Related Party Transactions
|12 Months Ended|
Dec. 31, 2022
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
NOTE 15 – RELATED PARTY TRANSACTIONS
The Company rents office space from a company in which Hassan Kotob, CEO, has an ownership. For the years ended December 31, 2022 and 2021, the Company incurred rental expense of $39,600 and $29,700 in respect of this office, respectively. The total amount of rent expense paid to a related party was $69,300.
As of December 31, 2022, the Company had loans payable due to related parties amounting to $15,110. The loans bear no interest and are due on December 31, 2022. (see Note 12).
On November 12, 2021, the Company entered into a Representation Agreement with LOK Corporation International Inc. (“LOK”), a corporation in which Daniel Cloutier, a director, serves as the chief executive officer. Under the Representation Agreement, LOK acts as the worldwide sales manager for our NeuroCap, NeuroEEG and their accessories. LOK is responsible for the evaluation of regional distribution, development, recruitment and training of the distribution network and provide in-country customer support. Fees for the services are 10% of sales occurring through the distribution channels. The contract term is for three years. To date, we have paid LOK approximately $4,750 for training platform development but no other service fees and no commissions.
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