Related Party Transactions
|12 Months Ended|
Dec. 31, 2021
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 9 – Related Party Transactions
In addition to the transactions discussed in Notes 8 and 12, the Company had the following related party activity during the years ended December 31, 2021 and 2020:
Alcimede LLC and Alcimede Limited
On November 1, 2021, the Company and Alcimede Limited entered into a new Consulting Agreement that replaced the agreement between the Company and Alcimede LLC. Alcimede LLC and Alcimede Limited billed an aggregate of $0.4 million and Alcimede LLC billed $0.5 million for services for the years ended December 31, 2021 and 2020, respectively, pursuant to their respective consulting agreements. Seamus Lagan, the Company’s President and Chief Executive Officer, is the sole manager of Alcimede LLC and the Managing Director of Alcimede Limited (see Note 12).
In addition to the investment in InnovaQor’s Series B Preferred Stock (see Notes 1 and 15), at December 31, 2021, the Company had a receivable from related party resulting from working capital advances to InnovaQor of approximately $0.4 million as of December 31, 2021. During the year ended December 31, 2021, the Company contracted with InnovaQor to provide ongoing health information technology-related services totaling $ million.
Staff Accountant Loan
During 2020, the Company’s staff accountant, Ms. Kristi Dymond, received approximately $82,500 as a loan after she purchased certain land and buildings at auction in Jellico, Tennessee, that were attached to or related to the Company’s business there. The loan is secured by the property and as long as the loan remains outstanding the Company is permitted the use of the assets and the assets remain security for the loan.
The terms of the foregoing activities, and those discussed in Notes 8 and 12 are not necessarily indicative of those that would have been agreed to with unrelated parties for similar transactions.
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