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.
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