September 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 related to income taxes payable to the U.K. government for the salary of Prof. Sir Marc Feldmann, who served 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.
Research and Development Expenses - Related Parties
Research and Development Expenses – Related Parties of $151,138 and $132,880 during the three months ended September 30, 2024 and 2023, respectively, and $455,345 and $481,027 during the nine months ended September 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. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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