Related Party Transactions
|9 Months Ended|
Sep. 30, 2023
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
NOTE 15 – RELATED PARTY TRANSACTIONS
The Company has a long-term equity investment in Dynam with a carrying value of $1,500,000 as of September 30, 2023 and December 31, 2022. See Note 7 – Long-Term Equity Investment. Our CEO Eric Brock is a director of Dynam, and he has invested an aggregate of $25,000 in Dynam as of September 30, 2023.
In addition to the equity investment, the Company paid Dynam for services of $0 and $1,734,560 during the nine months ended September 30, 2023 and 2022, respectively.
As of September 30, 2023 and December 31, 2022, the Company owed $17,500 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