Annual report [Section 13 and 15(d), not S-K Item 405]

Related Parties

v3.25.1
Related Parties
 12 Months Ended
Dec. 31, 2024
Related Parties [Abstract]  
RELATED PARTIES

NOTE 13 - RELATED PARTIES

 

Accounts Payable – Related Parties

 

Accounts payable - related parties were $684,181 and $266,009 as of December 31, 2024 and 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, 2024 and 2023, approximately $0 and $210,000, respectively, relates to income taxes payable to the U.K. government for the salary of Prof. Sir Marc Feldmann, who previously served as the Chairman, CEO and Executive Director of CannBioRex. 

 

Research and Development Expenses - Related Parties

 

Research and Development Expenses – Related Parties of $567,832 and $480,777 during the years ended December 31, 2024 and 2023, 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, 2024 and 2023, were $0 and $46,555, respectively. Of the expenses incurred during 2024 and 2023, these primarily relate to professional fees paid to current or former officers, directors or greater than 10% investors, or affiliates thereof.