Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

Related Party Transactions
3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

Note 7 – Related Party Transactions


In addition to the transactions discussed in Notes 6 and 10, the Company had the following related party activity during the three months ended March 31, 2022 and 2021:


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 $0.1 million and Alcimede LLC billed $0.1 million for services for the three months ended March 31, 2022 and 2021, 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 10).




In addition to the investment in InnovaQor’s Series B Preferred Stock resulting from the sale of HTS and AMSG to InnovaQor in June 2021 (see Notes 1 and 13), at March 31, 2022 and December 31, 2021, the Company had related party receivables resulting from working capital advances to InnovaQor of approximately $0.5 million and $0.4 million, respectively. During the three months ended March 31, 2022, the Company contracted with InnovaQor to provide ongoing health information technology-related services totaling $54,000. In addition, InnovaQor currently subleases office space from the Company on a month to month term at a cost of approximately $9,700 per month for rent and utilities.


The terms of the foregoing activities, and those discussed in Notes 6 and 10, are not necessarily indicative of those that would have been agreed to with unrelated parties for similar transactions.