Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.23.2
Related Party Transactions
6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 14 – RELATED PARTY TRANSACTIONS

 

The Company has a long-term equity investment in Dynam with a carrying value of $1,500,000 as of June 30, 2023 and December 31, 2022. See Note 7 – Long-Term Equity Investment. Our CEO Eric Brock is a director of Dynam. An officer and a director of the Company have invested an aggregate of $35,000 in Dynam as of June 30, 2023.

 

In addition to the equity investment, the Company paid Dynam for services of $0 and $1,454,733 during the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, amounts owed to Dynam were $140,800 and $0, respectively, which are included in Accounts payable.

 

As of June 30, 2023 and December 31, 2022, the Company owed $35,000 and $359,159 to independent directors, respectively, which is included in Accrued expenses and other current liabilities.