Related Party Transactions |
6 Months Ended |
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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. |
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- References No definition available.
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- Definition 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
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