Annual report pursuant to Section 13 and 15(d)

Related Parties

v3.24.1
Related Parties
 12 Months Ended
Dec. 31, 2023
Related Parties [Abstract]  
RELATED PARTIES

NOTE 12 - RELATED PARTIES

 

Accounts Payable – Related Parties

 

Accounts payable - related parties were $266,009 and $0 as of December 31, 2023 and 2022, 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.

 

Accrued Expenses - Related Parties

 

Accrued expenses - related parties were $0 and $188,159 as of December 31, 2023 and 2022, 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 $480,777 and $240,731 during the years ended December 31, 2023 and 2022, respectively, is related to consulting and professional fees paid to current or former officers, directors or greater than 10% investors, or affiliates thereof.

 

General and Administrative Expenses - Related Parties

 

General and Administrative Expenses – Related Parties during the years ended December 31, 2023 and 2022, were $46,555 and $5,612, respectively. Of the expenses incurred during 2023 and 2022, these primarily relate to professional fees paid to current or former officers, directors or greater than 10% investors, or affiliates thereof.

  

Interest Income - Related Parties

 

During the years ended December 31, 2023 and 2022, the Company recorded $0 and $1,508, respectively, of interest income – related parties, which related to interest income on loans with officers and directors of the Company.